If Fannie Mae or Freddie Mac own your loan, you may be eligible for some government programs created to make your mortgage more affordable for you - namely the Home Affordable Refinance Program (HARP) and the Home Affordable Modification Program (HAMP). But, it's not an easy question for most homeowners to answer - the company that originated your loan, the one you receive monthly statements from, the one you write a check to each month....isn't necessarily the one who owns your loan.
Owners of FHA mortgage have been refinancing them at a steady clip over here at PennyMac in recent weeks. In fact, nationwide, FHA refinance volume has been at an all-time high, more than doubling week over week. Why? Well, the lowest mortgage rates in history definitely help, but also changes in the FHA Streamline Refinance Program make the idea of refinancing a slam dunk for many borrowers.
HARP 2.0 permits borrowers to refinance with any mortgage servicer that participates in the program. Not all mortgage companies do. Second, banks have created their own rules to further narrow the pool of HARP applicants they'll accept.
- Posted by Jeremy Bachmann
Our days and our lives are filled with ups and downs. One day you may get a great bonus or raise and the next day you may find yourself having difficulty meeting your financial obligations. While not making payments on your various obligations such as your mortgage, credit cards, car payment, or utilities is a serious matter, there is always a solution that can work for you and the other party.
In 2009, the U.S. government introduced the Home Affordable Refinance Program (HARP) to assist homeowners in refinancing their mortgages–even if they owe more than the home’s current value. HARP isn't the only refinance program available to borrowers. But, it's the only one that allows homeowners with little or no equity to take advantage of refinancing's benefits.