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Is Your Home Underwater?

If your home’s value is less than the balance of your loan, help may be available. This can be true even if you’ve tried to refinance already and could not.

The Home Affordable Refinance Program (HARP) has been rebooted. It is now more lenient, less expensive and more readily available to many homeowners who have been unable to take advantage of low interest rates.

  • Am I Eligible?
    • While restrictions can apply, the basic requirements are a Fannie Mae or Freddie Mac secured loan closed before June 1, 2009, with no late payments in the last six months and no more than one late in the prior twelve.
  • How Much Can I Save?
    • This depends on your balance, term and interest rate compared with the new loan terms.
  • How Much Does it Cost?
    • Rates are competitive with regular conventional loans. Fees vary, yet these can usually be included in the new loan amount. You can often close with little or nothing out of pocket.
  • How Do I Get Started?
    • The first step is to find out if your loan is eligible, and we’ll be happy to assist with that.

Whether you’re new to refinancing or you’ve tried it before and were told it couldn’t be done, call and let us review your scenario against the current guidelines.

You may just be pleasantly surprised.

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Nick Magiera

Author Nick Magiera

Mortgage Banker by trade, Nick Magiera epitomizes integrity, energy, hard work, and creative service in every detail of the real estate transaction. Nick is a family man with a devotion to God, his beautiful wife & his adorable Bernese Mountain Dog.

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