According to Freddie Mac, the 30-year fixed-rate mortgage fell to the lowest rate ever recorded during the week of January 6, 2021, to 2.65%. Rates are still close to their lowest levels in history.

The agency has been tracking rates for nearly 50 years.

But what about those who owe more than their home is worth and can’t refinance? What can they do? Up until 2018, there was HARP.

Now there are new refinance programs available to help homeowners with very little equity refinance at today’s low rates.

TIP: With home values increasing nationwide, many homeowners who previously had too little equity to refinance now qualify! Check your refinance eligibility. Start here.

Standard loans require you to have 10-20% equity before a refinance is possible. If a homeowner is “upside-down” with a mortgage, the borrowers would either have to pay down the mortgage to an acceptable level or give up trying altogether.

But current refinance programs may be available to homeowners with little or even no home equity.

Mortgage stimulus program and other good news for homeowners

For many, there’s never been a better time to be a homeowner. Home prices are rising very quickly and, even if you’re struggling to keep up with payments, various mortgage refinance programs are standing by to help you out.

Mortgage rates are near all-time lows and homeowners could stand to save significantly on their monthly payments. But what if you’re blocked from refinancing because your mortgage balance is close to your home’s market value — or is even higher? Well, there may be good news for you, too.

Fortunately, home values have been rapidly rising across the country. Fewer and fewer homeowners are underwater.

As a result, many homeowners may be eligible to refinance, even without a special program like HIRO or FMERR. It’s worth checking your refinance eligibility to determine whether you could benefit from low-interest rates and a reduced monthly payment.

Mortgage Refinance Relief in 2024

The HARP program (Home Affordable Refinance Program) was live between April 2009 and the end of 2018. It helped more than 3.5 million borrowers successfully refinance their Fannie or Freddie mortgages.

In recent years, the Fannie Mae High LTV Refinance Option (HIRO) and the Freddie Mac Enhanced Relief Refinance (FMERR) program were introduced to offer similar refinance relief to HARP.

Take advantage of historically low interest rates with refinance relief programs

These new programs are important because mortgage rates have plunged in the last 18 months. The 30-year-fixed mortgage rate hit its lowest level ever in early January 2021, bottoming out at 2.65%.

Even as of October 2021, 30-year fixed-rate mortgage rates hovered just below or slightly above 3%.

Copyright 2024 Freddie Mac. Averages are based on conforming mortgages with 20% down.

Homeowners with home values that were too low relative to their mortgage balances were barred from taking advantage of these historically low interest rates — and from the substantial monthly savings that came with them.

That’s where HIRO and FMERR come in. Both programs allowed homeowners to refinance their Fannie or Freddie mortgages, even if their homes were “underwater,” or higher than their homes’ market value. Though these relief programs are currently paused, many homeowners are finding they can still refinance to a lower payment thanks to rising equity and low interest rates.

HIRO: The middle-class mortgage stimulus package

Editor’s note: Fannie Mae has temporarily paused the HIRO program due to a low number of applicants. With home equity increasing nationwide, many owners are eligible to refinance without needing a special program like HIRO. Contact a lender to check your equity levels and find out whether you qualify for a refinance.

Some even call the HIRO program a middle-class stimulus program. Why? First, it replaces HARP, a loan program that was first enacted by Congress in 2009 to help millions of homeowners to refinance their mortgage and get a lower rate without needing any equity at all.

Second, the HIRO loan helps underwater homeowners reduce rates and payments, just as rates are falling to fresh lows.

A refinance can put serious money back into the pockets of middle-class Americans, which stimulates the economy — not to mention the everyday household.

HIRO comes with other advantages. You can often qualify for an appraisal waiver, saving hundreds of dollars. But even if you need an appraisal, value doesn’t matter. You can owe $200,000 on a home currently valued at $175,000 and still lower your rate with a refinance.

That leaves potentially thousands of homeowners who might have applied for the 2009 HARP but didn’t get the chance before the federal government program expired.

HIRO Eligibility: Qualify for mortgage relief and a lower interest rate

The HIRO qualifications are relatively simple, but they are important. You may be eligible for HIRO if:

• Your current mortgage loan is owned by Fannie Mae*
• Your loan must have been originated after October 1, 2017
• At least 15 months have passed from the note date of the existing loan to the note date of the new home loan
• You have made all your payments on time in the last 6 months
• Your mortgage balance is 97.1% or higher as a percentage of your home’s market value, for a one-unit, owner-occupied dwelling

*You may not even know that your mortgage is owned by Fannie Mae. If you’re unsure, use this lookup tool on the Fannie Mae website.

If you meet these conditions you are very likely to have access to lower rates but you need to act now before rates go up. Speak with your mortgage lender about relief options.

FMERR: The Enhanced Relief Refinance Program

Editor’s note: Freddie Mac has temporarily paused the FMERR program due to a low number of applicants. With home equity increasing nationwide, many owners are eligible to refinance without needing a special program like FMERR. Contact a lender to check your equity levels and find out whether you qualify for a refinance.

