In 2009, mortgage rates dropped below 5% for the first time ever. HARP 3.0 will allow homeowners to take advantage of lower interest rates while QE3, the Federal Reserve's bond buying program, is still in effect.
Newport Beach, CA (PRWEB) October 08, 2013
The number of underwater homeowners who qualify for harp refinance through the Making Home Affordable Program is expected to increase with the approval of HARP refinance program 3.0. Secure One Capital is a direct mortgage lender that is preparing homeowners for HARP 3.0 and helping them take advantage of today’s low interest rates. Current projections estimate that if the Responsible Homeowner Refinancing Act passes as it is written today, as many as 14 million homeowners could qualify for a HARP refinance.
The Responsible Homeowner Refinancing Act of 2013, also known as HARP 3.0, was introduced by Democratic Sens. Robert Menendez of New Jersey and Barbara Boxer of California. The Responsible Homeowner Refinancing bills sit in committee in both the House and the Senate. The House bill is H.R. 736 and has 19 co-sponsors while the Senate bill is S. 249 and has 23 co-sponsors. Congress is currently preparing to approve HARP refinance program 3.0. The Federal Housing Finance Agency (FHFA) could also pass HARP 3 on its own without Congress.
In 2009, mortgage rates had dropped below 5 percent for the first time in history. Since launching the Making Home Affordable Refinance Program early 2009, the HARP program has been used by more than 2.7 million U.S. households. HARP's current eligibility standards require all HARP-refinanced mortgages to have been securitized by Fannie Mae or Freddie Mac on, or prior to, May 31, 2009. HARP 3.0 could eliminate or change these requirements so that millions more homeowners may qualify.
Secure One Capital is currently accepting applications (to apply for HARP Refinance) from homeowners who could possibly qualify for HARP 3.0 or could refinance through other means. Secure One Capital Account Executives can help homeowners understand the complex requirements they must meet to qualify for a HARP refinance and explain their options. To prepare for the large volume of homeowners that are expected to refinance, Secure One Capital has increased funding capacity and ramped up staff. Secure One Capital has also been improving its efforts to reach homeowners who may qualify and offering no closing cost options and highly competitive rates.
Following the Federal Reserves’ announcement that they would not begin to taper back the third round of bond buying, known as quantitative easing, by purchasing $40 billion in mortgage-backed securities (MBS) and $45 billion in U.S. Treasury bonds monthly, interest rates dropped to their lowest rate in months. So long as QE3 is in place, mortgage rates are expected to remain low making it an ideal time to refinance. HARP 3.0 will allow homeowners to take advantage of lower interest rates while QE3 is still in effect.
Secure One Capital is a direct mortgage lender that specializes in HARP refinances. Located in Newport Beach, Secure One Capital has been helping homeowners refinance since 1994. To apply for a HARP refinance, homeowners should visit http://www.SecureOneCapital.com/Apply-Now or call 949-337-4700 to speak with a licensed Account Executive.
If you would like more information about, please contact Felicia Ceballos-Marroquin at (949) 337-4728 or email at FeliciaC(at)secureonecapital(dot)com