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By Allison Fishwick | Broker in 48103

HARP Refinancing – it really IS working!

Are you one of them?

The “word on the street” is some people are frustrated trying to refinance under the Home Affordable Refinance Program.  However, numbers don’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.  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 doesn’t mean that you should expect your refinancing experience to be without problems.  Anything relates to purchasing and financing a home is a journey and patience will be required.  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 – 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 –

http://allisonmovesyou.com/harp-home-affordable-refinance-program/

…and if you have any questions, please let me know – Allison@AllisonMovesYou.com!


**Facts and information taken from Zillow.com’s blog (http://www.zillow.com/blog/2012-08-01/harp-refinancing-is-really-happening/) written by Justin McHood.

 

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