Underwater homeowners searching online for local HARP lenders now have options.
Las Vegas, NV (PRWEB) July 05, 2012
HARPmortgagelender.com (http://www.harpmortgagelender.com) expands online coverage in over 1,900 US cities due to a significant increase in the amount of underwater homeowners who are turning to the Internet to learn more about the changes to the Home Affordable Refinance Program (HARP 2.0).
The Mortgage Banker’s Association reported that level of refinance and total market activity in mid June, 2012 is the highest since the spring of 2009, with the Home Affordable Refinance Program (HARP) making up about 28 percent of mortgage refinance applications.
A Wall Street estimate that borrowers stand to save between $2.5 billion and $5 billion this year, combined with record low interest rates and a #MyRefi proposal by the White House, homeowners are actively searching for refinancing options online.
“The flood of phone calls and online requests has been significant,” said Mark Madsen, publisher of HARPmortgagelender.com and HARPapproval.com. Madsen stated that their initial challenge was finding local lenders who were willing to participate in the Obama Administration’s refinance program without imposing too many additional levels of lending restrictions.
Enhancements to the original HARP loan program in October, 2011 have made it possible for millions of homeowners to refinance at current lower interest rates, even if they owe more on their mortgage than their property is worth.
The HARP Mortgage Lender Network has quickly established a large network of pre-approved mortgage companies that are funding refinance loans for homeowners and even real estate investors who owe well above the 125% loan-to-value ratio that most banks are capped at.
About The Home Affordable Refinance Program (HARP 2.0):
In October 2011, the Federal Housing Finance Agency (FHFA), Fannie Mae and Freddie Mac announced enhancements to the Home Affordable Refinance Program that make it easier for lenders to refinance HARP-eligible mortgages.
HARP is refinance program created to help responsible borrowers who have continued to make their mortgage payments, but may be unable to refinance over recent years due to a decline in their home value.
The Obama administration claims that HARP will save homeowners an average of $250 a month in mortgage payments, and that the Home Affordable Refinance Program overall will help an anticipated 4-5 million underwater homeowners.
About HARP Mortgage Lender:
HARP Mortgage Lender is a national online network of pre-approved home loan professionals and lending institutions who are authorized to participate in the Obama Administration’s updated versions of the Home Affordable Refinance Program (HARP 2.0 - 3.0). HARP Mortgage Lender is owned and operated by Best Rate Referrals (http://bestratereferrals.com/), a Nevada-based online publisher and mortgage technology firm that manages over 3,000 consumer-focused real estate and lending websites.