There may not be a better time to refinance your home. A little-known government program called the Home Affordable Refinance Plan (HARP) allows you to refinance your homes at low rates, and reduce your payments by an average of $3,000 a year.
This is unknown to many, but the Home Affordable Program is for the middle class. If your mortgage is $625,500 or less (unless you live in a high-cost area then the loan limits may be higher), you most likely qualify. Basically, the Government wants banks to cut your rates, which puts more money in your pocket (which is good for the economy) and your home’s Loan-to-value (LTV) can be 80% to 125%. Currently the program is set to expire on December 31, 2015.
The average monthly savings for most eligible Americans is $250. Who couldn’t use an extra $250 a month?
*Many homeowners not only save every month, but depending on your current rates, you might also shorten their term.
*Deferred payments – typically, one or two payments are skipped or deferred as well.
This could be a Winner for You!
How do you find these rates?
There are free websites out there that will compare mortgage rates for consumers, and allow you to choose the best one. Here’s a few bigger ones:
BUT, Get an amortization schedule from your present lender(s) first and second mortgages and compare it to the new quotes (amortization schedule) before you decide!
Your goal is REDUCED RATES and REDUCED PRINCIPAL (mortgage amount).
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