How and where do I apply for the HARP program?
November 30, 2011 | Author Jim
Quick Access Resources:
Big things come in small packages – sometimes in great programs like the United States’ Home Affordable Refinance Program or otherwise known as HARP. This refinancing program lets you work out your debts with ease and lower your mortgage rates. Sounds good, right? But the next questions you might ask are:
- Where can we request and submit the HARP program application?
(click here or see the quick access resources above)
- Am I eligible…
Please keep reading if you still have questions. But the quickest way to see if you are eligible is to submit an application.
As small as it seems, the HARP program has a huge array of features and benefits that aim to help homeowners keep their homes and avoid foreclosure by lowering monthly payments. Getting a refinance program can also be complicated. You know how some refinance financial institutions require the most stringent qualifications. Hence, many homeowners fail to get approval.
Even with all these facts, homeowners may be concerned about certain elements they hear about the program. Some say the HARP application process is tedious and complicated. Others exclaim that the requirements can be tricky. Whatever the complexity rate is, HARP is a great program to simply let pass. To find out if you are eligible for the program, it is best to contact your mortgage service. You can check if you meet the requirements and qualify for the program before you start on the application.
Eligibility Checklist and Application Process
In order to be eligible for this program, you must:
- Provide proofs that you can pay and commit to your new payment terms and conditions
- Certify that your loan is under the Fannie Mae program, also known as Federal National Mortgage Association (FNMA), or the Freddie Mac, otherwise known as Federal Home Loan Mortgage Corporation (FHLMC)
- Ensure that you are up-to-date on your payments within the last year or at least not overdue for more than 30 days
- Verify that your outstanding balance must not be more than 125% of your home’s current value
- Confirm that your loan is “underwater,” which simply means that your loan is greater than the overall value of your house
This checklist is just guide so you can have an overview of the program and assess your present condition. It is still a smart move to consult your mortgage services. You can also take advantage of the free services provided by the U.S. Department of Housing and 
Urban Development and request for a housing and home loan advice. With these guides, you can look into your available options and avoid mistake or confusion. It is also important to request for a home appraisal so you know your house’s current market value.
After you have verified your status based on the eligibility checklist, you must complete this application form (Florida residents only).
All other US residents see this page for details. It is important to provide them all information related to your mortgage such as the house value, proof of capacity to pay, and the available loan balance. These things will assist you on your HARP application.
Little Known Ways to Chase HARP Program
December 30, 2011 | Author Jim
Nowadays, getting a refinance can be complicated. There is no one-stop shop where you could get everything done fast and easy. As a result, many who wish to get a refinancing end up with only two choices – either they continue to pay their mortgages despite the high interest rates and monthly payments or they leave their houses and let foreclosure take center stage. Luckily, there is a way to avoid foreclosure especially to those who have home loans with Chase. The Chase HARP Program is now available to save the day.
The Chase HARP Program or Chase Home Affordable Refinance Program is a joint effort of the government and Chase (JP Morgan Chase & Co.). They aim to help homeowners get a better and easier refinancing and lower interest rates and monthly payments. This program provides a range of benefits – from savings to non-foreclosure. Hence, homeowners get to keep their homes and get out of debt.
After two years since HARP was launched, Chase finally announced that it will join the bandwagon and participate as one of the mortgage lenders under the said program. Considered as one of the “Big Four” when it comes to mortgage services and financial institutions, Chase aims to provide its clients a more feasible and easier way of doing refinancing. With the revised terms and conditions of HARP, Chase has better chances of reaching out to more homeowners who, in one way or another, would like to save more money even if they still have loans to pay.
To qualify for the Chase HARP Program, you must take note of the following:
- Your Chase loan must be guaranteed or owned by Freddie Mac (as Federal Home Loan Mortgage Corporation) or Fannie Mae (Federal National Mortgage Association). These are two big financial institution created by the United States Congress to maintain a feasible workflow within the mortgage market. To check if your loan is included in the list, you need to contact Chase.
- You must be updated with your loan payments
To ensure approval in getting a Chase HARP loan, you must present proof that you are responsible enough to keep your monthly payments up-to-date. If in any case you are overdue on your last billing, make sure that it is not beyond 30 days. This means that any overdue statements should be settled as soon as possible. Hence, people with good credit standing will most likely obtain an approval.
- Unlike in the old HARP program, the Chase HARP program can provide support and grant refinancing to homeowners whose loan balance is more than 125% to their home value. The revised terms and conditions of the program removed the cap limit to the loan-to-value or LTV. However, the program requires homeowners to only obtain a fixed rate.
