18
Feb
By support
Home Mortgage Tips

HARP Refinancing Ends in 2016: Here’s How to Take Advantage Before It’s Gone

HARP Refinancing Ends in 2016: Here's How to Take Advantage Before It's GoneMany homeowners are struggling to keep up with their mortgage payments on a monthly basis, and it can often seem like there are limited options for remedying the situation. If you haven’t heard of HARP refinancing and you’re a homeowner who’s looking for a lower interest rate, this may be the right solution to your payment woes. Instead of letting the opportunity blow by, here’s all you need to know before this option ends in 2016.

The Details On HARP Refinancing

Known as HARP, the Home Affordable Refinance Program was created in 2009 following the economic crash that was brought on by the housing crisis. In the wake of hard economic times, the program was devised as a means of streamlining the process for those who couldn’t refinance their mortgage. Instead of reliable homeowners being stuck with a rate because they don’t qualify for refinancing, HARP enables them to acquire lower interest rates.

Some Of The Requirements For HARP

In order for you to be able to apply for a HARP refinancing, you must have a mortgage owned by Fannie Mae or Freddie Mac that was provided to you on or before May 21, 2009. While you’ll want to check with your mortgage holder to determine if you are eligible for this refinancing option, you’ll have to be up-to-date on your mortgage payments with a loan-to-value ratio that is above 80%. For more information on a HARP refinancing, you can visit their website for all the details.

Carefully Consider The Closing Costs

While refinancing your mortgage and acquiring a lower interest rate may sound like instant money savings, it’s important to find a lender that can offer HARP without any closing costs, or at least costs low enough they’ll balance out in your favor. HARP refinancing can certainly be an option worth serious consideration, but if you have lowered interest rates and a high closing cost, it’s possible that you will not be able to re-coup the extra money you’re paying.

HARP refinancing is set to end in 2016, but if you’re a homeowner who is looking to refinance you may want to look into this program for saving money on your mortgage. By familiarizing yourself with the requirements and determining if the closing costs balance out, you may have an easier monthly payment on your hands. If you are paying off your home but are interested in what’s available on the market, you may want to contact your local mortgage professional for more information.

11
Feb
By support
Home Mortgage Tips

3 Reasons You Should Trust in a Mortgage Advisor Instead of Trying to Predict Rates

3 Reasons You Should Trust in a Mortgage Advisor Instead of Trying to Predict RatesIf the time has come to purchase a home and you’ve been perusing the real estate market, it’s possible you’ve also been considering the mortgage options that might work best for you. In the event that you’re already spending a lot of time looking at homes and trying to sell your own, here are a few reasons you may want to leave your mortgage considerations to a professional.

Qualifications You Can Count On

If you’re new to the world of home purchasing and have concerns about learning the ropes on your own, a mortgage advisor can be a great way to navigate the market and get the information you need without having to do all of the legwork. Because a mortgage advisor has to have the necessary qualifications to give you advice, they’ll be able to guide you through available options so you can find the product that is best suited for your financial situation.

A Knowledgeable Expert On Your Side

Between putting in offers on a home and dealing with lenders, it can often feel like you’re between a rock and a hard place, and getting squeezed financially. However, the ideal mortgage advisor will be someone who is there solely to assist you and provide you with viable options. Instead of a very specific set of options provided by the bank, an advisor will be able to identify products your lender might not suggest, which means you’ll have more options and a representative who will be able to recommend the best ones for you.

The Inside Scoop On The Industry

It’s the job of a mortgage advisor to be on top of the market, have a comprehensive knowledge of the products out there and be familiar with the lenders, so this means less research and a lot more expertise for you when it comes to any final mortgage decisions. Not only will they have the know-how in the industry you’re heading into, they’ll be aware of the information the lender requires and may be able to score you a better deal when the time to make a decision comes.

Finding the ideal lender for your mortgage can be a struggle in times where there are so many small details to deal with, but a mortgage advisor can work to simplify the process. If you’ll soon be applying for a mortgage and are considering your lender options, you may want to contact one of your local mortgage professionals for more information.

09
Feb
By support
Home Mortgage Tips

Setting the Record Straight: 3 Major Misconceptions About Mortgage Financing

Setting the Record Straight: 3 Major Misconceptions About Mortgage FinancingPurchasing a home is often considered an important step in one’s financial life, no matter what point you arrive at it, but there are things you should know about financing your home purchase before stepping into the fray. If you’re planning on buying a home soon and want to avoid some major missteps, here are a few tips that will set you up for success.

Taking The Lender You’re Offered

In the event that you’ve been pre-qualified for a certain amount, you’ll want to find a lender that will make the process towards a home purchase a little bit smoother. Instead of going with the first option that’s offered, do some research and come up with a shortlist of potential lenders that have good reviews and have been around the industry for a significant amount of time. The process will be a lot more comfortable if there’s someone on your side you know you can trust.

Keeping Your Credit History In The Dark

Without a doubt, the lender will be looking at your financial history in order to determine the amount of financing you will receive, but it’s still important to be prepared on your end so that you know what to expect. Start by acquiring your credit report so that you can correct any inaccuracies on it and be prepared for what this score will say about your financial viability. When it comes to the financing you’ll need down the road, the right information on your credit report will make a difference in the end result.

Forgetting About The Loan Officer

If you’ve already established who your lender will be, it’s still important to meet with the person who will be handling your loan and make sure they’re someone you can trust. Ensure that you are aware of their qualifications and that they have enough previous experience in their back pocket to provide you with insights that may come in handy. While having a reliable lender is certainly a good start, the right individual to handle your loan will be someone who is licensed and involved with a local, professional mortgage association.

All of the things involved with mortgage financing can be quite complicated, but by finding the right lender and preparing yourself for the tough financial questions, it can be a much easier experience. If you’re starting to consider your options for a home purchase, you may want to contact one of our local mortgage professionals for more information.