Do You Want To Know If HARP Can Help You

harpIf you’re a homeowner, you have more than likely heard about the HARP program that was created by the federal government to assist homeowners who have found themselves to be underwater on their existing mortgage.  Many homeowners are under the misconception that the program cannot help them because certain financial circumstances have changed since the time that they obtained their existing mortgage.  Dean Graziosi would like those homeowners to take another look at the program and what the eligibility requirements are.  Many homeowners may be surprised to find out that although they thought they wouldn’t qualify, they do.

Many homeowners who have discovered that they are underwater on their mortgage should first contact their existing lender to see if they can refinance through them.  If they are told that they do not qualify, they should then contact different lenders and inquire if they are offering the HARP program.  Because HARP has removed their loan-to-value ratio cap, many homeowners who were told they didn’t qualify for refinancing through other sources, are now being told they qualify.

Another reason why homeowners put off inquiring about their refinancing eligibility is because they fear their income may be too low.  Due to the recent economic changes that many homeowners have experienced, HARP may be their saving grace.  HARP is aware that financial circumstances change and take that into consideration when deciding the eligibility of applicants.  If your financial situation has changed, you should not be afraid to contact a lender and inquire about your eligibility for a HARP refinance.

If you have a second mortgage and fear that you may not meet the eligibility requirements of HARP, you should not use that as a reason to put off refinancing your mortgage.  You are still eligible to refinance through HARP if you refinance your first mortgage.  You are not allowed to refinance your second mortgage through the program, only your first.  But in many cases, that is exactly what the homeowner needs to do in order to stay in their home.  You might be surprised to discover how much you can save simply by refinancing your first mortgage.

You may still qualify for the HARP refinance program even if you do not currently use the home in question as your primary home.  Many property owners are under the misconception that they cannot refinance the mortgage on a property that is used primarily as an investment.  But under the program you may be eligible to refinance the mortgage on investment properties as well as a primary residence.

If you are a homeowner who believed that you wouldn’t qualify for refinancing, you should not hesitate to contact a lender offering HARP refinancing.  Even if you have been turned down before, you may be able to meet the eligibility requirements now.  Don’t hesitate to make the call to a lender, you may be surprised at what you’re told.

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