For borrowers with a mortgage through Freddie Mac, Freddie Mac’s Enhanced Relief Refinance program (FMERR) was created to help homeowners with limited equity take advantage of historically low interest rates and reduce their monthly payments.

FMERR Eligibility: Qualify for mortgage relief and a lower interest rate

You may be eligible for FMERR if:

• Your current mortgage is owned by Freddie Mac*
• Your loan was originated on or after November 1, 2018
• Your LTV is at least 97.01% for a one-unit, owner-occupied resident
• You have made all your payments on time in the last 6 months
• Your mortgage balance is 97.1% or higher as a percentage of your home’s market value, for a one-unit, owner-occupied dwelling

*You may not even know that your mortgage is owned by Freddie Mac. If you’re unsure, use this lookup tool on the Freddie Mac website.

If you meet these conditions you are very likely to have access to lower rates but you need to act now before rates go up. Speak with your mortgage lender about relief options.

Is there congress mortgage stimulus or COVID-19 mortgage relief?

Although there’s no current mortgage stimulus from Congress, there is federal help available for homeowners.

When President Joe Biden signed the American Rescue Plan into law in March 2021, it famously included stimulus checks to nearly all households. It also provided special financial assistance for homeowners who were — or are — struggling financially as a result of the COVID-19 pandemic.

The Homeowner Assistance Fund (HAF) is intended to help with your monthly mortgage payments — and with property taxes, homeowners insurance, homeowners association (HOA) fees and utility bills.

Although these are federal funds, they’ve been sent out to states to administer. For help, you apply to your state’s housing finance agency. Locate your state’s agency and contact information with this lookup tool.

There are some eligibility requirements for these funds. To qualify, your mortgage balance must be $548,250 or less, and most of the funds are designated for borrowers with average or below-average incomes.

Negotiating mortgage forbearance

Most mortgage servicers are willing to work with borrowers who may be falling behind on their mortgage loans. If you’re unsure who your loan servicer is, this lookup tool can help you find that information.

However, if your mortgage is owned by Fannie or Freddie or is a government-backed loan (an FHA, VA or USDA loan), you have more defined rights. You could be allowed to pause or reduce your mortgage payments for an agreed-upon forbearance period (up to 18 months in extreme cases).

Of course, you’ll still owe the money you’ve delayed paying and will have to repay it at some point in the future. Still, with these particular loans, you shouldn’t face any additional fees, interest or penalties.

For more information, visit the Consumer Financial Protection Bureau information page.

FHA, VA and USDA loans: Take advantage of low interest rates for govvernment-backed loans

If you have a government-backed loan — an FHA, VA or USDA loan — you won’t be able to take advantage of the HIRO or FMERR programs.

Still, there’s another great refinance option available, to enable homeowners to reduce their mortgage interest rate — even if their home’s market value is low compared to their mortgage balance.

If your mortgage is backed by the Federal Housing Administration, the Department of Veterans Affairs or the United States Department of Agriculture, you have refinancing options, even if your mortgage is underwater.

FHA, VA and USDA loan programs all offer Streamline Refinance options, which are quick and affordable refinance loans with reduced eligibility requirements. These Streamline Refinance programs require little paperwork and take less time and money than a conventional refinance.

Streamline Refinance Eligibility: Lower your interest rate quickly and affordably

You may be eligible for a Streamline Refinance if:

• You have an FHA, VA or USDA loan
• You will benefit demonstrably from the refinance, such as by a lower mortgage rate or monthly payment
• No missed payments in the last 6 months

If you meet these conditions you are very likely to have access to lower rates but you need to act now before rates go up. Speak with your mortgage lender about your personal finances and relief options.

VA Streamline Refinance

Though not a formal mortgage relief program, VA borrowers can take advantage of the VA Streamline Refinance, also known as the Interest Rate Reduction Refinance Loan (IRRRL), which allows military service members and their families to quickly and affordably take advantage of low interest rates and reduce their monthly mortgage payment.

One notable benefit of the IRRRL is that borrowers can roll all closing costs into the new loan and pay them down over the life of the loan. That means it’s possible to refinance without spending any money up front.

For borrowers looking to reduce their interest rate without taking any cash out of their home equity, the VA Streamline Refinance is one of the best mortgage products on the market.

VA Streamline Refinance Eligibility: Lower your interest rate and monthly payments

To qualify for a VA Streamline Refinance, you must meet the VA’s minimum service requirements. Most veterans, including National Guard and Reservists and their families, can qualify.

You can typically qualify for a VA Streamline Refinance without any credit score, income or asset verification, or without a property appraisal. That means you can refinance quickly and affordably.

In addition to those minimum service requirements, you may be eligible if you meet the following criteria:

• You have made all your payments on time in the last 6 months
• It’s been 210 days or more since you closed on your existing loan
• You will benefit demonstrably from the new mortgage, such as by a lower mortgage rate or monthly payment

Mortgage Refinance Relief FAQ

Does Congress have a mortgage stimulus program?

Although there’s no current mortgage stimulus from Congress, there is federal help available for homeowners. In March 2021, the American Rescue Plan designated $10 billion to help struggling homeowners. The funds are distributed by individual states and you can locate your state’s agency and contact information with this lookup tool.

