Low Cost home Refinance

Low-cost house refinancing

When you plan to stay in the house in the long run, it is usually a good idea to head and pay the closure costs and take the lower interest rate or the lower total loan balance. Home Affordable Refinance Program (HARP) can help you reduce your monthly payment, lower your interest rate or shorten the term of your current mortgage. When you are short of cash to conclude a refinancing, then you can consider a free loan. A borrower has a choice of several interest and cost options for refinancing. Could you consolidate additional debt into a new low-interest mortgage?

home affordability refinancing programme

Home Affairs Refinancing allows debtors to refinance themselves into a 30 or 15-year term home loans even if they borrow more on their home loans than their home values are. ┬┐Who is eligible for the Home Affordable Refinancing Programme? Must be a main owner-occupied apartment. Mortgagors must have a home credit facility held or securitised by Fannie Mae or Freddie Mac.

In order to find out whether your credit is held by Fannie Mae or securitised by Fannie Mae, call (800) 7FANNIE or go to the Fannie Mae website. In order to find out if your credit is in Freddie Mac's possession or securitised by him, call (800) FREDDIE or go to Freddie Mac's website. Borrowers must be up to date on mortgages and have not come more than 30 day too late to make a repayment in the past year.

Borrowers owe more than the house is valuable, but the amount of the debt does not top 125 per cent of the house's present value. Refinancing will enhance the long-term affordability and/or robustness of the borrower's mortgages. Borrowers must have enough revenue to be able to make payment under the new credit conditions.

Anyone NOT qualified for the Home Finance Refinance Programme? Is there any cost and fee associated with the Home Affairs Refinance Programme? Borrower may be obliged to make payments of creditor charges, points and other acquisition charges. However, borrower may be entitled to refinance all acquisition expenses if enough capital is available.

What is the expiry date of the Home Affairs funding programme? Home Affordable funding will end on 30 June 2012. HARP funding must have a date of hypothecation on or before that date. If I do not qualifiy for the Home Finance Refinance Programme, what can I do? Borrower who cannot be qualified should work with their lender to negotiate other alternatives (e.g. default refinance, credit change, etc.).

To find out more about the Home Affordable Refinancing Programme, complete with sponsorship, advantages and how to apply, visit http://www.makinghomeaffordable.gov/programs/lower-rates/Pages/harp.aspx.

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