 |
|
 |
|
| Will HARP Help You Refinance? |
|
Home Affordable Refinance Program (HARP) was introduced by the Federal Housing Finance Agency (FHFA) and the Treasury Department in April 2009. Its goal is to let borrowers with falling home values refinance mortgages into more manageable payments and/or interest rates. The program is currently set to expire on December 31, 2013.
Do you qualify?
You may be able to qualify for HARP if:
- Your loan is backed by Fannie Mae or Freddie Mac
- Your current mortgage was in place prior to June 1, 2009
- Your home loan has been paid on-time for the prior 6 months, and at least 11 of the most recent 12 months
- You have not used the HARP program before for the same mortgage
- Your loan to value ratio is more than 80% (otherwise you would probably qualify for traditional refinancing)
Pros
- Can refinance second homes and investment property, as well as primary residences
- No maximum LTV limit if you are refinancing to a fixed rate (maximum LTV if refinancing to adjustable rate mortgage is 105%)
- Market rates, points and fees as charged by lender
- On-site appraisals are often not required
Cons
- Can't take advantage of the program if existing mortgage is not held by Fannie Mae or Freddie Mac and if you refinanced or purchased your home after May 31, 2009
- Can't refinance a home equity line or any other type of second mortgage
- Can't consolidate mortgages and refinance the total
- No cash out refinancing
- No jumbo rate or balloon mortgages
I can help you figure out if a HARP loan is right for you. Give me a call at 888-524-1183.
|
| April's Home Value Improver |
|
5 Essential Home Maintenance Tasks
Home improvement centers are doing a booming business as everyone gets a jump on their spring home maintenance chores. What's on your To Do list? Experts say that these are the five essentials that should be on everyone's list for spring:
- Inspect the roof
Make sure your roof is in good condition before spring and summer rains. Roof leaks can lead to electrical problems, rot and water damage to the interior of your home. A little preventive maintenance is well worth the effort.
- Clean gutters
Pine needles and fall leaves can clog your gutters and back water up into your home. Clean your gutters so they can do their job effectively.
- Clean and repair windows and screens
Open your windows wide to let in the spring breezes, but make sure your screens don't have any holes that could welcome in bugs as well. This is a good time to check the caulking around the windows and reseal.
- Check the foundation
Look for cracks in the foundation that could provide an avenue for water seepage into your basement. Also check to make sure that water flows away from the foundation to prevent basement floods. You can repair small foundation cracks yourself, but consider hiring a professional if you need to regrade your land or address significant basement water problems.
- Clean out dryer vents
Lint builds up in dryer vents even if you clean your lint screen with every dryer load. Clogged vents are a fire hazard, so be sure to clean out the exhaust hose and vacuum the filter hole.
|
|
|
|