What is the Congress mortgage stimulus program?

Although there’s no current mortgage stimulus from Congress, there is federal help available for homeowners. It’s called the Homeowner Assistance Fund. This money is intended to help with a variety of homeownership costs, in addition to monthly mortgage payments, including property taxes, homeowners insurance, utility bills and HOA dues.

Is HARP still available?

No. HARP (the Home Affordable Refinance Program) was discontinued on the last day of 2018. HIRO and FMERR were launched in 2021 and serve a similar function.

Are mortgage relief programs real?

Yes, these mortgage relief programs are real and available to help homeowners experiencing financial hardship. Be sure to apply for mortgage assistance directly through your state’s housing finance agency.

Who is eligible for mortgage relief programs?

You may be eligible for one of several mortgage relief programs, depending on the type of mortgage you have, even if your home value is low compared to your mortgage balance.

The post Mortgage Relief | Mortgage Stimulus Program 2024 first appeared on My Mortgage Insider.

Even as mortgage interest rates remain near historic lows, some homeowners have put off refinancing their current mortgages.

Why? Because refinancing costs money. For some borrowers, saving $100 or $150 a month won’t justify parting with thousands of dollars in cash upfront.

But there are ways to lower the cost of refinancing that can save you money upfront and in the long run. 

Click to see current refinance rates

7 tips to lower refinance costs

Following these tips could trim the cost of your refinance, saving you a lot of money moving forward. These tips include ways to lower your refinance rate and your closing costs.

1. Shop around for mortgage lenders

Mortgage refinance lenders compete for your business just like grocery stores and restaurants. 

So you should always check with several lenders to make sure you are getting the lowest rates and fees possible. 

It’s not enough to compare lenders’ advertised rates since they won’t apply to your unique personal finances; you’ll need to start the application process and analyze loan estimates from each lender you’re considering. 

Compare rates, but also be sure to compare lender fees, which contribute a lot to closing costs.

2. Negotiate for lower fees and a lower interest rate

Some closing fees are non-negotiable, but others can be changed. Loan origination fees, for example, tend to range from 0.5% to 1.5% of your loan amount. If you’re being charged 1% or more, why not ask your loan officer to lower the fee?

Or, if you’ve accepted a higher loan origination fee, ask your lender to waive the application fee or the processing fee.

You can also negotiate for a lower interest rate, especially if you have another offer from a different lender that’s willing to go lower. Show this offer to the other lenders you’re considering.

Your type of loan will influence how much you can negotiate. With a VA loan, for example, the Department of Veterans Affairs is already capping closing costs. Your lender may not be willing to go lower.

3. Keep the same title insurance company

It can cost nearly $1,000 or more for a title search and title insurance. Ask the company carrying the title insurance policy you have now to reissue the policy for a new loan.

This can help keep your refinance costs low. The fee will cover the cost of searching the property’s records to make sure you are the owner and to check if anyone has put a lien against your home.

4. Ask for a no closing cost refinance 

A mortgage refinance will always cost money. When mortgage lenders advertise no-closing cost loans, you’ll still be paying closing costs in the form of a higher interest rate.

But if you’re strapped for upfront cash, this may be just the deal you need. In today’s low rate environment, you could still save long-term even with closing costs factored into your new rate.

Some lenders will also roll closing costs onto your new loan balance. This will increase your principal, and you’ll need enough home equity to absorb the higher loan amount.

Click to check today’s refinance rates

5. Double check with your current lender

Before you commit to a new lender, see if your current lender will be willing to offer lower rates and fees.  

Competition is tough with such low mortgage rates. To keep you as a customer, your current mortgage lender may be willing to exceed the best mortgage rate you’ve gotten from a different lender.

Or, your current lender may be willing to waive some of its fees to keep your business. It never hurts to ask. 

6. Consider a streamline refinance program

Streamline refinance loan programs exist to keep your mortgage in line with today’s best mortgage rates.

This won’t work with a conventional loan. But if you have a government-backed mortgage — like an FHA, USDA or VA loan — be sure to ask your current lender about a streamline refi.

In many cases, you won’t need a new home appraisal or a credit check. This saves money on your closing costs. (No appraisal means no appraisal fee, for example.)

You couldn’t get a cash-out refinance, and streamline refinances will work only on the same type of loan: For instance, an FHA streamline won’t work on a VA loan and vice versa.

If you do have a conventional loan, check out Freddie Mac’s Refi Possible or Fannie Mae’s RefiNow programs which could save on closing costs.   

7. Work on your credit first

One of the best ways to save on your refinance is by raising your credit score. The higher your credit score, the lower the mortgage rates you’ll be offered on a refinance.

Since homeowners looking to refinance have already been making their mortgage payments, there’s a chance their credit history has improved over the years.

While your credit report won’t directly affect your closing costs, a higher credit score could give you more negotiating power. 

For example, if your credit history justifies a lower interest rate, you’ll have more room to raise your rate to cover closing costs.

