Why Did No One Tell Homeowners About This “Golden Ticket?”
Closely inspect your mortgage bill before you pay it.
Two shocking studies prove that homeowners significantly overpayed on their mortgages. And it has banks on edge.
3.4 million refinanced with the free program, HARP®. For those owing about $200,000 on their home, they saved $291 a month on average.1 Differing mortgage amounts save homeowners more or less, but the catch is that this program by the Federal Housing Finance Agency is set to expire November 2018.
That’s why homeowners comparing July’s rates are excited to try to qualify for this government plan (this service has A+ from the BBB2). Because many middle class homes are saving $2,500 a year, Thrifty Homeowners calls this “The Forgotten Stimulus Plan.”
Eased credit standards,3 a housing boom, but expected rate hikes show that now is the perfect time to lock in lower payments. If lower payments or a shorter mortgage term appeals to you, now is the time to act.
Summary: Because the government wants to avoid housing market troubles, the Home Affordable Refinance Program helps homeowners get lower payments or pay off their mortgage faster. This free government program is set to expire November 2018.
Even if you don’t qualify for HARP, at least check what your new mortgage payment could be because those that refinanced without it – saved $208 a month on average.1
“The Forgotten Stimulus Plan”
This is a plan that banks aren’t too happy about. It is recommended that you shop multiple lenders, and you’re not limited to your current lender’s rate. This means many homeowners are quiting their current mortgage.
It’s not a great deal for banks, but homeowners couldn’t be more thrilled with many easy qualifications:6
- No new or additional mortgage insurance required
- Loan-to-value ratio at least 80%
- Limited or no delinquencies over the last 12 months
Those that qualified, on average saved $291 a month, but even those that didn’t qualify… shaved $208 off their monthly payments.1
STEP 1: Complete a quick form
STEP 2: They find the best mortgage deal for you
STEP 3: A qualified loan officer will help you secure
There are 133 U.S. banks — which lender will give you a low rate?
There has never been a better time to refinance your home. That’s because of a little-known government lending program called the Home Affordable Refinance Plan (HARP). This allows Americans to refinance their homes at shockingly low rates, and reduce their payments by an average of $4,100 a year.
But here’s the catch – like most government programs, this is likely temporary. Currently the program is set to expire on December 31, 2015. But the good news is, once you’re in, you’re in. If the thought of a lower payment or fewer years on your mortgage sounds appealing, the time to act is right now.
It’s like a true middle-class stimulus package
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). However, the banks aren’t too happy about this – here’s why:
- You can shop several lenders, not just your current mortgage holder
- Your home’s Loan-to-value (LTV) can be 80% to 125%
You think banks like the above? Rest assured, they do not. They’d rather keep you at the higher rate you financed at years ago. That’s why the pressure is on time-wise. The Middle Class seems to miss out on everything (did you ride the last stock bubble? Probably not). Thus, it’s almost a no-brainer to jump on this now. You need to act fast in order to refinance your house at these current low refinance rates. You can greatly benefit:
- The average monthly savings for most eligible Americans is $250. Can you use an extra $250 a month?
- Many homeowners not only save every month, but depending on their current rates, they can also shorten their term.
- Deferred payments – typically, one or two payments are skipped / deferred as well.
This is why it’s a no-brainer – you will likely lower your payment, possibly shorten your term, AND can also get cash. This is how powerful that little word called “interest” is. The middle class never sees “breaks” like this. So this is your chance to get “in”.
But how do you find these rates?
Here’s the answer – there are a few free websites out there that will compare mortgage rates for consumers, and allow them to choose the best one (that’s a great thing about the internet – it allows you to do business with lending institutions all over the country).
FAHrateGuide, one of the country’s largest and most respected mortgage refinance comparison shopping websites, is one of the few companies with HARP lenders on its network, and is currently assisting homeowners like you to obtain further information regarding superb mortgage rates.
With FAHrateGuide there’s no obligation and their service is fast & easy. Let FAHrateGuide Help You Find The Lowest Rate Possible. It takes about five minutes, and the service is 100% free. You have nothing to lose except money stress.
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But you do have to act before rates rise.