For a long time we all kept hearing about HARP. Surprising enough, even with all the growth in the economy and jobs markets HARP is still popular. Is this something you have been thing about? Here is an article that gives some of it’s background and it’s benefits. I found this in The MReport and thought some folks might find it interesting.
Why Borrowers Are Still Sweet On Harp
Refis at Fannie Mae and Freddie Mac decreased in the second quarter, according to the quarterly Refinance Report by the Federal Housing Finance Agency (FHFA).
The FHFA reported that together, the government-sponsored enterprises (GSEs) completed 299,466 refinances in Q2, compared with 356,002 in the first quarter.
Attributing the decrease in refi volumes in the second quarter to rising mortgage rates, the report indicated that total refinance volume decreased in June 2018 as mortgage rates rose in May, continuing a trend first observed in October 2017. “Mortgage rates decreased in June: the average interest rate on a 30‐year fixed rate mortgage fell to 4.57 percent from 4.59 percent in May,” FHFA said.
Of the total refinances, 2,973 loans were refinanced through the Home Affordable Refinance Program (HARP), bringing the total number of HARP refinances to more than 3 million since the inception of the program in 2009, the report indicated.
Although the program is scheduled to expire on December 31, 2018, FHFA said that 49,094 borrowers could still benefit financially from a HARP refinance.
“These borrowers meet the basic HARP eligibility requirements and have a remaining balance of $50,000 or more on their mortgage, a remaining term on their loan of greater than 10 years, and a mortgage interest rate that is at least 1.5 percent higher than current market rates,” FHFA said. “These borrowers could save an average of $2,290 annually by refinancing their mortgage through HARP.”
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Still thinking this is something to look into?
Contact us and we will send you a list with multiple lenders that deal with HARP on a daily bases. You can speak to them to get the facts and then make an informed decision.
