HARP Could Make Beautiful Music – For Some
While many of you may be aficionados of an enormous stringed musical instrument called the harp, this narrative has nothing to do with music. Rather, this prose is dedicated to the Home Affordable Refinance Program (also known as HARP), which is designed to assist homeowners in refinancing their mortgages – even if they owe more than the current value of their home. HARP is a means for people who have paid their home loan on time, but are underwater from a loan-to-value standpoint, to be able to refinance and take advantage of today’s low interest rates. Please note: The program pertains ONLY to mortgages that are held by Freddie Mac or Fannie Mae, which is 50% of all the loans in the United States. What makes the timing of today’s leadership blog post interesting for some people, is that on March 19th HARP is revising (i.e., increasing) their loan-to-value limits AND beginning to take applications for refinances of investment property, as well as primary residences. You can find out more or apply for the program by connecting with your favorite lending professional. If HARP resonates with you, my advice is to pursue this beauty sooner versus later.
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