Making Home Affordable Refinance Program

If you have a mortgage loan and it’s in trouble, your best help is one of Making Home Affordable Programs supported by the US Government. These programs are designed specifically for this purpose. It's not a "traditional" home mortgage refinance loan but is a new financial tool that allows those who qualify to restructure their existing mortgage loan to make it more affordable to repay. The Making Home Affordable Program consists of two main parts:

• The Home Affordable Modification Program (HAMP)

This option makes it possible to restructure or modify your existing mortgage loan and make it more affordable to repay by reducing the interest rate and in turn reducing the monthly repayment amount. It also allows a homeowner to extend their loan term up to 40 years.

• The Home Affordable Refinance Program (HARP)

The HARP mortgage refinancing option supports the refinancing activity which also makes it possible to change your existing mortgage interest rate and make your repayment options easier.

The home mortgage loan experts in the Refinanceitt.com network can show you which one is best suited for you. One has to qualify for HAMP and HARP to take advantage of their benefits. Again, this is where Refinanceitt.com’s network’s loan and debt management experts will help you become eligible for your HAMP or HARP benefits.

The Home Affordable Refinance Program (HARP)

The US Government refinance program "HARP" initiated by the Obama administration in 2009 is intended to provide opportunities for homeowners facing delinquency problems to avoid foreclosures and bankruptcies and to keep their homes. It's possible for home owners to restructure or change their existing mortgage loan terms and conditions and take advantage of favorable loan repayment conditions through the Making Home Affordable Refinance Program. It's important to become eligible for the program. Refinanceitt.com’s team helps applicants to qualify for the refinancing benefits. Basic requirements include:

1. You should own and occupy the home to receive assistance. It can’t be an investment property or a second home
2. Your current mortgage loan should be either owned or guaranteed by Fannie Mae, Freddie Mac or a lender who has signed onto the Government guidelines. The good news is that today most lenders have agreed to participate in this program.
3. You should be paying your mortgage payments regularly, and should not be more than 30 days late on your loan payments in the last 12 months. Your credit history should reflect the fact that you've been regular in your monthly payments. In case your credit record indicates a default or missed payments, the debt management experts at Refinanceitt.com can help you in repairing your credit records through credit repair programs to help make you eligible for your mortgage refinancing. It's important to follow the guidelines in the Home Affordable Refinance Program details provided by the federal government.
4. You have to document that you can support and meet the new mortgage payments. Again the loan experts on Refinanceitt.com’s team can prepare your case so you can be approved.

How to Apply for Your Home Affordable Refinance Program - HARP

Following guidelines set by the federal government, the lender or the loan provider should be approved or you may have a Fannie Mae or Freddie Mac loan. Refinanceitt.com’s team can guide you. Generally the following information needs to be provided for your application:

• Statements supporting your pre-tax monthly gross income including recent pay slips or stubs if you receive them from your employer and documentation indicating other sources of income if you have them.
• Your recent income tax filing details and documentation.
• If you have any lien on your existing mortgage, documents stating the lien term and conditions.
• Your credit card bills and information regarding your monthly credit card payments.
• Account balances of your existing loans and credit facilities such as student loans or car loans.

The success of your HARP refinance application depends upon your financial condition, the documents you attach with your application and the details you provide. The best way to get started is to provide us your contact details by completing our online application form so one of our loan experts can call you and help work out your refinance application.