Tag Archives: HARP 2.0
Check Your Potential Eligibility for HARP 2.0 Refinance

Many folks call to ask what is a HARP 2

0 all about

The Answer:
The Home Affordable Refinance Program (HARP) is a program designed to assist homeowners in refinancing their mortgages – even if they owe more than the home’s current value

Our term for this is called “underwater

”   Continue reading

Mortgage interest rates are still low!

interest rates, delaware, mortgageDelaware mortgage rates have improved since the Federal Reserve started its QE3 program by pumping in an additional $40 billion to boost the housing market.  This should keep rates low for a while, so the sooner you get refinanced, the sooner you will start saving money monthly and increasing your cash flow.

If you are considering refinancing your home, now is the time is take advantage of these all time record low rates. 

Did you know that 69 % of homeowners today have mortgages exceeding 5% according to recent data.

Why aren’t more people  refinancing if they know they can get a lower interest rate?  It
turns out that many homeowners who purchased prior to 2008 and even into 2010, may find they are underwater, (underwater is owing more on your mortgage than your home is worth). Still some homeowners have run up credit card debt and in some cases unfortunately lost their jobs, making it impossible to qualify.

The good news is there is help for Delaware homeowners.  First, we are seeing there is an increase in home sales and home values, especially in New Castle County and other areas, depending on property location.  Next, many Delawareans have kept up on their mortgage payments despite being in a down economy.   Keeping up to date with your mortgage payment is a key element in getting refinanced or maybe even buying a new home.

Finally, the HARP 2.0 Program is still available which may mean further easing for borrowers who are underwater. 

How do you know whether or not you qualify?  Simply, you won’t know unless you ask.  If this whole topic seems a little confusing, please do not hesitate to give us a call at 302-266-6500 to see if you may qualify for a lower rate and a refinance.

 

 

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Delaware Home Owners Using HARP 2.0 for Refinances

harp 2.0, delaware, FHFADid you know that In July 2012, that over 28% of all closed mortgage refinances in Delaware were done through the HARP 2.0 program.  The HARP 2.0 program has gotten a lot of press alerting more and more Delaware homeowners that they can may qualify for the HARP 2.0 refinance, if their mortgage is a  Fannie Mae or Freddie Mac insured mortgage.

Below are the links to Fannie Mae and Freddi Mac for you to check to see if you’re loan is secured by either:

To check if your mortgage is backed by Fannie Mae,
visit http://www.fanniemae.com/loanlookup/.

If your mortgage is not found to be a Fannie Mae, try Freddie Mac’s loan lookup at
https://ww3.freddiemac.com/corporate/
.

The number of refinances in Delaware in July exceeded 1000 according to the Federal Housing Finance Agency, and of those almost 1/3 were HARP 2.0 loans. Delaware homeowners are fortunate that we have not seen the dramatic downturn in home values, as has been experienced in other parts of the country.  There were quite a few HARP 2.0 loans were given to people with a loan-to-value ratio below 105%, but the majority were given to folks who were significantly underwater in their homes,  Underwater means they had mortgages larger than the value of their house. 

Will the HARP 2.0 program  be around forever?  No! if you have a Fannie Mae or Freddie Mac insured mortgage (sold to Fannie or Freddie prior to June 1, 2009) and is current for at least the last 6 months, you may qualify for the program.

The HARP 2.0 program is constantly changing, as lender continue to tweak their programs based on new incentives and mandate by the government.  This means that you might qualify now compared to a year ago.  So, it doesn’t hurt to check again.  You really have nothing to lose and everything to gain.  

Delawareans, the news could not be better. 

 

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Why aren’t more Delaware homeowners refinancing?

Delaware, HARP 2.0, interest rate

It turns out that many folks who purchased prior to 2008 and even into 2010, may find they are underwater, (underwater is owing more on your mortgage than your home is worth).  Still some homeowners may have run up credit card debt and in some cases unfortunately lost their jobs, making it impossible to qualify for a refinance.

The good news is there is help for Delaware homeowners.  First, we are seeing an increase in home sales and home values, especially in New Castle County and other areas, depending on property location.  Next, many Delawareans have kept up on their mortgage payments despite being in a down economy.   Keeping  up to date with your mortgage payment is a key element in getting refinanced, if you are underwater.  Even when buying a new home, your previous mortgage history is imporant in qualification.

The HARP 2.0 (Home affordable refinance program 2) may lend a helping hand which many people could use right now. HARP 2.0 is an  initiative by the federal government that has been put in place to assist homeowners who have no or little equity on their homes, but want to remain in their homes.   The program helps home owners to refinance mortgage loans at reduced rates which means lower payments and additional cash flow.  The program is temporary and it comes to a close on the last day of 2012.

