When You Currently Have Mortgage Insurance Obtaining HARP Loan. We do not how to complicated this prepossess now we are given some information for You Currently Have Mortgage Insurance Obtaining HARP Loan. It is not so difficult if you taken past a mortgage insurance loan.
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You Currently Have Mortgage Insurance Obtaining HARP Loan
Some borrowers who currently have mortgage insurance (MI) have run into roadblocks when trying to secure a new HARP mortgage. Under HARP rules, the new HARP mortgage must continue the mortgage insurance policy at the same coverage rates. In order to continue the current mortgage policy, the new lender and the MI company must coordinate the transfer of this policy and modify the policy to fit the the new terms. Many lenders have chosen not to deal with this extra hurdle, but it is available with some lenders.
If you have mortgage insurance and are looking to refinance using HARP fill out the Consultation Form and a lender will contact you shortly.
Some Information for this loan .
The Home Affordable Refinance Program, commonly known as HARP is available for Freddie Mac mortgages too.
Unfortunately, since the start of the HARP program, many lenders chose to only focus on the Fannie Mae portion of the HARP program. The Fannie Mae portion, known as DU Refi Plus has been more widely available because more lenders deal with Fannie Mae compared to Freddie Mac. Fannie Mae typically has at least a 50% larger market share than Freddie Mac. Borrowers who have Freddie Mac owned mortgages have sometimes had trouble taking advantage of the benefits of HARP due to a lack of lenders offering this version of the program.
The good news for borrowers with Freddie Mac owned mortgages is that the HARP program IS available for them too.
The Freddie Mac portion of HARP is known as Open Access. The Freddie Mac Open Access Program has the same benefits as the Fannie Mae DU Refi Plus program and also allows homeowners the benefit of refinancing their home even if the value of the home has fallen.
Take Fannie or Freddie Own your Loan?
Everybody has detected of those 2 Brobdingnagian mortgage agencies, however knowing if your current mortgage is truly protected or owned by Fannie or Freddie is usually onerous to understand. after you build your mortgage payment it’s the name of the loaner or servicer that you simply send the payments to, therefore knowing if you have got a Fannie/Freddie mortgage isn’t forever obvious. Fannie and Freddie keep a copy what area unit referred to as typical mortgages. If you have got a traditional mortgage, you possibly have a corporation or Freddie Mac mortgage. If you’re unsure if your mortgage could be a corporation or Freddie Mac, it’s best to examine their websites. every agency includes a web site for shoppers to quickly check this actual demand.