Check your refinance eligibility. Start here

Which refinance closing costs can be negotiated?

Some borrowers think of “closing costs” as a single expense. 

In reality, closing costs are a collection of charges covering the variety of professional services needed to close a home loan.

Looking at these charges individually will help you learn how to negotiate for lower closing costs: 

• Lender’s fees — negotiable: These are administrative costs charged by your lender. They usually include a loan origination fee that’s based on the size of your loan but can also include processing fees, underwriting fees, rate lock fees, and even application fees. You can negotiate these fees with many lenders.
• Third-party fees — harder to negotiate: Your lender passes these fees on to you but they’re actually charged by third parties such as the home appraiser, credit bureaus, and escrow company. It’s hard to negotiate these fees, but you could choose a less expensive service provider in many cases.
• Legal fees — harder to negotiate: An attorney can help make your real estate transaction legally binding through a title search and by recording the deed properly with your local government. You can compare attorneys in search of the best deal or ask your real estate agent or loan officer for suggestions.
• Front-loaded charges — non-negotiable: Depending on when you close your loan, you could owe property taxes or homeowners insurance premiums in advance. You can’t negotiate these costs, but they balance out eventually. Chances are you already have enough saved in your current lender’s escrow account and will be reimbursed after closing.
• Mortgage insurance fees — non-negotiable: Depending on your type of loan, you may owe upfront mortgage insurance premiums. USDA, FHA, and VA loans will charge this upfront fee as a percentage of your loan amount. Conventional loans do not charge upfront mortgage insurance.
• Optional charges: You could buy discount points to lower your mortgage rate. You could also get title insurance to protect your investment if a company or individual claims ownership of your home later. These closing costs aren’t required but you may need them.

All in all, closing costs average 2% to 5% of your loan amount. They tend to reach a higher percentage of smaller loan amounts but a lower percentage of larger loan amounts. 

Two strategies for saving on a refinance loan

Costs for refinancing fall into two broad categories:

• Your refinance rate: The amount you’ll pay in interest over the life of the loan
• Your upfront costs: The amount you’ll pay upfront to close on the loan

These two broad categories can be interrelated, especially if you’re going with a no-closing cost loan. But it’s important to consider them separately when you’re looking for ways to save. 

Negotiate a lower refinance rate

Many first-time mortgage applicants don’t know they can negotiate interest rates with their lenders. 

You’ll have more negotiating power when you have a strong credit history, plenty of home equity, and the ability to go with a shorter loan term.

But it’s most important to shop around among several different lenders. If you get a lower rate quote from one lender, show it to the other lenders you’re considering. One of them may be willing to beat your best mortgage rate offer.

Even if you plan to accept a higher interest rate in exchange for lender credits to cover closing costs, you should still negotiate for your best mortgage rate first.    

How to reduce closing costs

You can also reduce closing costs by using the power of negotiating and comparing lenders.

Lenders can lower their loan origination and other lender fees. These fees cover overhead costs, so you shouldn’t expect a lender or mortgage broker to waive its fees completely. 

But you can make a case for paying less, especially when you’re taking out a larger loan amount — and especially when you’re holding a lower fee quote from another lender.

Some closing costs pass through the lender: the home appraisal fee, for example, which is charged by a third-party home appraiser. 

A lender typically won’t lower this fee since it’s simply covering its costs. But you can ask for a different appraiser in advance if you can find one with a lower appraisal fee. 

If you do need to accept a higher rate so the lender will cover some or all of your closing costs, you should still try to negotiate for lower fees. 

How to lower refinance costs FAQs

Can you negotiate refinance rates?

Yes, you can negotiate refinance rates, especially when you have a strong credit profile and more than 20% in home equity. (You may have this much equity if you made a large down payment and have had your loan for a few years.) Comparing rate quotes from at least three different lenders will improve your chances. Lowering your rate will lower the monthly payment on your mortgage loan.  

Are refinance costs negotiable?

Some refinance costs are negotiable, especially fees charged directly by the lender. Your loan origination fee, for example, could range from 0.5% to 1.5% of your loan amount. This is a huge range: 0.5% of a $250,000 loan would be $1,250 while 1.5% would equal $3,750. If your lender is charging 1.5% why not ask for a 1% fee which could save $1,250 on borrowing costs? You could also ask your lender to lower your underwriting or processing fee.  

What mortgage refinance fees are negotiable?

Fees lenders charge directly such as a loan origination fee or underwriting fee will be easier to negotiate than third-party fees such as the appraiser’s fee or the credit report fee. Other costs, such as upfront mortgage insurance fees or prepaid property taxes, are not negotiable.

How can I lower the cost of refinancing?

You can lower the cost of refinancing by shopping around for the best mortgage rate and lowest fees. Even with FHA loans, which are regulated by the Federal Housing Administration, lenders may have some room to lower fees and rates.  

What are typical closing costs on a refinance?

Typical closing costs for most refinance options resemble costs homebuyers pay on a new mortgage. They include lender fees, legal fees, charges for third-party services such as the home appraisal, and prepaid deposits for property taxes and homeowners insurance. Average closing costs range from 2% to 5% of a loan amount.  

