5 HARP Truths Twin Cities Homeowners Needs to Know: 5 HARP Truths Twin Cities Homeowners Needs to Know Some prospective Minneapolis home buyers, who were previously turned down for a loan, are surprised to find out they qualify for a home loan remodification plan that offers them amazingly low interest rates. The White House offers a Home Affordable Refinance Plan (HARP) that could help you either refinance your home or buy a home with a quality loan. Because the savings could be substantial, don’t be put off by past long procedures during an application, approval and closing process. The savings for many are substantial and will help you build up your home equity faster. By increasing home owner chances of qualifying for HARP, the Government hopes to return more of your hard earned wages back to you, which will ultimately boost the Twin Cities real estate market recovery. Why a HARP Home Loan or Refinance? For starts, here are two solid reasons why you should see if HARP home loan is right for you: 1. This year is may be easier for you to qualify for lower mortgage rates 2. Home owners now have the choice to research and approach lenders in addition to your current mortgage holder Opprotunity for Seniors Living in a Twin Cities Single-family Home By lowering the interest rate on your Twin Cities home mortgage, you may find that you have dollars to set keep until you have sufficient savings for home remodeling project or another need. The higher rate applied at the time you bought your home years ago may be supporting someone else (the lender) over your best financial means. This often applies to seniors of single-family homes who made arrangements years back and are currently unaware of new opportunities. Probable Benefits of Refinancing Your Home • Gain new dollars in your pocket with monthly savings. • Gain benefits of paying off your home mortgage faster. • Gain funds for your preferred home improvements, school debt, medical needs, or other home owner costs. Your Twin Cities HARP Refinancing Plan Whether you prefer talking to a traditional mortgage lender, a HARP lender, or to with your established bank contact person, you can request a comprehensive set of mortgage options. For homeowners who reside in the Twin Cities, Minnesota metro, you may have more financing options than you thought. For example, you can check out one or all of the following: FRMs, ARMs, second mortgages, HELOCs to learn about HARP refinancing eligibility. 5 HARP Truths Twin Cities Homeowners Need to Know Robert Koller, director of credit risk management with Fannie Mae, recently gave tips on how to use Fannie Mae and Freddie Mac programs (HARP / HAMP) to improve an existing home mortgage. 1. Get Past Myths - Don’t let a fear of past rumors or current myths leave you out of real chances to reduce your monthly home mortgage costs. “Just because lenders are telling you that they won’t work with you because you are in a condo doesn’t mean you have to go back to that lender. As mentioned before, any lender offering HARP you can go to and work through a HARP refinance.” 2. Home Mortgage Scams - There have been plenty of real scams in the past to make a HARP applicant cautious. Rather than presume that a current chance to reduce your home mortgage is misinformation or miscommunication, ask a reliable source and find out for sure. 3. There is not a max LTV - That was true when HARP’s program was initiated in 2009. Today it has been enhanced the program’s max LTV has been removed. 4. Lockouts - HARP and HAMP do not lock you out from on-going opportunities to use the program just because you have benefited form it in the past. 5. Once rejected, Always Rejected - The program is evolving and improving to reach the needs of more home owners and would-be home buyers. Someone who was turned down in 2009 may qualify today. More Truths for Residents in the Twin Cities about Home Refinancing For clear and trusted truths about HARP, we have copied the following contents from October 2014 Highlights directly from the FHFA Refinance Report: * Refinance volume rose in October, continuing a trend of minor increases. Mortgage rates have fallen from the highs observed in late 2013. In October the average interest rate on a 30 year fixed rate mortgage reached 4.04 percent. * In October 2014, 13,745 refinances were completed through HARP, bringing the total refinances through HARP from the inception of the program to 3,246,806. * HARP volume represented 10 percent of total refinance volume in October 2014. * In October 2014, 9 percent of the loans refinanced through HARP had a loan-to-value ratio greater than 125 percent. * Year to date through October 2014, borrowers with loan-to-value ratios greater than 105 percentage accounted for 28 percent of the volume of HARP loans. * Year to date through October 2014, 25 percent of HARP refinances for underwater borrowers were for shorter-term 15- and 20-year mortgages, which build equity faster than traditional 30- year mortgages. * Year to date through October 2014, HARP refinances represented 31 percent of total refinances in Georgia and 30 percent in Florida, double the 15 percent of total refinances nationwide over the same period. * Borrowers who refinanced through HARP had a lower delinquency rate compared to borrowers eligible for HARP who did not refinance through the program. Minneapolis, MN: The Federal Housing Finance Agency (FHFA) has directed Fannie Mae and Freddie Mac to extend the Home Affordable Refinance Program (HARP 2.0) for two additional years. The program was to expire at the close of 2013, but has been extended through December 31, 2015. The HARP program makes it possible for more underwater homeowners to gain refinancing at todays low mortgage interest rates.” ~ Jenna Thuening, owner of Home Destination If you are ready to buy a Twin Cities home or learn more about your refinancing options, call Home Destination at 612-396-7832. We specialize in custom home searches and can offer you our local resources. Jenna Thuening, a Chaska, Lake Minnetonka, Edina, Eden Prairie, Edina, St Louis Park, Chanhassen Area top real estate agent offers 5 HARP Truths Every Twin Cities Homeowner Needs to Know. 11200 W. 78th St Eden Prairie, MN 55344 Phone: 612-396-7832 Jennas home page: homedestination If Im out in the field, you may quickly reach me by email: jenna@homedestination and note how I can help you, or leave a message on my voicemail and I will return your call as quickly as possible.
Posted on: Tue, 13 Jan 2015 05:36:05 +0000
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