Those interested in the HARP mortgage assistance program should take advantage of the benefits the program while it is still open. One of the major benefits of the program is the money that home owners can save per year with the reduced interest rates.  With the current state of the economy, a lot of owners are unable to refinance their mortgages because they have little or even no equity on their homes due to the big drop in housing prices.  Normally Lenders only refinance mortgages that have equity of 80 percent or more and so without the program, those homeowners who are underwater would not be locked out of the possilbility of refinancing.

When you pay less monthly, more goes into your pocket

Another advantage of the home affordable refinance program 2 is that homeowners can refinance to the standard 30 year loan or a shorter term loan.   The monthly payments will be determined by the term you choose or qualify to receive. For sure, refinancing could still save a large amount of money over the duration of your mortgage.

If you  have a fixed interest rate loan and take a home affordable refinance program 2 loan, monthly repayments go down right away and you can begin saving money right away. If you are were orginally put into what I call  teaser loan (special low intro offer or adjustable rate mortgage), you should consider refinancing now, rather than waiting for your current mortgage to fall into the adjustement period.  It may be tempting to stay with the ARM, but if you plan to stay in your home, then now may be the time to lock in while rates are low.

How do you know if your mortgage is eligible for the HARP 2.0 refinance.  Please note, that your loan must be secured by a Fannie Mae or Freddie Mac mortgage.  See below:

To check if your mortgage is backed by Fannie Mae,
visit http://www.fanniemae.com/loanlookup/.

If your mortgage is not found to be a Fannie Mae, try Freddie Mac’s loan lookup at
https://ww3.freddiemac.com/corporate/
.

Mortgages not listed on either website are not backed by Fannie or Freddie and, therefore, are not HARP-eligible.

You can talk to a HARP specialist at Delaware Financial Capital Corp. to see if this is right for you and your situation. Please give us a call at 302-266-9500 or simply click on the button below to fill out our online contact form.

 

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Homeowners in Delaware get fired up about refinancing!

interest rates, mortgage, DelawareAs mortgage rates have tumbled to all-time lows, the demand for refinancing has fired up homeowners in Delaware.

And it’s not just those Delaware homeowners who have underwater mortgages. With rates for 30-year mortgages at an all time low, many Delaware homeowners are trying to get their monthly mortgages reduced.

Along with months of low interest rates, other factors are driving the refinancing boom: a more competitive lending market and changes in some federal refinancing programs for struggling homeowners.

If you are among those Delaware homeowners who are struggling, you can call us here at Delaware Financial Capital about changes in the federal Home Affordable Refinance Program (HARP 2.0) and FHA refinance programs that have made refinancing options more plentiful.

 

WHY REFINANCE?  Some primary reasons for refinancing a mortgage could be to:

  • Lower monthly mortgage payments.
  • Free up home equity cash for home improvements, college costs or other expenses.
  • Shorten the loan term from a 30- to a 15-year mortgage, which can save thousands in interest payments.
  • Saving money is usually the biggest incentive.

SHOULD YOU REFINANCE?

Every homeowner’s situation is different. There’s no right or wrong answer. The only answer is what works for you and your family.

Our mortgage specialists are here to answer your questions, simply call us at (302) 266-9500 or simple fill out our online form below:

 

 

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Are you among Delawareans whose mortage rate is 5% or higher?

 

A most recent article in the Almost 69% of homeowners today have mortgages exceeding 5%, and more astounding is
that  roughly 1/3 or 33% of homeowners have rates that are higher than 5%, according to data to the Times and Santa Ana research firm
Why aren’t more people  refinancing  if they know they can get a lower interest rate?  It
turns out that many folks who purchased prior to 2008 and even into 2010, may find they
are underwater, (
The good news is there is help for Delaware homeowners

  First, we are seeing there is an uptick in home sales and home values, especially in New Castle County and other areas, depending on property location

  Next, many Delawareans have kept up on their mortgage payments despite being in a down economy

   Keeping  up to date with your mortgage payment is a key element in getting refinanced  or maybe even buying a new home

The most recent QE3 (Quantitative Easing) announced by the Federal Reserve and pumping in
an additional $40 billion per month to boost the housing market should keep rates low for a while, so the sooner you get refinanced, the sooner you will start saving money monthly and increasing your cash flow

 

The last program, How do you know whether or not you qualify?  Simply, you won’t know unless you ask

  If this whole topic seems a little daunting, please do not hesitate to give us a call at 302-266-6500 to see if you may qualify for a lower rate and a refinance

 

