The nation’s homeowners could be over paying their mortgage, but could be eligible to save up to $2,400/year with a HARP mortgage refinance.
If you are current on your mortgage, or have little or no equity in your home, then you could be eligible.
3.4 million people have already refinanced with the free program, Home Affordable Refinance Program.
For those owing about $200,000 on their home, they save $291 a month on average.
Differing mortgage amounts save homeowners more or less, but the catch is that this program by the Federal Housing Finance Agency is set to expire September 2017.
That’s why homeowners are excited to try to qualify for the HARP mortgage refinance program (it has an A+ rating from the BBB).
Many middle class homeowners are saving money on their mortgage.
Even though there are eased credit standards and a small housing boom, expected rate hikes show that now is the perfect time to lock in lower payments.
If lower payments or a shorter mortgage term appeals to you, now is the time to act.
Because the government wants to avoid housing market troubles, the HARP mortgage refinance plan helps homeowners get lower payments, or pay off their mortgage faster.
This free government program is set to expire September 2017.
It is recommended that you shop multiple lenders; and you’re not limited to your current lender’s rate.
This means many homeowners are quitting their current mortgage.
It’s not a great deal for banks, but homeowners couldn’t be more thrilled with many easy qualifications:
Those who qualify, on average save $291 a month, but even those who don’t qualify… can shave $208 off their monthly payments.
Try to save at least $2,500 within a year by comparing rates from a vast network of lenders (using all available discounts and free government programs).
How Much Do You Owe On Your Mortgage?
If you are interested in saving money, then read up on the HARP mortgage refinance solution, then talk to your lender.
If you got your mortgage loan at a bank, credit union or mortgage company, then Fannie Mae or Freddie Mac may own it.
If so, you could qualify for HARP mortgage refinancing, and save thousands with a lower rate or other more favorable terms.
No minimum credit score is required; and closing costs can be bundled into the new loan so you don’t need much cash up front.
Author’s Info: Tonza Borden is a 20-year finance and digital marketing expert with a passion for coaching and training. She is also an advocate for people with disabilities and the working poor. Visit her website at RuralMoney.com for exclusive community resources and strategies for your financial future. Google+
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