Making Home Affordable Refinance Program

It is recommended you avail the benefits offered by the Making Home Affordable Program which is supported by the federal government, and restructure your existing your mortgage loan to make it more affordable to repay. The Making Home Affordable Program consists of two main parts:• The Home Affordable Modification Program (HAMP)This option makes it possible to restructure or modify your existing mortgage loan, and make it more affordable to repay by reducing the monthly repayment amount and/or extending the loan repayment time or the loan tenure.• The Home Affordable Refinance Program (HARP)The HARP mortgage refinancing option supports the refinancing activity which makes it possible to change your existing mode of mortgage interest rate, and make your repayment options easier to cater to.One has to become eligible, or qualify for the HAMP or HARP to avail the benefits. The loan and debt management experts will help you become eligible for your HAMP or HARP benefits.The Home Affordable Refinance Program (HARP)The government refinance program “HARP” presented by the Obama administration in 2009 intends to provide opportunities for American homeowners facing delinquency problems to avoid foreclosures and bankruptcies, and keep their homes. It is possible for home owners to restructure or change their existing mortgage loan terms and conditions and avail favorable loan repayment conditions through the making home affordable refinance program. It is important to become eligible for the program – you need to qualify. Refinancing helps the applicants in becoming eligible for the mortgage refinancing benefits. The basic requirements are as follow:• You should own or occupy a 1 to 4 unit home.The mortgage and broker experts can help you by providing sound and correct advice as well as information related to home affordable refinance guidelines, and what type of documents you are likely to need for your refinance application.• Your current mortgage loan should be either owned or guaranteed by Fannie Mae or Freddie Mac.This criterion needs to be fulfilled as it happens to be one of the main pre-requisites for your refinance application. In case your existing loan has not been guaranteed, or taken from Fannie Mae or Freddie Mac, the loan experts will analyze your financial conditions and help you in availing the refinancing facilities.• You should be paying your monthly mortgage payments regularly, and should not be more than 30 days late on your loan payments in the last 12 months.Your credit history should reflect the fact that you have been regular in your monthly payments. In case your credit record indicates a default or missed payments, the debt management experts mortgage refinance firm can help you in repairing your credit records through credit repair programs, and make you eligible for your mortgage refinancing. It is imperative to follow the guidelines as mentioned in the home affordable refinance program details provided by the federal government.• You have to convince you can support and meet the new mortgage payments.It is very important to convince that you can meet the proposed refinancing terms and conditions, and you will be making regular monthly payments for your loan redemption. The loan experts can prepare your case, and help you out with the required financial statements and documents indicating you have enough monthly income to make regular payments.How to apply for your Home Affordable Refinance Program – HARPAs per the guidelines set by the federal government, the lender or the loan provider should be approved by, or working with Fannie Mae or Freddie Mac. Mortgage refinance firm can provide you with the home affordable refinance application and guide you how to fill up the form. Generally the following information needs to be provided for your application:• Statements about your monthly gross income before paying your taxes, recent pay slips or stubs if you receive them from your employer, and documentation indicating other sources of income if you have them.• Your recent income tax filing details and documentation.• If you have any lien on your existing mortgage, documents stating the lien term and conditions. • Your credit card dues and information regarding your monthly credit card payments.• Account balances of your existing loans and credit facilities availed such as student loans or car loans.The success of your HARP refinance application depends a lot upon your financial conditions, the documents you attach with your application, and the details you provide in the form.

Apply Now! Get Cash Now!

making home affordable,home affordable refinance,refinance program,affordable refinance program

Advertisements