Are you one of them?
The â€œword on the streetâ€ is some people are frustrated trying to refinance under the Home Affordable Refinance Program.Â However, numbers donâ€™t lie and statistics show it is working for some homeowners. Consider the following:
The Federal Housing Finance Agency released information on the number of HARP refinancings that are happening.Â Some beneficial facts from the report:
- HARP loans represented 20 percent of total refinance volume in May, the largest increase since HARP was first launched.
- During the first five months of this year, more than 78,000 refinances were completed, more than the total number of HARP refinances during all of 2011.
- Underwater borrowers represented more than half of HARP volume in Nevada and Arizona, and 40 to 50 percent of HARP refinances in Florida, Idaho and California.
The program is a great option for underwater borrowers with loans backed by Fannie Mae or Freddie Mac. That doesnâ€™t mean that you should expect your refinancing experience to be without problems.Â Anything relates to purchasing and financing a home is a journey and patience will be required.Â The top three complaints are:
- Long turn times
- Guideline differences among lenders
- A general lack of expertise from loan officers
Just as I recommend in Real Estate â€“ if you think you are not receiving the best service from your lender, look for a new one!
For a better explanation of HARP guidelines and eligibility requirements please see my blog entry â€“
â€¦and if you have any questions, please let me know â€“ Allison@AllisonMovesYou.com!
**Facts and information taken from Zillow.comâ€™s blog (http://www.zillow.com/blog/2012-08-01/harp-refinancing-is-really-happening/) written by Justin McHood.