HARP It could save you thousands on your mortgage payment!

Want to take advantage of our historically low interest rates but can’t refinance because your home’s value has decreased?  There may be help for you and many areHARP taking advantage of the Home Affordable Refinance Program (HARP).
HARP is a federally designed to help those homeowners who have been faithfully making their house payments.  Wow!  It really is a reward from the Government!

Here are some common Questions and Answers about HARP:

Who is eligible?
You may be eligible if:

  • You own and currently occupy your home (Primary Residence).
  • Your mortgage is owned or controlled by Fannie Mae or Freddie Mac and must have been sold to them prior to June 1, 2009.
  • You are current on your mortgage payments.
  • The amount you owe on your first mortgage is about the same or slightly less than the current value of your house.
  • You cannot be more than 25% underwater on your mortgage.  What does this mean?  You can’t owe more than 125% of your home’s current value.
  • And, you have a stable income sufficient to support the new mortgage payments.

Frequently Asked Questions~

 Do I qualify for an Affordable Refinance? Answer these questions:

  • Is your home your primary residence?
  • Do you have a Fannie Mae or Freddie Mac loan? If you don’t know contact:
  • Are you current on your mortgage payments?  “Current” means that you haven’t been more than 30-days late on your mortgage payment in the last 12 months.
  • Do you believe that the amount you owe on your first mortgage is about the same or less than the current value of your house? This is where I can help.  I’ll be happy to give you an idea of what your home’s market value is today based on recent sales in your neighborhood.  Just email me by completing the contact me form on the right hand side of this page or give me a call.
  • Can I get cash out to pay other debts? No. Only transaction costs, such as the cost of an appraisal or title report may be included in the refinanced amount.
  • What are the terms of the refinance and what will the interest rate be?  All loans refinanced under the plan will have a 30- or 15- year term with a fixed interest rate. The interest rate will be based on market rates at the time of the refinance. Currently, interest rates are at historical lows, which makes this a good time to examine your refinancing options.
  • Will refinancing reduce the amount that I owe on my loan? No. Refinancing will not reduce the principal amount you owe. However, refinancing should save you money by reducing the amount of interest that you repay over the life of the loan.

If you would like the name of a really great Mortgage guy, just ask me!  He’ll be able to answer your questions.

Don’t miss this opportunity and remember the Home Affordable Refinance Program is not meant to save a home from foreclosure. It’s meant to give underwater homeowners a chance to refinance without paying PMI.  Think of it as a little gift from Uncle Sam.

About The Amy Jones Group

Mindy Jones Nevarez is the owner of Amy Jones Group Keller Williams Integrity First. The Amy Jones Real Estate Group has been recognized as the #1 Real Estate Team in Chandler by the Phoenix Business Journal and voted Best of Our Valley for 4 years.

The Amy Jones Group specializes in real estate in Chandler, Sun Lakes, Gilbert, Mesa, Tempe, Ahwatukee, and Phoenix.