I do not know how to play the harp instrument, but I love harp music. I now am a fan of another harp, the HARP (Home Affordable Refinance Program) loan. I saw the commercials on television. I even wondered if I could qualify for one. However I did not make an effort to investigate them. I actually forgot about it and then my mortgage company called me. Yes, that is correct. My mortgage company called me to tell me that I qualified for a HARP loan.
YIPPEE! I qualified. I did not have to do anything except listen to my options and choose the best one for me. My loan officer was very compassionate and walked me through the paperwork. She kept in touch with me during the entire process.
What I appreciated about this program is that I did not have to be behind in my mortgage payments. Several other programs want you to be behind before they will consider helping you. I also did not need an appraisal.
If you want to save money or like me really need to reduce expenses check into the HARP program:
Program ends December 31, 2015.
HARP may be an option if:
You have had a good payment history for the past 12 months. That means having no late payments in the last 6 months and no more than one 30-day late payment from 6 to 12 months ago.
Your home is your primary residence, 2nd home or investment property.
Your home value has decreased.
You have limited equity or your first mortgage exceeds the current market value of the home (i.e., your loan-to-value ratio must be > 80% to be eligible).