Behind on mortgage payments and not able to refinance, because the value of your property is lower than what you owe and Fannie Mae or Freddie Mac backed your current mortgage,  you might be eligible to refinance without paying down principal and without having to pay mortgage insurance using “Harp” (Home Affordable Refinance Program ).  In Ohio, experts estimate 47,739 homes are eligible for this program.

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Many of today’s homeowners feel as if they’re caught between a rock and a hard place dumping money down the drain waiting for real estate market values to rise enough to refinance or sell.  HARP offers an easier way to refinance!

STEP 1:
Gather your financial information.
Make sure you have your basic financial and loan information on hand when you call your mortgage company. You’ll need:

• Your mortgage statements, including information on a second mortgage (if applicable); and
• Your income details (pay stub or income tax return).

STEP 2:
Contact your mortgage company.
Ask if they are an approved HARP lender. Since you are a current customer, your lender already has your loan file. However, they will need you to provide the information necessary to verify your current source of your income.
or
Contact a HARP lender.

Are you eligible to get “HARPED”?

To Refinance:

• Determine whether your mortgage is owned or guaranteed by Fannie Mae or Freddie Mac by visiting their respective Loan Lookup Tools.
• Contact your current mortgage servicer or another that is approved by Fannie Mae or Freddie Mac to inquire about HARP.
• Compare rates and costs with additional mortgage companies to ensure best refinance terms.

Good news – HARP has also been extended and will now expire on December 31, 2016.  Don’t let a golden opportunity go to waste.

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