HARP ® Refinance, What You Need to Know
harpprogram.org, Copyright: 2015
If you are interested in a HARP ® refinance you don't have to stay with your present loan service since not all lenders offer HARP ® refinancing. Also lender guidelines are not all the same. For instance some lenders will allow fixed rate HARP ® refinances with any LTV (loan to value) ratios yet others may require 105% to 125% LTVs. Interest rates and pricing can also be a difference between different HARP ® refinance eligible lenders.
Furthermore Freddie Mac reports to homeowners that lenders who offer HARP ® refinance loans are permitted to add additional qualifications (and usually do) to the general HARP ® refinance guidelines. The harpprogram.org works with many lenders to find the best fit for your scenario for you situation.
Don't forget that the FHFA, the agency that monitors Fannie Mae and Freddie Mac, states that HARP ® refinances will stop on December 31, 2015. So if you want to take advantage of a HARP ® refinance you need to start as soon as possible. To aid the process submit all documentation requested by the HARP ® refinance lender. Any documents that are missing can cause HARP ® refinances to take longer to process.