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Hooray for HARP
HARP (Home Affordable Refinance Program) is a federal government program that was announced in March of 2009 and is designed to help 5 million underwater or near-underwater homeowners refinance into a fixed loan with a lower monthly payment. However, as of Aug. 31, only 894,000 borrowers have refinanced through HARP. On Oct. 24, 2011, President Obama announced an overhaul to the HARP program with the intent of reaching more underwater homeowners. The expanded HARP program - called HARP 2.0 - took effect on December 1, 2011 for borrowers with a loan-to-value ratio of less than 125 percent and in the first quarter of 2012 for borrowers with a loan-to-value ratio of greater than 125 percent.
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Quick Links
Click below to find out if your loan is owned or guaranteed by Fannie Mae or Freddie Mac?
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Joseph Adsit
NMLS# 216585
770-334-8451
joe@1stRateMtg.com |
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Greetings!
After 14 1/2 years of working as a Loan Originator and Account Executive for Allison Mortgage Co., I've decided to open 1st Rate Mortgage Services, LLC. We officially opened for business on June 1st, 2011. As you may know, I have been originating loans for the past 17 years and during that time, offering some of the lowest rates available in Georgia. As a new business owner, backed with my extensive experience and industry connections, I have again positioned myself to be one of the most aggressively priced mortgage companies in our industry. This move has also given me the ability to expand my program base so we can now offer many more options that were not available to me in the past such as the HARP (refinancing properties over 80% loan-to-value or even upside down in value without PMI or the need for an appraisal). By having the best rates and more programs, we are able to help more clients achieve their goals! |
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Current Mortgage Rates
3.500% - 30-yr Fixed with 0.375% orig fee (3.608% APR)
3.500% - 20-yr Fixed with 0.000% orig fee (3.608% APR)
3.000% - 15-yr Fixed with 0.375% orig fee (3.185% APR)
2.875% - 10-yr Fixed with 0.125% orig fee (3.073% APR)
2.500% - 5/1 ARM with 0.000% orig fee (2.568% APR)
*Posted rates and APR's are based on primary residence, Purchase or Rate and Term Refinance loan amount of $200K, 80% LTV or less, mid credit score of 740 or higher, full income and asset verification. Rates and origination fees as of 01-30-2012 at 11:00 AM and are subject to market fluctuations. |
| The 3 ways to deal with closing costs when refinancing.
1) Pay them out of pocket.
2) Roll them into your new loan by using the equity in your property. In most cases, this is the best way to keep your payment down if you do not want to pay the costs out of pocket.
3) Have the closing costs rolled into the rate. In this instance the lender will cover some or all of your closing costs if you elect to take a higher than "par" rate resulting in a higher monthly payment as a trade off to closing costs. Par rate is the rate that does not cost discount points and does not pay money toward the closing costs.
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If you or someone you know of that may be in need of HARP, we can help.
 To see if your current loan is backed by Fannie Mae or Freddie Mac, click on their respective link in our Quick Links section above. You will be directed to Fannie or Freddie's sites, fill out the required information and submit. Like all government programs, this one has an end date too. If your loan is backed by Fannie Mae / Freddie Mac or not, there are options available for refinancing and taking advantage of these fantastic rates.
In order to be eligible for the HARP refinance program :
- Your loan must be backed by Fannie Mae or Freddie Mac.
- Your current mortgage must have a securitization date prior to June 1, 2009.
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