You probably thought you had missed the boat, but HARP loans are still here; well, at least, until December 31, 2018. So, if you’ve been planning to refinance your home using HARP, now’s the time to make a move.
Don’t Miss the Deadline
Since 2009, HARP or the Home Affordable Refinance Program has helped more than three million Americans to refinance their homes. HARP, after all, intends to give homeowners, especially those with little or no home equity, an opportunity to refinance at a higher loan-to-value-ratio. The program was initially set to expire last September 2017, as the federal government plans to replace it with a new refinance option. But, as mentioned, the government has extended the HARP application until the last day of 2018.
It Could Be a Great Deal
With only a year left to apply for HARP, many real estate experts persuade the public to apply for the loan program now. But, why now? Isn’t it better to just wait for the new program, instead?
First, we don’t know exactly if the new refinance program will be better. Plus, right now, a HARP loan could be a great deal for you. Besides the fact that it allows you to refinance at a higher loan-to-value-ratio, this loan option also gives you the benefit to enjoy low-interest rates. Also, HARP is not solely for primary residences. Investment properties or second homes qualify for the program, too, as long as they are backed by Fannie Mae or Freddie Mac.
Another little-known advantage of HARP is that it requires less documentation. So, if you’re looking for a more streamlined refinance process, then this program is perfect for you. In addition, you may enjoy a waived appraisal fee for this program. This benefit, however, depends on certain requirements, such as recent home sales near your property.
Other than the deadline, HARP’s great benefits are another reason that you should highly consider this refinancing option. But, if you want to be sure, feel free to seek professional advice from one of our mortgage lenders in St. Louis.
Give us a call, today, to know more.