This section will give you a good Idea of the mortgage process and the time frame involved.  The knowledge will help you feel more comfortable as you understand and go through the steps.

Home affordable refinance program (HARP) is a special program to help home owners refinance their existing home mortgage with a higher loan to value ratio, this program is ideal for home owners who have lost the equity of their property due to the decline on property values and cannot refinance due to the stringent guidelines of the conventional loan programs. 

​Home owners whose current mortgage is owned by Fannie Mae (FNMA) or Freddie Mac (FHLMC) prior to May 31st 2009 would qualify for this program.

Frequently asked questions about this program

  • Is there a closing costs involved in this loan program? - There will be a closing cost applicable which would include lender fees, broker fees, title fees and other third party charges as applicable. Requesting a detailed fee worksheet of the closing cost is always advisable when comparing loan offers across different companies.


  • Can I get a no closing cost loan? - YES, you can always opt for a higher rate which would allow your loan officer to apply a lender credit towards your third party charges which could reduce your fees significantly and possible make it a no cost loan for you.


  • Can the closing cost be financed? - YES, the closing cost can be rolled into the new loan amount as long as we do not exceed the maximum allowable loan to value ratio for a HARP loan. 


  • What is an escrow account and is it mandatory? - An escrow account is a third party account specifically opened to manage your property taxes and home owners insurance. Every monthly mortgage payment you make would include a portion of your property taxes and home owners insurance which would get deposited in an escrow account and when the property taxes and home owners insurance is due the Escrow company will ensure a timely payment for same. On a HARP loan an escrow account is not mandatory even on a higher loan to value ration if your current mortgage does not include an escrow account.


  • What is a PMI and when is it applicable? - On HARP loans, a Private Mortgage Insurance (PMI) is not applicable even on a higher loan to value ratio if your current mortgage does not include a PMI as part of your monthly mortgage payment.


  • Do I need to pay for an appraisal? - This program offers a Property Inspection Waiver as long as either Fannie Mae (FNMA) or Freddie Mac (FHLMC) identifies the mortgage being owned by them and their Automated Underwriting System (AUS) accepts your estimate of the property value. In such case, you are not required to pay for an appraisal.

LOAN ​PROCESS

CLIENT RESPONSES

Key Benefits

  • Higher loan to Value Ratios:- Home Affordable Refinance Program (HARP) allows up to 125% loan to value ratio which is ideal for home owners who have lost their equity due to decline on property values and cannot refinance due to the stringent guidelines of the conventional loan programs. 


  • No Private Mortgage Insurance:- This program allows you to refinance your existing mortgage without a private mortgage insurance even on a higher loan to value ratio as long as your existing mortgage does not include a PMI as part of your mortgage payment. 


  • No Appraisal required:- One of the benefits of this program is a Property Inspection Waiver as long as either Fannie Mae (FNMA) or Freddie Mac (FHLMC) identifies the mortgage being owned by them and their Automated Underwriting System (AUS) accepts your estimate of the property value.


  • Higher Debt to Income Ratios:- The HARP has a higher tolerance on the debt to income ratios as compared to a conventional loan program thus giving you the flexibility to qualify for a HARP program.

HARP LOANS

Thank you so much for your help in refinancing my mortgage loans.  You were wonderful in being patient with me and going into detail to explain anything I had any questions about.  I will be sure and recommend you for future friends. 


- Desiree Young, TX

Seguro Financial Services has the copyright for Seguro Loans and seguroloans.com including all information on this website. The product and information advertised on this website does not constitute to be a loan approval or a loan guarantee. The loan approval is subject to a thorough review of your profile and documents by the underwriting team.

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