Miami Home loan, and Element Funding, direct lending mortgage bank, added another money saving program to their offering. Get HARPED and save money. Jim Carter, senior loan officer, reports on the details of saving up to $217.00 with a HARP Refinance.
If you are looking for ways to save money on your mortgage, you may be interested to learn that there is a program for homeowners who are current on their mortgage payments –the Home Affordable Refinance Program, or HARP (www.HARP.gov), offered by the Federal Housing Finance Agency (www.FHFA.gov) and the U.S. Department of the Treasury. You could save hundreds of dollars each month by refinancing your mortgage through HARP. Don’t wait-the program expires next December.
You are eligible for HARP if:
• Your loan is owned by Fannie Mae or Freddie Mac. Use the Loan Look-up Tools if you are unsure: Fannie Mae Loan Look-up Tool at https://knowyonroptions.com/loanlookup or call: 8oo-7FANNIE or Freddie Mac LoanLookupTool at https://ww3.freddiemae.com/loanlookup/ or call8oo-FREDDIE.
• You are current on your mortgage, with no 30-day+ late payments in the last six months and no more than one late payment in the past 12 months.
• Your home is your primary residence, a one-unit second home or a 1– to 4-unit investment property.
• Your loan was originated on or before May 31, 2009.
• Your current loan-to-value (LTV) ratio is greater than 8o percent. For example, you owe $100,000 on your mortgage but the current market value of your home is $80,000. Calculate your LTV ratio with this tool at http://knowyouroptions.com/find-resources/information-and-tools/financial-calcuators/loan-to-value-calculator.
3 Simple Steps to Get HARPed
STEP 1: Gather your basic financial information before you contact your mortgage company. You’ll need: Your mortgage statements, including information on a second mortgage (if applicable); and your income details (paystub or income tax return).
STEP 2: Contact your mortgage company online, in person or by phone. Ask if they are an approved HARP lender. If they are, be prepared to provide the information necessary to verify your current source of income. If they are not, shop around by using these lists of approved HARP lenders to see who is offering HARP near you: Fannie Mae list. of approved lenders at http://knowyouroptions.com/find-resources/mortgage-assistance/helpful-contacts/contact-a-harp-lender , or Freddie.Mac list of approved lenders at http://www.freddiemac.com/mortgage_help/same_service_lender_list.html.
STEP 3: Go through the application, approval and closing process. If your lender determines that you qualify for HARP, they will guide you through the process.
Remember, HARP expires next December so the time is now to take advantage of low mortgage rates.
Go to www.HARP.gov for more information, and please call me, Jim (James) Carter, from Element Funding, at 305-525-6742to help you get the best financing solution. We can get you HARPED as well! We at Element Funding, will help you with an exceptional Miami Home Loan where our Primary Focus is you!