Did you know you may qualify for the Government-backed HARP Program? The President has recently extended this program into 2018 in an effort to enable more struggling homeowners to find an affordable and stable mortgage. HARP has helped over 3 million homeowners save billions of dollars in mortgage payments!
HARP could lower your interest rates and reduce your house mortgage by thousands!
If you haven’t taken advantage of this program, you might be missing out on a great money-saving opportunity. If you have already participated in this program, we suggest you check out the latest rates to see how much extra money you could keep in your pocket every month.
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I applied for a HARP loan thru MakingHomeAffordable-gov. It does work, it saves me a lot of money and did not cost me a dime. I had $171,000 deferred for 40 years at 0 interest and only paid 2% interest on the rest for 5 years, now paying 3%, never to go higher than 4%. Received $1000 per year for 5 years automatically applied to my principle and am now eligible to receive another $5000 towards my principle. FreddieMac owned my loan and it was serviced by CitiMortgage. All my taxes and insurance are escrowed.
Readers should be aware of the pitfalls of HARP.
--Don't go into arrears while applying unless you set aside the full amount needed to correct the arrears on a moment's notice.
--If granted a trial payment period, the payments will probably be lower than your usual payment. Set aside the difference and be ready to pay it to the servicer on a moment's notice.