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Harp Loan

Harp loan

The Home Affordable Refinance program, otherwise known as HARP, is a program designed to assist people that are upside down on their mortgage (owe more than their home is worth).  According to Freddie Mac, “HARP is unique because it enables homeowners with little to no equity in their homes to take advantage of today’s low interest rates and other refinancing benefits.”

A person may be eligible for a HARP loan if:

  • The borrower’s credit is in good standing and they are current on the mortgage at the time of the refinance.
  • The borrower has not made any late mortgage payments in the past 12 months at the time of the refinance.
  • The mortgage must have been secured by Freddie Mac or Fannie Mae on or before May 31, 2009. Check out the Fannie Mae Loan Lookup Tool and/or the Freddie Mac Loan Lookup Tool to see if you qualify.
  • The borrower has limited equity, or their first mortgage exceeds the current market value of the home (i.e., your loan-to-value ratio must be > 80% to be eligible).

Benefits of a HARP loan include:

  • Skipping a month’s payment
  • Receiving a lower interest rate
  • Reducing your monthly payment
  • Building equity faster—shorter term options may be available

The HARP program ends on December 31, 2016. If you owe more than your home is worth, and purchased your home prior to May 31, 2009, a HARP loan may benefit you. Contact one of our licensed mortgage consultants today at 866-382-5080 to learn more about the program and to determine if HARP meets your specific needs.

This material was prepared for general distribution. Although all blog posts are intended to be accurate, the information and third-party links provided in the Mariner Finance’s blog are intended for general knowledge and educational purposes only without any warranties, implied or express, of any kind. The posts do not constitute investment, financial or other advice. Authors may or may not be licensed financial professionals; for specific advice, seek the input of a licensed and trained financial expert. Mariner Finance’s blog entries may also be viewed at www.personalfinancecompany.com.

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†We offer personal loans starting at $1,000 with a maximum up to $25,000, depending on your state of residence. Loans between $1,500 and $15,000 may be funded online. Loans less than $1,500 or greater than $15,000 are funded through our branch network.

To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account. As a result, under our customer identification program, we must ask for your name, street address, mailing address, date of birth, and other information that will allow us to identify you. We may also ask to see your driver’s license or other identifying documents.

*The process uses a “soft” credit inquiry to determine whether a loan offer is available, which does not impact your credit score. If you continue with the application process online and accept a loan offer, or are referred to a branch and continue your application there, we will pull your credit report and credit score again using a “hard” credit inquiry. This “hard” credit inquiry may impact your credit score.

 

Mariner Finance, LLC, NMLS No. 166564 (www.nmlsconsumeraccess.com)
8211 Town Center Drive, Nottingham, MD 21236. Telephone Number 877-310-2373.

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