Some homeowners are frustrated by the complexity of HARP guidelines and by banks who are not fully participating in the program. We created this free eBook to help California homeowners with refinancing questions.
San Jose, CA (PRWEB) July 02, 2012
HARP 2.0 is hot.
The number of loans refinanced through the expanded Home Affordable Refinance Program, or HARP 2.0, has doubled to more than 180,000 mortgages in the first quarter of 2012, the Federal Housing Finance Agency reported.
HARP was created to address the problem faced by millions of homeowners who have been unable to take advantage of historically low mortgage refinance rates because their property values have fallen. To help California homeowners understand if they can benefit from HARP 2.0, Western Bancorp has created a free downloadable eBook called "The World According To HARP 2.0." The eBook is available at http://www.westernbancorp.com/harp2.
HARP originally was faulted for not helping enough “underwater” homeowners; the expanded HARP 2.0 is proving to be a huge hit. At least 750,000 homeowners have applied to the program as of May 2012, according to Housing and Urban Development Secretary Shaun Donovan. Those homeowners whose applications are accepted can expect to save an average of $2,500 per year on mortgage payments.
HARP 2.0 is unique in that it is “the only refinance program that enables eligible borrowers with little to no equity in their homes to take advantage of low interest rates and other refinancing benefits,” according to Fannie Mae.
The expectation for HARP 2.0 refinancing is to put responsible borrowers who have stayed current on their mortgages in a better position by:
- Cutting monthly principal and interest payments
- Reducing their interest rates and the term of the loan
- Moving from riskier options like interest-only or short-term adjustable rate loans to more stable loans
“HARP 2.0 is allowing responsible borrowers to refinance their current mortgages to lower payments, to save money and build equity faster,” said Western Bancorp CEO Rick Soukoulis. “Some homeowners are frustrated by the complexity of HARP guidelines and lenders who are not fully participating in the program. That’s why we created the free eBook and our HARP hotline at 408.600.0700, to help California homeowners with refinancing questions.”
Call today to learn more: 408.600.0700, or visit http://www.westernbancorp.com/harp2
About Western Bancorp
Western Bancorp is a San Jose based mortgage company serving California borrowers for home purchase and refinancing loans. Their experienced leadership team has closed more than 500,000 loans since 1986.
The company offers a large selection of loan products, including Fixed-Rate Mortgages, Adjustable Rate Mortgages (ARM), Home Equity Loans, Mortgage Refinancing, Jumbo loans and more at competitive rates.
Western Bancorp began with the goal of creating a better loan source for California borrowers. As a mortgage bank that only lends in California, Western Bancorp understands state and local regulations and how they affect local borrowers.