The economy has had a negative impact on the housing market, causing more people to lose their homes due to job loss and other issues. When there are more foreclosures in an area, the value of the rest of the homes has a tendency to drop. In these situations, a HARP loan can be the only way for you refinance your home and obtain the lower payments you need to ensure you don’t end up a part of the foreclosure statistics.
Lower Interest Rates
One of the primary advantages of refinancing your home is to obtain lower interest rates on your mortgage. When your interest rate is lower, you payments will reduce and you will end up spending less money on your home at the end of the loan. Even if you were able to get a fairly low interest rate on your original mortgage, if the rate you currently have is greater than four percent, you may benefit from a HARP refinance.
A Shorter Loan
HARP 2.0 can also help you pay off your home in a much shorter amount of time. If you have no problems paying for your mortgage each month, you may not even think about the possibility of applying for a HARP loan. However, sometimes you can refinance your home through this program with a shorter term without increasing the amount of your payment. This can work to your advantage so you don’t spend more money than necessary buying your home.
Greater Financial Security
With the economy in its current state, it is important to achieve financial security in every way possible. The HARP 2.0 program is designed to provide a little extra security for homeowners who are already feeling shaken up with falling home values. The stability this refinance option can provide will give you peace of mind until your home’s value can turn around and offer you the equity you’ve always wanted.
A HARP refinance can be the best thing for homeowners, especially when their home is worth far less than what they owe on the mortgage. With this government program, you will be able to obtain a variety of benefits that will serve you well over the years. Through HARP 2.0, you can lower your current interest rates, shorten the length of your loan and obtain greater financial security to ease your mind during this financial crisis.
If you are interested in finding out how HARP 2.0 can help you, visit RefiMortgagesNow.com or call 1-855-306-8810.
How Can HARP 2.0 Help You?