Is HARP the Right Refinancing Program for You?
Refinancing your mortgage can get you a better rate and consolidate multiple payments. HARP, the Home Affordable Refinance Program, can help you refinance if you’ve had trouble doing so in the past. Keep reading to find out if this program could be right for you and your home in IL.
HARP is designed to help homeowners who want to refinance but currently owe more than their home is worth because the value of their home has declined since purchase . If you have been unable to refinance in the past even though you’re not behind on your payments, HARP may be able to help. This program can help you refinance to take advantage of the low interest rates available today. You can lower your monthly payment or change the terms of your mortgage to achieve the financial stability you want.
In order to be eligible for HARP refinancing, your mortgage must be owned or guaranteed by either Freddie Mac or Fannie Mae. If you aren’t sure who owns or guarantees your mortgage, check with your credit union or servicer. Additionally, your mortgage must have been sold to these servicers on or before May 31, 2009. You cannot have previously refinanced under HARP, with the exception of those with Fannie Mae mortgages refinanced between March and May of 2009. You must be current on your mortgage for the past six straight months with no more than one late payment in the previous 12 months. Finally, your current loan-to-value ratio must be above 80%. If you meet these eligibility criteria, talk to your credit union about the next step in HARP refinancing.
GCS Credit Union’s Mortgage Center is here to help you afford or refinance your home. Call (618) 797-7993 to find out more about HARP and other refinancing options in O’Fallon, IL. Please click on our website to read more about our financial services, including loans, credit cards, and money markets.