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HARP 2.0 Program – Helping Underwater Homeowners

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com/blog/bid/149551/New-Housing-Market-Focus-Helping-Underwater-Homeowners?Preview=true” title=”underwater in their mortgages” target=”_self”>underwater in their mortgages and are frustrated, with no place to turn

  Now things are changing

  New financial tools and calculators will give lenders like Delaware Financial Capital Corp

the opportunity to help homeowners who owe more than their homes are worth and  refinance into lower interest rates

Lower rates will mean monthly savings and a little breathing room and additional cash flow for a lot of homeowners

  If someone who is buying their home is getting a lower rate, why should you be able to take advantage of these historical lower rates to help you

  Yes, there is hope for you  now there is the Home Affordable Refinance Program part two, or “HARP 2

0” as it’s called

For mortgages backed by Fannie Mae and Freddie Mac (the largest investors in the mortgage market) before May May 31, 2009 there will be no more cap on the LTV

It was 125% as the limit, but now people who’s values have fallen below their loan amount can possibly get help refinancing

Many fees have also been eliminated, making it more affordable to refinance

 HARP 2

0 also eliminates the need for a property appraisal when there is a reliable “automated valuation model” estimate provided by Fannie Mae or Freddie Mac

Homeowners must also be paying their bills

You can’t have any late house payments in the last 6 months, and only 1 in the last 12 months

So this program extension is clearly meant to help people who are trying to pay their bills, and are seeing their values fall

For a long time, many lenders like Delaware Financial Capital Corp

weren’t able to help very many homeowners because of the regulations on programs like HARP 1

0

  Now new financial underwriting tools from Fannie Mae and Freddie Mac is opening  up the door for lenders to help more people lower their rates and increase their monthly cash flow

The goal of this push is really two-fold

One: This is your time to reap rewards

  You have stayed in there through the tough market and paid your house payments even as values dropped and because you have done the right thing, it’s time for you to reap the rewards

Two: Lower interest rates mean lower payments which leads to more money in your pocket and more cash flow

 

Want to find out if you and your home might qualify for calling Sam at 302-266-9500


  • Next, you must be credit qualified

    The better credit score you have, the better your rate and ability to refinance

    Credit scores in the upper 680 or higher, will give you a high probablity of refinancing

  • One of the exciting things about HARP 2

    0 is that with the new financial underwriting tools, you may not need to pay for an appraisal

    If the appraisal is waived this will help save you money doing your refinance

    Also, the HARP 1

    0 focused on the mortgage company that serviced your loan, the new HARP 2

    0 opens it up to lenders who don’t have your loan

    In other words, small lenders that can handle these inquires

    Many larger lenders are taking 2-to-3 months to get to homeowners

    Instead of waiting, call Delaware Financial Capital Corp

    and you’ll talk to someone right away

    You can contact us to see if you qualify for HARP 2

    0

    Click the button below and, simply ask in the message area about HARP or refinancing an underwater mortgage

     

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    HARP 2.0- Refinancing Boom Continue Record Pace

    untitledFixed mortgage rates have hit new lows for three straight weeks, fueling a sustainable refinancing wave.

    The Home Affordable Refinance Program, now dubbed HARP 2.0, has drawn half a million applications as of the last report by U.S. housing officials, who could see up to 2 million refinance applications through the revamped program that launched unofficially in March.

    The Mortgage Bankers Association said that HARP 2.0 accounted for 28 percent of refinance applications last week.

    The biggest jumps in refinance applications have take place in states with the highest rates of underwater homeowners, those who owe more on their mortgages than the worth of their homes. Refinance applications in Nevada, where 61 percent of borrowers are underwater, have jumped 267 percent since the new HARP guidelines were announced late last year.

    Under the original HARP 1.0, lenders refinanced more than 1.1 million mortgages owned or guaranteed by Freddie Mac or Fannie  Mae since the program’s launch in 2009. But only slightly more than 110,000 affected underwater borrowers with loan-to-value (LTV) ratios above 105 percent.

    The focus of the expanded HARP 2.0 is homeowners current on their payments, but who owe much more on their mortgages than their homes are worth. The new HARP eliminates the LTV ceiling, reduces certain risk-based guarantee fees, and extends the program’s end date to December 2013.

    We’ve found that the scope of the HARP 2.0 program will vary by investor.  We can sift through these hurdles for you to try to find the right underwriting guidelines to get your mortgage approved. We’re helping Delawareans refinance and save everyday!

    Nonetheless, the refinance share of mortgage activity last week increased to 74.9 percent of total applications from 72.1 percent the previous week, reported the Mortgage Bankers Association.

     

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