When you meet these three important requirements, you have better chances of getting approved. However, these do not guarantee the real score. These are just guidelines to help you obtain a Chase HARP loan.
Advantages of Getting a Bank of America HARP Loan
December 27, 2011 | Author Jim
How do you decide if it is over for your home loans and an imminent foreclosure is at hand? When is it time to call quits? On the other hand, what if you really don’t have to quit? With the Bank of America HARP Program, you can get a good deal on refinancing and keep your home.
Just this year, the so-called “Big Four” in mortgage service providers (Bank of America, Wells Fargo, Citigroup and Chase) have announced that they will participate in providing HARP loans to their customers. This is after the announcement of the program’s much needed overhaul.
HARP or Home Affordable Refinance Program had been created under the Obama’s administration sometime in April 2009 to help homeowners find a better way to refinance their home loans. However, after a couple of years of existence, it was not able to maximise its purpose. Hence, the much needed revamp was granted and changes were applied before the end of this year.
With this remarkable change, the home loan giants decided to participate knowing that the program has better features to offer. Among the four biggest mortgage lenders, Bank of America believed that they would be able to help their customers get a better refinancing scheme. Considering the fact that nearly 100% of their clients are up-to-date with their loans, it will be easier for them to apply for the Bank of America HARP program.
Here’s a list of what you can get for getting a Bank of America HARP loan:
- A better refinance
Due to the aftermath of the recent global recession, home values have dropped tremendously leaving homeowners with a small amount or no equity and realtors in distress. Hence, homeowners find it harder to qualify for a refinance. With HARP, all of these things were made possible. Also, because the program is backed up by two giants in the lending industry – Fannie Mae and Freddie Mac, more and more banks and other mortgage services feel secured.
- Lower interest rates and monthly payments
One of the advantages of getting refinance is that you can reduce your interest rates. When this happens, you automatically lower your monthly payments.
- Save now, save for the future
Getting a Bank of America HARP loan can give you more money instead of reaping you off with no savings. With lower interest rates and monthly payments, that’s a better cash flow and bigger savings for you. Hence, you can save more money to pay other debts or to simply add to your retirement savings.
Boiled down, getting HARP means better savings – and the only way to enjoy this is to get into a Bank of America HARP program.
3 Reasons Why You Need a Wells Fargo HARP Loan
December 25, 2011 | Author Jim
A common fault among homeowners seeking refinance is that they have too few of information, too much of information, or the wrong kind of information. Good thing there are HARP loans with Wells Fargo that provide easier refinancing and lower rates compared to other programs.
The question is: What is HARP and why Wells Fargo? In April 2009, the Obama Administration catered to the needs of many homeowners who are having a hard time getting a refinance by launching Home Affordable Refinance Program or HARP. It caters to a lot of mortgage lenders and banks providing mortgage services including Wells Fargo.
Wells Fargo is considered second largest bank in terms of mortgage services. With their very affordable homes and easy process, thousands of homeowners have preferred Wells Fargo over the others. However, after the global recession hit the market, many homeowners find it hard to keep up with their dues, bills and monthly consumption. That is why many homeowners would take advantage of the HARP program with Wells Fargo even if their mortgages are not in trouble. Even if they don’t have extreme financial crisis, Wells Fargo clients can still get HARP loans just to lower their interest rates and monthly payments.
It’s not necessary to have your home loan “underwater” to get a Wells Fargo HARP loan. If you just want to save on each monthly payment, go for HARP. Here are some reasons why getting HARP is great:
- Get lower interest rates and monthly payment
With a Wells Fargo HARP loan, you can change your interest rate and reduce to as much as 25%. This means lower monthly payments, too. With all these things, you will definitely have an increased cash flow. Hence, you will save more money for your retirement, paying other debts and other purposes.
- Pay your loan ahead of time
With lower interest rates and monthly payment, you can switch from long-term to short-term goals such as paying your mortgage ahead of time
- Enjoy fixed rates
If you have a modifiable rate on your previous loan, with HARP Wells Fargo, you can get a fixed rate without an extra cost. Plus, you can enjoy easy refinancing even if your loan balance is bigger than your current home value – no cap limit on loan-to-value (LTV).
Whatever your needs are on your home loans, the Wells Fargo HARP loan program will surely give you the answer.
5 Simple Ways to Get a HARP Program with Bank of America
December 23, 2011 | Author Jim
HARP or Home Affordable Refinance Program is a term you might have been hearing more often nowadays. Last April 2009, this refinancing program was created by the Obama administration to help homeowners settle their home loans at a much affordable monthly rates. The good thing about it is that homeowners can now apply for HARP program through Bank of America.
