HARP

HARP Refinance: Low Equity, No Problem

Would you like to refinance, but are having difficulty finding a great new loan because you have minimal equity in your home? The HARP program allows homeowners with conventional loans who have minimal equity in their homes to refinance at better rates. This is a popular refinancing choice for clients who owe the same or more than the existing value of their homes. You may not have to wait to refinance at a great rate. As of now, HARP refinance is only available until December 31, 2018. Contact AIM Financial about a HARP loan today. We work with clients in Middleville, Grand Rapids, Wyoming, Sparta, Caledonia, Kentwood, and surrounding Michigan.

Introduction to HARP Refinance

The Home Affordable Refinance Program (HARP) was introduced in 2009 by the Federal Housing Financing Agency. This government program is available for clients who have conventional, conforming loans. Conventional loans are those that are not insured through the federal government and are owned by government-sponsored entities Fannie Mae or Freddie Mac. Our team can help you confirm if your loan is eligible.

HARP Loan Benefits

HARP refinancing can help borrowers in one or more ways. You may get a lower rate, a shorter term, or transition an existing adjustable-rate loan to a fixed-rate mortgage. Other program benefits include:

  • No appraisals or underwriting, which can save money and expedite the loan approval process
  • Lower risk-based fees and faster equity building when refinancing to a shorter term
  • Less paperwork for income verification
  • No maximum loan-to-value limit for clients whose homes have fallen in value versus the remainder owed on their loans

HARP Refinance Eligibility

HARP is a unique refinance option that is regulated to help a certain segment of the population – i.e., those with little home equity who need a better rate, fast. The AIM Financial team can quickly determine if you and your existing loan are eligible for HARP refinance. Keep in mind that:

  • You must not be delinquent on your existing mortgage or made any late payments in the last six months or more than one late payment in the last 12 months.
  • Your HARP refinanced home must be your principal residence.
  • Eligible homes include traditional homes, condominiums, and investment properties. You can refinance a primary residence, a 1-unit second home or a 1-to-4-unit investment property.
  • Your original loan originated before May 31, 2009.
  • You owe 80% or more on your existing loan.

Does HARP Make Sense for Your Finances?

If you feel trapped in a loan with less-than-perfect terms and rates, it never hurts to explore refinancing opportunities. At AIM Financial, we give each of our clients a customized look at their refinancing options. We know that refinancing is never a one-size-fits-all proposition. If you are considering HARP refinance for property in Middleville, Grand rapids, Wyoming, Sparta, Caledonia, or Kentwood, MI, contact AIM Financial.