The Harp 2.0 mortgage program for
refinancing homes is still very much in action. Underwater homemakers can apply
for refinancing mortgage harp 2.0 plan to reduce monthly payments drastically.
The Harp
2.0 mortgage program was a revamp of the erstwhile home affordable
refinance program Harp. The plan was modified to make it convenient for
underwater homeowners to take advantage of lower mortgage interest rates and
reduce monthly payments. Qualified borrowers could save money in distressing
financial situations that were an obvious outcome of the bursting of the real
estate bubble in 2008.From then onwards, the HARP 2.0 did make inroads into
homeowners’ lives although the results have found to be far from satisfactory.
Regardless of whatever may be the exact status of the HARP 2.0 program, it was
designed to be beneficial to borrowers in a number of ways.
Financially
struggling borrowers who qualify for home refinancing mortgage harp 2.0 plan
have the chance to lower monthly mortgage payments drastically and save
hundreds of dollars annually. The interest rates provided to HARP 2.0 eligible
applicants will be fixed for loan terms extending from 10 to 30 years. However,
the basic condition to get approved for HARP loans still applies, mortgages
have to be owned or guaranteed by Fannie Mae or Freddie Mac. Once qualified,
the monthly payments will be low and predictable over the entire loan term.
Home equity will get built much faster if borrower maintains regularity in
payments.
Speculation
has been ripe that Harp
program 3.0 is in the offing but there is no such proposal that is
worth a consideration. The Harp 2.0 itself is good enough to give necessary
much needed relief from high mortgage installments. LTV restrictions have been
removed and the amended rules allow homemakers to borrow up to 125% of home
values. Nevertheless, there will be some complex paperwork that is needed to be
prepared and furnished along with your HARP 2.0 application. Mortgage
specialists are well versed with the documentation process and so, it is
desirable to seek their advice.
Hence,
there is little need to wait on the Harp program 3.0 eligibility criteria. The
Harp 2.0 permits certain category of borrowers to refinance second time. Some websites online can give the latest
status of the federal government plan. These online sites provide free of
cost service for fixing free consultations with competent local mortgage
experts. You can use these sessions to analyse the exact status of your
mortgage debt situation. However, it could be vital for you to make sure that
you have found a totally reliable and reputable website to work with.