Yes, you have read it right. Bank of America will now offer the improved HARP program starting December 1, 2011. This means that approximately 100,000 plus clients of the bank are now eligible apply for refinancing through the HARP guidelines. This is really good news considering the fact that the Bank of America does not provide HARP assistance on the old HARP program. In 2008, Bank of America is listed among the top five lenders in the United States. The bank even purchased Countrywide, identified as the largest lending company in 2008. With this, homeowners are pretty much upset knowing they cannot apply for the HARP program using their accounts in the said bank.
With the updated HARP rules and guidelines, Bank of America is happy to offer affordable refinancing to U.S. homeowners. In fact, Bank of America was considered as the very first bank that offered HARP loans and amendments. With the improved loan-to-value (LTV), more than 160,000 homeowners that are, at the same time, clients of the bank were able to apply for a HARP loan.
However, like any other loan, homeowners must check the requirements first before they start applying. In this way, no effort is wasted, no money is thrown away. Here are the most common requirements of HARP:
- Your loan must be guaranteed or owned by Fannie Mae or Freddie Mac. These are two financial institutions chartered by the United States Congress to create a steady flow of mortgage loans in the market.
- Your loans must be updated on payments. If it is overdue, it should not exceed more than 30 days.
- You must provide or at least justify your capacity to pay your mortgages. Like any lender, Bank of America would like to feel secured knowing that the loans will be settled in due time.
- Your loan must have started before June 1, 2009
- You can now apply for HARP even if your current loan balance exceeds more than 125% on your current home value. Previously, this is not allowed but with the revised HARP program, homeowners with higher loans than their house’ worth can now apply.
Before you start with your application for HARP program with Bank of America, it is best that you consult and ask for guidance from the bank.
HARP Refinancing: Are You Ready?
December 21, 2011 | Author Jim
Getting a refinance is just as hard as getting a house loan, so it is best to plan for its lift-off point before you start shopping for lenders. Luckily, there’s the HARP refinancing where homeowners find answer to their home loan dilemma.
Any home loan expert would tell you that getting a refinancing can be just as or even more difficult than getting or starting a new home loan. There can be many more factors to consider, qualifications to meet, and much more to lose if planning is not done on first step.
Getting a HARP home loan is not different from the other home loans. The only difference HARP makes is that it provides a more feasible and easier refinancing. Despite the global recession, the United States government decided to create some ways to help homeowners who are having difficulty in keeping up with their monthly home loans. Thus, the Home Affordable Refinance Program or HARP has been created.
However, some homeowners are still confused on how this program works and how they can make it work. The process is pretty easy. All you have to do is to make sure that you meet the requirements and pass an application. But before you start on your application, you need to assess first if HARP refinancing can really work for you. Here’s how:
1. Identify your goals
It is important that you know what you want before you get refinancing. You should know why you need one. Not all people who get refinancing were able to justify their needs. Keep in mind that getting a refinance is not entirely an escape to your liabilities.
2. Consider the different mortgage lenders
There are many mortgage lenders who are, in one way or another, capable of providing you refinancing through HARP program. However, not all of them are created equal. You need to shop and compare rates and benefits before you choose one lender to help you process your HARP refinance.
3. Do the math
Remember, we are talking about your money here. That is why it is important to know whether you are doing the right thing, getting the right rates, and paying the right amount. Most homeowners aim to reduce their monthly rates so they can save. Calculate how much savings you will generate if you choose a specific lender over the other.
The most important thing in getting a refinance is that you know how mortgage HARP program works and you have set your plans for it.
3 Sure-Fire Ways to get a HARP Refinance
December 19, 2011 | Author Jim
Two years ago, in April 2009, the United States government under President Obama’s administration, created the Home Affordable Refinance Program or HARP. The Obama HARP program is created to help homeowners in refinancing their home loans. That is, even if their current loan balance is more than their home’s worth. With this condition, more and more homeowners are able to get refinancing even if their mortgages are “underwater.”
However, with so many speculations, most homeowners are confused on the proper application for the program and whether they are qualified to do that. If you have already experienced difficulty in getting a refinance, learn these sure-fire ways on how to get a HARP mortgage program.
1. Ensure your loan is backed by Fannie Mae or Freddie Mac
Nothing beats being secured and when your loans are owned or guaranteed by these two giant loan institutions, you are in some way assured for a HARP home loan. Freddie Mac (as Federal Home Loan Mortgage Corporation) and Fannie Mae (Federal National Mortgage Association) have been chartered by the United States government to create a market that will help maintain a feasible flow of mortgage loans.
