If you have a loan with Fannie Mae or Freddie Mac and the loan was originated prior to June 1, 2009, you may be able to refinance now because of low mortgage interest rates and the possibility of unlimited loan to value ratios”. There is hope to refinance to take advantage of this program combined with the low rates. Read the article from FreeRateUpdate.com for the entire story...

HARP 2.0, the expanded Home Affordable Refinance Program, has been officially in effect since the middle of March, 2012. Large numbers of borrowers are interested in obtaining this program, but unfortunately, many are finding themselves being put on hold until a later date. Borrowers do not need to wait for HARP 2.0 refinances especially when low mortgage rates are here right now.

With the HARP program, underwater borrowers are eligible provided they have loans with Fannie Mae or Freddie Mac that were sold or guaranteed prior to June 1, 2009. This expanded program allows for unlimited loan to values so that everyone would have a chance at refinancing to lower mortgage rates. This program is designed so that borrowers will begin to gain equity in their homes again, as well as, put money into their pockets which eventually will help the overall economy. It is also a way to prevent any further foreclosures and defaults by rewarding borrowers who have been faithfully making mortgage payments regardless of the loss of home value. Many borrowers continue to be turned away or put on hold by banks who are assisting their current customers first. Some banks have continued to put strict overlays in place that make it impossible for severely underwater borrowers to refinance with HARP. Still today, there are still some lenders will not assist those borrowers who have loan to values above 125%.

Borrowers do not need to wait to obtain HARP 2.0 refinances since there are many lenders out there who are waiting and willing to help them. It is just about impossible for borrowers to find these lenders either physically or online. This lenders, who are available through online resources, can be found by submitting an online inquiry which will return a response within minutes. This easy process does not involve a lot of time nor does it involve extensive personal information or social security number. There has been tremendous success by using the online form for obtaining information about HARP, as well as, a willing lender who will walk the borrower through the process. There is no longer the need to go to one of the big banks or to the original lender or servicer since HARP is available for all eligible borrowers through any participating lender.

FreeRateUpdate.com surveys more than two dozen wholesale and direct lenders’ rate sheets to determine the most accurate mortgage rates available to well qualified consumers at a standard 0.7 to 1% point origination fee.

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