Austin Mortgage Refinance: Good News for Austin homeowners
There is some good news out there for homeowners who have seen the value of their homes decreasing. The Home Affordable Refinance Program (HARP) is a government mortgage refinance assistance program that can get homeowners a fixed rate loan at a lower rate and possibly save thousands of dollars over the life the loan.
Austin Mortgage Refinance Paramaters of Eligibility
The parameters of eligibility to refinance mortgages through HARP are quite narrow, but it can be a great path for underwater homeowners.
This is how it works:
- Mortgage must be owned or guaranteed by Fannie Mae or Freddie Mac before May 31, 2009
- Must be current on your mortgage with no late payments in the last six months and no more than 1 late payment in the last 12 months
- The current loan-to-value ratio must be greater than 80 percent