2. Be up-to-date with your payments
The purpose of HARP home loans is to help homeowners get a refinance at a much easier terms and qualifications. Hence, the program aims to help only those who need help but not necessarily heavily buried in debt. If this is the case, it only means that homeowners are not paying their monthly dues diligently. That is why the program will only bring on people who are responsible enough to settle their loan balances but would like to save money in terms of getting lower rates.
3. Prove that you can pay
It is important that you can prove your capacity to pay by the time you apply for a HARP refinance. It is also one way of securing your loans. Like any other loans, lenders would like to make sure that their customers would be somebody they can do business for a longer period.
These are the three most important qualifications you need to complete before applying for the program. There are many mortgage lenders who can do HARP so you can always choose the one that is best for you.
Boiled down, a HARP home loan is guaranteed to anybody who can satisfy their requirements. That is why it is important to complete these requirements first and make sure that a HARP refinance will be granted to you.
HARP Loan Program: Where to Begin?
December 17, 2011 | Author Jim
There are so many ways to get a refinance on home loans that it can be difficult to know where to start. At some point, not all people are fortunate enough to get what they ask for. Good thing there are clear instructions on the HARP loan program.
Today, there are dozens of ways to get a refinance. Some can work for you while others may appear complicated. Under President Obama’s administration, the Home Affordable Refinance Program (HARP) loans was created last April 2009 to help homeowners who are having trouble getting a refinance on their home loans. With HARP, you can easily get lower interest rates or monthly payments without the trouble.
If you want to get a refinance as surely and as easily as possible, it is best to get a HARP refinance. Amazingly, HARP allows you to do experience just that – ease and guaranteed efficient. However, some people are wondering how they could start on their HARP application. We have laid out three simple steps for you.
1. Do your homework
If you want to get a HARP loan, you need to get the facts first. There’s nothing more persuasive than knowing that you are doing the right thing. Since HARP is just new in the industry, with barely 3 years of existence, many people are confused or have different speculations about the program. It would be best to gather information and learn from the experts. In this way, you would know you are on the right track.
2. Check the requirements
Never underestimate the essence of the program’s important elements to qualify. Others may say that these are just guidelines to help you on your application. But, the most important thing every homeowner should note is that it is the very same list that mortgage lenders will consider to assess if you are eligible for the program.
3. Shop for the best rates
Before you lay your cards and sign the contract, it is best that you shop for the best mortgage rates first. The good thing about mortgage HARP program is that you can get refinancing with any mortgage lenders – not necessarily your current lender. You can find all these information online or by calling mortgage lenders.
Once you are done with the application and made sure you met all the requirements, just sit back and relax. With the HARP loan program, you no longer have to worry about foreclosure or getting a new home.
5 Things Homeowners Need to Know About the HARP Government Program
December 15, 2011 | Author Jim
Every homeowner would love to keep their home forever. But with recent global recession and other underlying factors, many homeowners find it hard to manage mortgages especially when their loans are already “underwater.” Fortunately, there is the United States government HARP mortgage program.
The Home Affordable Refinance Program or more commonly known as HARP is one of the government’s refinance programs for homeowners with no equity. Under this program, homeowners can get a refinancing with easy terms and rates as long as their loans are guaranteed or owned by Fannie Mae or Freddie Mac. Fannie Mae (Federal National Mortgage Association) and Freddie Mac (Federal Home Mortgage Corporation) are two big financial institutions chartered by the U. S. Congress to help create a continuous flow within the mortgage community.
Not all homeowners are eligible for HARP loans. If you plan to obtain this program, you need to take note of the following:
- As mentioned, it should be backed up by Fannie Mae or Freddie Mac. These financial institutions have shouldered almost $5 billion of mortgages since 2007. Since these are government monitored institutions, the HARP government program require loans to be guaranteed by companies.
- You must be eligible to pay. Programs like HARP do not guarantee to reduce the overall amount to be paid or the loans to be settled. These program offer help in as much as lowering the monthly payments to make it more feasible and affordable as well as getting a lower interest rates. Hence, you still need a good income in order to cope up with your monthly dues.
- Since you will be undergoing another form of refinancing, it is important that you are up-to-date with your previous house loan – at least not more than 30 days overdue. In this way, you create an impression that you are still loan worthy and would only like to lessen the interest rates or solve some problems that relates to your “underwater” condition.
- You should have not applied to HARP programs before. This is to ensure that no homeowner will be abusing the program. This government HARP aims to help people who are “underwater” and would only be able to do this if the program will cater to only one homeowner per application.