Can you avoid closing costs when refinancing?

You could avoid paying closing costs out of pocket, but you’ll still be paying them in the form of a higher interest rate. This doesn’t mean you couldn’t still save on your monthly mortgage payments with a no-closing cost refinance. But you would be cutting into your potential savings. Depending on how long you keep the loan, you could pay more in extra interest than you would have paid in cash upfront. A refinance calculator can help you see whether avoiding upfront closing costs is a good idea for you.

Is refinancing worth the closing costs?

Refinancing is worth the closing costs when you stay in the new loan long enough to benefit from its lower interest rate. Refinancing can also pay off by eliminating an FHA loan’s ongoing mortgage insurance or by shortening the mortgage term from 30 to 20 or 15 years. A shorter mortgage term increases monthly payments but can save on long-term interest.  

How much are closing costs on a refinance?

Average closing costs range from 2% to 5% of the loan’s amount. This percentage tends to skew lower for larger loan sizes but higher for smaller loan amounts. For example, refinancing a $125,000 loan may require 5%, or $6,250 in closing costs, while a $500,000 refinance may require only 2%, or $10,000. 

Do you have to pay closing costs when you refinance?

Yes, any new mortgage loan requires closing costs. A streamline refinance option normally costs less in closing costs because it’s a low-documentation loan. You may not need a credit check or a home appraisal. Streamline refis work only for the same loan type you already have and only for government-backed loans. 

Check current rates

While there are many reasons to refinance on a mortgage, the best reason is that rates are near historic lows. Lower rates increase long-term savings and can make paying upfront closing costs less painful.

Finding out the rates that are available to you is a great first step in deciding if now is the right time to refinance.

Check current mortgage interest rates. Start here

The post How to Lower the Cost of Refinancing first appeared on My Mortgage Insider.

But what Trump might not have noticed is that he dropped a big secret on how to save money on mortgages.

Play the Trump Card

When Trump said that rates have to go up, he also said he would personally take advantage of today’s low rates before they go up.

Take Advantage of HARP, while you can…

Homeowners who want to save money while using today’s low rates will want to look at HARP. HARP is a government refinance plan that is designed to put money back into the people’s pockets.

HARP was supposed to end in 2016, but it’s been extended through part of 2017. But it could be gone before long then, and homeowners won’t be able to use the big money-saving refinance.

IMPORTANT: Not only are mortgage rates going to rise during Trump’s presidency, but HARP could be ending, too. HARP is a free program, and it is designed to save homeowners money. See if you qualify for HARP >>> 

Am I eligible to save money with HARP?

The Obama Administration has made mortgages and refinances more affordable for people, but the low rates can’t last forever.

Rates will have to rise, and banks don’t want you to know about that. 2017 might end up being one of the last opportunities to save big using HARP.

If Carson and Trump continue to cut government costs, HARP could easily be next. However, Trump gave up the secret on how to take advantage of these government programs before they’re gone.

How Can I Get Started?

Interest rates could start to rise after Trump comes into office, and that could mean missing out on a huge money-saving opportunity.

If you’re a current homeowner, you could be eligible for a HARP refinance before the government ends the program completely. While HARP is scheduled to continue until September 30, 2017, the program might not get renewed, and it could get scrapped completely before the end date. Don’t miss out on one of the top money-saving refinances!

The post Trump Reveals Big Money-Saving Mortgage Secret first appeared on My Mortgage Insider.

Homeowners who have waited patiently to see if rates will go lower finally have their chance.

>>Click Here To Check Rates Now<<

Despite the Fed’s attempts to increase the cost of lending, rates for mortgages sank and are now hitting all-time lows. Homeowners who are considering a refinance might do well to start right away before mortgage rates follow the Fed rates upward.

But what about those who owe more than their home is worth and can’t refinance, what can they do? Prior to the introduction of the Home Affordable Refinance Program (HARP), there wasn’t much they could do. Check your qualification.

TIP: Lenders don’t care if you’re underwater. More than 20 percent of HARP users owe at least 5% more than their home is worth! Check Your Eligibility Status Now>>

Conventional loans require equity before a refinance is possible and if a homeowner is “upside down” with a mortgage the borrowers would either have to pay down the mortgage to an acceptable level or give up trying altogether. But with HARP, there’s hope. At least until the end of this year. See If You Qualify>>

The middle class mortgage stimulus package

HARP was first enacted by Congress in 2009 and was modified in 2012, helping millions of homeowners refinance their mortgage and get a lower rate without needing any equity at all. How? Because HARP usually doesn’t require a property appraisal, there is no need to compare the home’s value with the current balance. Someone can owe $200,000 on a home currently valued at $100,000 and still be able to lower their rate with a refinance.

That leaves potentially millions of homeowners who might have applied for the 2009 HARP and were turned down due to valuation concerns may still think they can’t refinance. But nothing could be further from the truth. If the loan was closed prior to June 1, 2009 there’s still an opportunity to be eligible for HARP, regardless of an appraised value.

Check Your Eligibility Now.

