HARP refinance

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Harp Refinance

Just because the HARP refinance program wrapped up in December 2018 doesn’t means you have to worry about losing the roof over your head. The government has already rolled out a few programs to replace it. So, don’t miss the chance to refinance your home loans in 2019. For more information please visit: https://ezonlinemortgage.com/harp-refinance

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Take Control of Your Mortgage and Lower Your Payment

When they make the decision to purchase a home, most buyers are also accepting the likelihood that they’ll have a new long-term expense on their hands. A home mortgage is often the largest payment that homeowners make each month. Unfortunately, the amount due can sometimes prove to be a bit too much to handle. Changes in income, health, or life circumstances can make lowering your mortgage payment absolutely vital. There are options to help you take control of your mortgage and lower your payment.


Be Realistic About Your Mortgage Amount


For buyers who are hoping to get a lower mortgage payment before they purchase a home, there are a few things to keep in mind. First of all, it’s important to understand that being approved for mortgage amount doesn’t mean that you have to spend every cent. In fact, it’s a good idea to determine how much you’re comfortable paying before ever applying for a home loan.

 

 

Take some time and think about your income, your savings, and your current monthly expenses. If the worst were to happen and you found yourself out of work or facing an emergency that meant your income would be reduced, could you still afford to pay, or would you need to look into home loan refinance options? Consider everything you currently have in your savings account, too. How quickly would your bank account be drained depending on your mortgage amount? Make a decision about how much you’re comfortably willing to spend, and don’t go over that threshold.


Refinancing Your Home Loan


If you already have a mortgage, then the tips above won’t be much help, of course. That’s okay, however, because current homeowners have several options at their disposal. Home loan refinance solutions are one way to help with monthly loan payments that are too much to comfortably pay. With that said, there are several different refinance options available and many homeowners aren’t sure where to begin. Remember that the most important step behind every decision is research. With that in mind, here are some common options to consider.

FHA Refinance

If you have an FHA loan, you might be wondering if it’s possible to refinance for a lower mortgage payment. The answer is “yes”, it is. Or, at the very least, it might be. If you are current on your loan, haven’t missed or been late on any payments, and have had the loan for a minimum of seven months, you might be eligible to streamline a refinance of your FHA loan. This kind of refinance can be done very quickly and typically without the need to get an appraisal or provide income documentation. It’s a great option for homeowners looking for an option to lower their payments quickly.

Options for Homeowners with Little Equity

One of the more popular refinance options is the HARP refinance program. Standing for “Home Affordable Refinance Program”, HARP was developed and set in place by the Federal Housing Finance Agency. The goal of HARP is to enable homeowners who have little equity in their home refinance their mortgages for a more affordable payment. If you haven’t been able to put much money into your home but are current on your mortgage payments, this could be the option for you.

There are a few requirements homeowners must meet in order to qualify for HARP refinance. First of all, the home in question must be your primary residence, an investment property with one to four units, or a second home with one unit. You must not have any late payments of more than 30 days in the past six months. In addition, you must not have had any more than late payment of more than 30 days in the past twelve months. HARP only considers loans owned by Fannie Mae or Freddie Mac and your LTV (loan-to-value) ratio must be more than 80%.

Other Refinance Options

The two options explored above are not the only refinancing options available. In order to determine how much you can potentially save on your mortgage and how to go about doing so, speak with a mortgage consultant today. These specialists understand how to refinance loans to get homeowners the best deals possible and can help quite a bit. All you have to do is reach out to them and explain what you’re hoping to accomplish.

Note that the mortgage consultant you speak with doesn’t need to be the same one who worked with you on your current mortgage. In fact, it’s possible to get a better deal by shopping around a bit. You might consider looking for an experienced online consultant. Online mortgage brokers tend to offer better interest rates than other options and can usually move through the refinance process more quickly, too.

If you’re looking for a home loan refinance option, reach out to an established and trusted online mortgage broker like EZ Online Mortgage. Their specialists can help.