- Previously, the loan-to-value cap requires home loan balance not to exceed 125% more than its current home value. With the revised and updated HARP guidelines, homeowners can now apply even if their balance are more than 125% as long as they choose a fixed mortgage rate.
Boiled down, it pays to learn the guidelines and the updated about the HARP program of the government to ensure that every qualification is guaranteed and admissible as far as applications are concerned. This means that more and more homeowners would be able to take advantage of the program.
How do I know whether I have a Fannie Mae or Freddie Mac loan in order to qualify for HARP?
December 13, 2011 | Author Jim
Do you want to get yourself a Home Affordable Refinance Program (HARP) loan but don’t know whether your mortgage is a Fannie Mae or Freddie Mac loan? Getting a refinance can help you solve your financial problems. However, not all loans are eligible for HARP. They have to be either a Fannie Mae or Freddie Mac HARP qualified.
Fannie Mae (Federal National Mortgage Association) and Freddie Mac (Federal Home Mortgage Corporation) were licensed by the United States Congress to develop a market that will promote a continuous flow on mortgage loans. Why continuous flow? When mortgages incurred default after the global recession, most investors have been wary in putting money on mortgage market. Hence, both Fannie Mae and Freddie Mac HARP loans have either been acquired or sold to these two huge mortgage lenders. As of 2007, Freddie Mac and Fannie Mae owned nearly $5 billion.
Since HARP is also a government-initiated program, one of the top requirements of qualifying for a HARP loan is to make sure it is guaranteed or owned by Fannie Mae or Freddie Mac. To check if your current mortgage is a Fannie Mae or Freddie Mac HARP loan, you should consult your mortgage lender. You can ask for information that will tell you if your loan is guaranteed by these two loan giants. You can also check some information online. We’ve setup a few resources that should help you get started. You can also call the hotline numbers of Fannie Mae and Freddie Mac.
Once you have identified if it is a Fannie Mae or Freddie Mac loan, it will be easier for you to satisfy the other HARP loan requirements. Also, you can enjoy additional benefits with loans guaranteed by these two financial institutions. Fannie Mae owned loans enable homeowners to include the closing costs for the home loan such as lawyer’s fees, mortgage application fees, etc. The only exception is the credit report and assessment fees. Freddie Mac owned mortgages release homeowners from having to provide proof of income. However, you are required to process your HARP application with your current mortgage lender only.
On the other hand, if you found out that your loan is not a Fannie Mae or Freddie Mac HARP eligible loan, you can look for other ways to do refinance. Please contact your mortgage lender or other loan services for this option.
Florida Home Refinance: How Easily You Can Refinance?
December 13, 2011 | Author Jim
There’s certainly more to Florida, the so-called “sunshine state” in the United States, than meets the eye. Aside from its remarkable scenery, landscapes, and tourist spots, Florida is also known for its lowest mortgage rates across the country. That is why there is always a treasure in getting a Florida home refinance because you can always make low rates even lower.
Even if there had been a nationwide recession, Florida is proud to say that it has survived the challenges. Today, the government encourages its residents to choose feasible alternatives in saving money and paying debts. This is to create a continuous flow in the market. At least, with this arrangement, more and more people would be able to buy or invest in another property because they were able to finish off their mortgages faster than they could imagine.
However, some are still unsure on getting Florida mortgage refinancing. Some say it is still not practical to invest your money in houses and other real estate properties. The others think that refinancing is not the solution to get out of debt. But whatever “they” say, the facts can prove that now is the best time to get refinancing. Here are 3 good reasons why you should consider refinancing:
1. Low mortgage rates
Even if Florida’s mortgage rates are considered the lowest compared to other states, it won’t hurt to bring it a little lower, right? With this program, homeowners are guaranteed even lower mortgages that are so easy to pay monthly or whatever mode of payment they prefer. Long story short… With lower rates, it will be easier for you to save more money.
2. It’s a great place for vacation and retirement
Florida had been blessed with such great landscape and mild climate. Hence, more and more people are thinking or they already have plans of getting a timeshare, vacation house or simply a nice place to retire to. With all these benefits, no wonder it is now considered as the favorite retirement place in the United States. Of course, this means houses and other real estate properties could be selling like pancakes in due time.
3. Avoid foreclosure
Owning a home can lead to a range of wonderful benefits – from health to well being. Based on research, people who have their own homes have better confidence, self-worth and contentment. Hence, the Florida Mortgage Refinance program aims to help people avoid foreclosure by giving lower interest rates and make it easier for homeowners to pay their dues and bills.
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