You might qualify for a lower interest rate

The qualifications are relatively simple, but they are important. You may be eligible for HARP if:

• The loan is currently owned by either Fannie Mae or Freddie Mac.
• There have been no late payments in the past six months and no more than one in the past 12 months.
• You meet basic income and credit requirements.

If you meet these conditions you are very likely to have access to lower rates. But you need to act now before rates go up even further and start saving each month. Remember, the program will end on December 31, 2016 so don’t wait any longer!

Check your eligibility — Free

Step 1: Click your state on the map below.

Step 2: Enter your address, home info and contact info to check your eligibility and receive up to four competitive HARP quotes.

Sources: FHFA Refinance Report

The post Mortgage Refinance Relief In Pennsylvania Banks Don’t Want You Knowing first appeared on My Mortgage Insider.

Homeowners who have waited patiently to see if rates will go lower finally have their chance.

>>Click Here To Check Rates Now<<

Despite the Fed’s attempts to increase the cost of lending, rates for mortgages sank and are now hitting all-time lows. Homeowners who are considering a refinance might do well to start right away before mortgage rates follow the Fed rates upward.

But what about those who owe more than their home is worth and can’t refinance, what can they do? Prior to the introduction of the Home Affordable Refinance Program (HARP), there wasn’t much they could do. Check your qualification.

TIP: Lenders don’t care if you’re underwater. More than 20 percent of HARP users owe at least 5% more than their home is worth! Check Your Eligibility Status Now>>

Conventional loans require equity before a refinance is possible and if a homeowner is “upside down” with a mortgage the borrowers would either have to pay down the mortgage to an acceptable level or give up trying altogether. But with HARP, there’s hope. At least until the end of this year. See If You Qualify>>

The middle class mortgage stimulus package

HARP was first enacted by Congress in 2009 and was modified in 2012, helping millions of homeowners refinance their mortgage and get a lower rate without needing any equity at all. How? Because HARP usually doesn’t require a property appraisal, there is no need to compare the home’s value with the current balance. Someone can owe $200,000 on a home currently valued at $100,000 and still be able to lower their rate with a refinance.

That leaves potentially millions of homeowners who might have applied for the 2009 HARP and were turned down due to valuation concerns may still think they can’t refinance. But nothing could be further from the truth. If the loan was closed prior to June 1, 2009 there’s still an opportunity to be eligible for HARP, regardless of an appraised value.

Check Your Eligibility Now.

You might qualify for a lower interest rate

The qualifications are relatively simple, but they are important. You may be eligible for HARP if:

• The loan is currently owned by either Fannie Mae or Freddie Mac.
• There have been no late payments in the past six months and no more than one in the past 12 months.
• You meet basic income and credit requirements.

If you meet these conditions you are very likely to have access to lower rates. But you need to act now before rates go up even further and start saving each month. Remember, the program will end on December 31, 2016 so don’t wait any longer!

Check your eligibility — Free

Step 1: Click your state on the map below.

Step 2: Enter your address, home info and contact info to check your eligibility and receive up to four competitive HARP quotes.

Sources: FHFA Refinance Report

The post Mortgage Refinance Relief In Ohio Banks Don’t Want You Knowing first appeared on My Mortgage Insider.

Homeowners who have waited patiently to see if rates will go lower finally have their chance.

>>Click Here To Check Rates Now<<

Despite the Fed’s attempts to increase the cost of lending, rates for mortgages sank and are now hitting all-time lows. Homeowners who are considering a refinance might do well to start right away before mortgage rates follow the Fed rates upward.

But what about those who owe more than their home is worth and can’t refinance, what can they do? Prior to the introduction of the Home Affordable Refinance Program (HARP), there wasn’t much they could do. Check your qualification.

TIP: Lenders don’t care if you’re underwater. More than 20 percent of HARP users owe at least 5% more than their home is worth! Check Your Eligibility Status Now>>

Conventional loans require equity before a refinance is possible and if a homeowner is “upside down” with a mortgage the borrowers would either have to pay down the mortgage to an acceptable level or give up trying altogether. But with HARP, there’s hope. At least until the end of this year. See If You Qualify>>

The middle class mortgage stimulus package

HARP was first enacted by Congress in 2009 and was modified in 2012, helping millions of homeowners refinance their mortgage and get a lower rate without needing any equity at all. How? Because HARP usually doesn’t require a property appraisal, there is no need to compare the home’s value with the current balance. Someone can owe $200,000 on a home currently valued at $100,000 and still be able to lower their rate with a refinance.

That leaves potentially millions of homeowners who might have applied for the 2009 HARP and were turned down due to valuation concerns may still think they can’t refinance. But nothing could be further from the truth. If the loan was closed prior to June 1, 2009 there’s still an opportunity to be eligible for HARP, regardless of an appraised value.

Check Your Eligibility Now.

You might qualify for a lower interest rate

The qualifications are relatively simple, but they are important. You may be eligible for HARP if:

• The loan is currently owned by either Fannie Mae or Freddie Mac.
• There have been no late payments in the past six months and no more than one in the past 12 months.
• You meet basic income and credit requirements.

