Author Box
Articles Categories
All Categories
Articles Resources

HARP 2.0 Mortgage Refinance - How Underwater Homeowners Get Lower Rates

May 05, 2012 | Comments: 0 | Views: 154

Homeowners in the USA can get a lower mortgage interest rate even if they owe more on their mortgage than what their house is worth. Rates have been hovering at historical lows and if you can get a rate around 4% that would be a great place to lock in and get your refinance started.

The average time to get the refinance completed is about 30-35 days. Once your loan funds, it takes another 30 days for the new lender to get your new loan setup. This allows you to actually skip a month of payments! Imagine keeping that money for bills or spending it in on a vacation...

The refinance process is a little easier nowadays because Fannie is allowing appraisal waivers on your loan. So, you shouldn't need to pay for an appraisal of your home which will save you about $400! This also reduces the amount of time to get the loan done because there is less information for the underwriter to look at. And, if your house if in poor shape or maybe a little construction going on then no one will have to know about it...

Now, you must know that Fannie Mae, the Federal National Mortgage Association, is the ruler of the roost on these mortgages. And, your current loan must be owned by Fannie Mae as well as owned before June 2009. Go online and search for the Fannie Mae Lookup tool and type in your address. Fannie will tell you if there is a match with them and your address. If there is a match then they do own your loan and you are good to go forward with a full loan application or apply online.

Fees on this loan (or the pricing of your rate, if you will) have been reduced over the last few months on HARP 2.0. Rates are as low as 4% (4.08% APR).

These fees will be rolled into the loan and not out of your pocket unless you choose to do that to keep your loan balance lower. If you think you are going to be in the house for a long time (6-10 years or more) then it may make financial sense to do a buy-down to get a lower rate. This basically means you'll pay a higher fee to get the lower rate and lower payment. Your loan officer should give you a couple of options on rates and payments and you can decide which is best.

Once you agree to move forward you will submit a W2 and paystub to your loan officer or if you self-employed you'll need to show 2011 tax returns.

Mortgage loan consultant Bryan Horn has been a residential loan agent since 2003 and can be contacted via email or phone 858-805-5347. If you'd like to apply online to get an official loan approval please visit

Kinecta Federal Credit Union is open to all residents of the USA and no checking account or prior banking relationship is required. Kinecta was known prior as Hughes Aviation Employee credit union and has over 200,000 customers around the USA

Source: EzineArticles
Was this Helpful ?

Rate this Article

Article Tags:

Los Angeles Refinance


Harp 2 0 Refinance


Kinecta Refinance


Harp Mortgage Rates


Underwater Refinance

The documents are inevitable to assess your age, income, employment and residence. For the loan to be petitioned from the bank, you need the right procedure of application.The documents are

By: Simon Liva l Real Estate > Buying l November 20, 2012 lViews: 258

The main reason why people tend to be apprehensive about moving homes is that it entails packing everything in the home, transporting it and then unpacking it in the new home. The entire process of

By: Ringo Star l Real Estate > Moving Relocating l October 27, 2012 lViews: 211

There are a number of benefits to owning a second home. Buying to let is a long term investment. The property will usually accumulate value over time and also can generate rent on a shorter term

By: Alan Trotter l Real Estate > Investing in Real Estate l October 19, 2012 lViews: 241

Building a home, especially your first one, can be an incredibly daunting task - there are a number of factors, including budget and planning, that must be taken into account before any sort of

By: John K. Taylor l Real Estate > Building a Home l July 10, 2012 lViews: 333

When you're ready to sell your house, the first thing you'll probably do is find a real estate agent to help you through the process. It can be so inviting to seek out the discount Realtors who offer

By: W Josh Anderson l Real Estate > Selling l July 10, 2012 lViews: 263

You see the signs everywhere, especially in a strong economy: For Sale By Owner. For some reason, many people believe they'll do a better job of selling their homes without the assistance of a real

By: W Josh Anderson l Real Estate > Selling l July 10, 2012 lViews: 241

This is the question many property owners might have when they are thinking about re-financing their house. The fact is that the answer for this question is a rather complicated one and the correct

By: Demetrius Weatherspoonl Real Estate > Mortgage Refinancel July 05, 2012 lViews: 178

Getting rejected for a mortgage loan is upsetting especially if you are borrowing it for something important like a home loan. Therefore, before applying for one, make sure that you are qualified for

By: Dawie Besterl Real Estate > Mortgage Refinancel July 05, 2012 lViews: 192

For years, underwater borrowers who remained current on their mortgages were forgotten and forsaken. At last, they have options. Here are the details.

By: Bill Irelandl Real Estate > Mortgage Refinancel July 05, 2012 lViews: 173

  Such is the strength of the Brazilian mortgage market at present; a number of the biggest banks in Brazil and across the globe are locked in intense competition in order to gain a bigger share of

By: Waseem Saddiquel Real Estate > Mortgage Refinancel July 03, 2012 lViews: 199

A mortgage originator (also known as "loan officer") is an employee of the mortgage lender responsible for processing mortgage transactions to lenders and borrowers. The originator is also

By: Dawie Besterl Real Estate > Mortgage Refinancel July 02, 2012 lViews: 177

Mortgage refinance loans with bad credit exist. However, before moving forward in your search, understand the options available and where you fit into the equation.

By: Donna N Hammondl Real Estate > Mortgage Refinancel July 02, 2012 lViews: 158

Discuss this Article

comments powered by Disqus