#Freddie mac lookup tool for harp free
Call us today to get a free rate quote or to speak with one of our licensed mortgage professionals.Home Affordable Refinance Program (HARP©) 2.0 The Government has eased qualification requirements for HARP Refinancing The site has a loan lookup tool that will help you determine if Fannie Mae or Freddie Mac currently own your loan.Īre you looking to refinance your current mortgage or buy a new home? Rates are close to the lows of the year, and you may be able to lock in a low rate for many years to come. For more information on the HARP program, visit. Since only select lenders participate in the HARP program, a borrower may be required to check with various financial institutions before pursuing refinancing. The current loan-to-value ratio must also be higher than 80 percent. The program targets homeowners with a mortgage that was sold to Fannie Mae or Freddie Mac prior to June 1, 2009. Not all lenders are eligible for HARP, however. HARP provides an opportunity to the many homeowners interested in staying in their homes rather than putting them on the market.
Home prices also remain low as we enter the last half of the year, with home demand still outpacing supply. With interest rates threatening to rise in the next couple of years, homeowners may miss out on the chance to get a low interest rates if they don’t act now. Online calculators can help you determine how much you’ll save by going from your current interest rate and terms to a new interest rate and terms.Īlthough approval isn’t guaranteed, the news that mortgage lending restrictions are weakening means homeowners have a better shot at it. This will dramatically reduce your overall interest payments during the course of the loan.
In addition to reducing your monthly mortgage payments, you can use HARP to go from a 30-year loan to a 15- or 20-year mortgage. Total Mortgage offers some of the lowest rates in the industry, start saving now. This also means that homeowners who were previously rejected should consider taking a second look at getting a loan. Average mortgage rates today are closer to four percent, meaning that a refinance can significantly save a family. Additionally, federal programs designed to jumpstart the housing market have opened opportunities for consumers, who can take advantage of programs like the Home Affordable Refinance Program (HARP) to refinance a mortgage to enjoy lower monthly payments.įor consumers who tried to refinance and failed, now may be a good time to try again. When HARP was launched, mortgage rates were close to six percent, but those rates have dropped in recent years. The Mortgage Bankers Association believes jumbo adjustable-rate mortgages are partly to credit for the increase, with the high availability of these mortgages leading to more loans in recent months. The current index is 116.4, a significant increase from the March 2012 benchmark of 100. 5 percent in July from the previous month, indicating that credit restrictions are lessening. In its most recent report, the MCAI revealed that availability was up. One major source of information on lending conditions is the Mortgage Credit Availability Index (MCAI), which documents the availability of mortgage credit. Consumers and economists often eagerly await news about lending conditions, since it directly impacts the market. Excessively strict lending laws can cause the market to stagnate, but loosening restrictions too much will result in foreclosures. As the housing market continues to rebound, lenders are in a tricky situation.
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