If you meet these conditions you are very likely to have access to lower rates. But you need to act now before rates go up even further and start saving each month. Remember, the program will end on December 31, 2016 so don’t wait any longer!

Check your eligibility — Free

Step 1: Click your state on the map below.

Step 2: Enter your address, home info and contact info to check your eligibility and receive up to four competitive HARP quotes.

Sources: FHFA Refinance Report

The post Mortgage Refinance Relief In North Carolina Banks Don’t Want You Knowing first appeared on My Mortgage Insider.

Homeowners who have waited patiently to see if rates will go lower finally have their chance.

>>Click Here To Check Rates Now<<

Despite the Fed’s attempts to increase the cost of lending, rates for mortgages sank and are now hitting all-time lows. Homeowners who are considering a refinance might do well to start right away before mortgage rates follow the Fed rates upward.

But what about those who owe more than their home is worth and can’t refinance, what can they do? Prior to the introduction of the Home Affordable Refinance Program (HARP), there wasn’t much they could do. Check your qualification.

TIP: Lenders don’t care if you’re underwater. More than 20 percent of HARP users owe at least 5% more than their home is worth! Check Your Eligibility Status Now>>

Conventional loans require equity before a refinance is possible and if a homeowner is “upside down” with a mortgage the borrowers would either have to pay down the mortgage to an acceptable level or give up trying altogether. But with HARP, there’s hope. At least until the end of this year. See If You Qualify>>

The middle class mortgage stimulus package

HARP was first enacted by Congress in 2009 and was modified in 2012, helping millions of homeowners refinance their mortgage and get a lower rate without needing any equity at all. How? Because HARP usually doesn’t require a property appraisal, there is no need to compare the home’s value with the current balance. Someone can owe $200,000 on a home currently valued at $100,000 and still be able to lower their rate with a refinance.

That leaves potentially millions of homeowners who might have applied for the 2009 HARP and were turned down due to valuation concerns may still think they can’t refinance. But nothing could be further from the truth. If the loan was closed prior to June 1, 2009 there’s still an opportunity to be eligible for HARP, regardless of an appraised value.

Check Your Eligibility Now.

You might qualify for a lower interest rate

The qualifications are relatively simple, but they are important. You may be eligible for HARP if:

• The loan is currently owned by either Fannie Mae or Freddie Mac.
• There have been no late payments in the past six months and no more than one in the past 12 months.
• You meet basic income and credit requirements.

If you meet these conditions you are very likely to have access to lower rates. But you need to act now before rates go up even further and start saving each month. Remember, the program will end on December 31, 2016 so don’t wait any longer!

Check your eligibility — Free

Step 1: Click your state on the map below.

Step 2: Enter your address, home info and contact info to check your eligibility and receive up to four competitive HARP quotes.

Sources: FHFA Refinance Report

The post Mortgage Refinance Relief In New Jersey Banks Don’t Want You Knowing first appeared on My Mortgage Insider.

Homeowners who have waited patiently to see if rates will go lower finally have their chance.

>>Click Here To Check Rates Now<<

Despite the Fed’s attempts to increase the cost of lending, rates for mortgages sank and are now hitting all-time lows. Homeowners who are considering a refinance might do well to start right away before mortgage rates follow the Fed rates upward.

But what about those who owe more than their home is worth and can’t refinance, what can they do? Prior to the introduction of the Home Affordable Refinance Program (HARP), there wasn’t much they could do. Check your qualification.

TIP: Lenders don’t care if you’re underwater. More than 20 percent of HARP users owe at least 5% more than their home is worth! Check Your Eligibility Status Now>>

Conventional loans require equity before a refinance is possible and if a homeowner is “upside down” with a mortgage the borrowers would either have to pay down the mortgage to an acceptable level or give up trying altogether. But with HARP, there’s hope. At least until the end of this year. See If You Qualify>>

The middle class mortgage stimulus package

HARP was first enacted by Congress in 2009 and was modified in 2012, helping millions of homeowners refinance their mortgage and get a lower rate without needing any equity at all. How? Because HARP usually doesn’t require a property appraisal, there is no need to compare the home’s value with the current balance. Someone can owe $200,000 on a home currently valued at $100,000 and still be able to lower their rate with a refinance.

That leaves potentially millions of homeowners who might have applied for the 2009 HARP and were turned down due to valuation concerns may still think they can’t refinance. But nothing could be further from the truth. If the loan was closed prior to June 1, 2009 there’s still an opportunity to be eligible for HARP, regardless of an appraised value.

Check Your Eligibility Now.

You might qualify for a lower interest rate

The qualifications are relatively simple, but they are important. You may be eligible for HARP if:

• The loan is currently owned by either Fannie Mae or Freddie Mac.
• There have been no late payments in the past six months and no more than one in the past 12 months.
• You meet basic income and credit requirements.

If you meet these conditions you are very likely to have access to lower rates. But you need to act now before rates go up even further and start saving each month. Remember, the program will end on December 31, 2016 so don’t wait any longer!

Check your eligibility — Free

Step 1: Click your state on the map below.

Step 2: Enter your address, home info and contact info to check your eligibility and receive up to four competitive HARP quotes.

Sources: FHFA Refinance Report

The post Mortgage Refinance Relief In Michigan Banks Don’t Want You Knowing first appeared on My Mortgage Insider.

Homeowners who have waited patiently to see if rates will go lower finally have their chance.

>>Click Here To Check Rates Now<<

Despite the Fed’s attempts to increase the cost of lending, rates for mortgages sank and are now hitting all-time lows. Homeowners who are considering a refinance might do well to start right away before mortgage rates follow the Fed rates upward.

But what about those who owe more than their home is worth and can’t refinance, what can they do? Prior to the introduction of the Home Affordable Refinance Program (HARP), there wasn’t much they could do. Check your qualification.

TIP: Lenders don’t care if you’re underwater. More than 20 percent of HARP users owe at least 5% more than their home is worth! Check Your Eligibility Status Now>>

Conventional loans require equity before a refinance is possible and if a homeowner is “upside down” with a mortgage the borrowers would either have to pay down the mortgage to an acceptable level or give up trying altogether. But with HARP, there’s hope. At least until the end of this year. See If You Qualify>>

The middle class mortgage stimulus package

HARP was first enacted by Congress in 2009 and was modified in 2012, helping millions of homeowners refinance their mortgage and get a lower rate without needing any equity at all. How? Because HARP usually doesn’t require a property appraisal, there is no need to compare the home’s value with the current balance. Someone can owe $200,000 on a home currently valued at $100,000 and still be able to lower their rate with a refinance.

That leaves potentially millions of homeowners who might have applied for the 2009 HARP and were turned down due to valuation concerns may still think they can’t refinance. But nothing could be further from the truth. If the loan was closed prior to June 1, 2009 there’s still an opportunity to be eligible for HARP, regardless of an appraised value.

Check Your Eligibility Now.

You might qualify for a lower interest rate

The qualifications are relatively simple, but they are important. You may be eligible for HARP if:

• The loan is currently owned by either Fannie Mae or Freddie Mac.
• There have been no late payments in the past six months and no more than one in the past 12 months.
• You meet basic income and credit requirements.

If you meet these conditions you are very likely to have access to lower rates. But you need to act now before rates go up even further and start saving each month. Remember, the program will end on December 31, 2016 so don’t wait any longer!

Check your eligibility — Free

Step 1: Click your state on the map below.

Step 2: Enter your address, home info and contact info to check your eligibility and receive up to four competitive HARP quotes.

Sources: FHFA Refinance Report

The post Mortgage Refinance Relief In Georgia Banks Don’t Want You Knowing first appeared on My Mortgage Insider.

Homeowners who have waited patiently to see if rates will go lower finally have their chance.

>>Click Here To Check Rates Now<<

Despite the Fed’s attempts to increase the cost of lending, rates for mortgages sank and are now hitting all-time lows. Homeowners who are considering a refinance might do well to start right away before mortgage rates follow the Fed rates upward.

But what about those who owe more than their home is worth and can’t refinance, what can they do? Prior to the introduction of the Home Affordable Refinance Program (HARP), there wasn’t much they could do. Check your qualification.

TIP: Lenders don’t care if you’re underwater. More than 20 percent of HARP users owe at least 5% more than their home is worth! Check Your Eligibility Status Now>>

Conventional loans require equity before a refinance is possible and if a homeowner is “upside down” with a mortgage the borrowers would either have to pay down the mortgage to an acceptable level or give up trying altogether. But with HARP, there’s hope. At least until the end of this year. See If You Qualify>>

The middle class mortgage stimulus package

HARP was first enacted by Congress in 2009 and was modified in 2012, helping millions of homeowners refinance their mortgage and get a lower rate without needing any equity at all. How? Because HARP usually doesn’t require a property appraisal, there is no need to compare the home’s value with the current balance. Someone can owe $200,000 on a home currently valued at $100,000 and still be able to lower their rate with a refinance.

That leaves potentially millions of homeowners who might have applied for the 2009 HARP and were turned down due to valuation concerns may still think they can’t refinance. But nothing could be further from the truth. If the loan was closed prior to June 1, 2009 there’s still an opportunity to be eligible for HARP, regardless of an appraised value.

Check Your Eligibility Now.

You might qualify for a lower interest rate

The qualifications are relatively simple, but they are important. You may be eligible for HARP if:

• The loan is currently owned by either Fannie Mae or Freddie Mac.
• There have been no late payments in the past six months and no more than one in the past 12 months.
• You meet basic income and credit requirements.

If you meet these conditions you are very likely to have access to lower rates. But you need to act now before rates go up even further and start saving each month. Remember, the program will end on December 31, 2016 so don’t wait any longer!

Check your eligibility — Free

Step 1: Click your state on the map below.

Step 2: Enter your address, home info and contact info to check your eligibility and receive up to four competitive HARP quotes.

Sources: FHFA Refinance Report

The post Mortgage Refinance Relief In Illinois Banks Don’t Want You Knowing first appeared on My Mortgage Insider.