The government chose to create the HARP program to help homeowners survive the housing crisis, states Dean Graziosi. The primary purpose of the Home Affordable Refinance Program is to help homeowners who have discovered that they currently owe more on their home than it is currently valued at. When you refinance through HARP you are able to refinance at a rate that will reflect the current value of your home.
Once you have researched the program and discovered that it may be beneficial to you and your situation, your next step should be contacting a HARP lender. To find a HARP lender you may want to ask your current lender if they are one and if not, if they know of any creditable lenders who you can contact. This is an important step, because not all lenders offer the HARP refinancing program, to avoid wasting valuable time during this process you should ensure that the lender you are contacting is a HARP lender. If your lender is not a HARP lender, you can use some online tools that will help you locate a lender.
If your existing lender is not participating in the HARP program you shouldn’t worry. You are not required to stay with your existing lender when you refinance through HARP. This is extremely beneficial, according to Mr. Graziosi, because it allows you to shop around different lenders and find the best rate that is available to you. But you always have the option to contact a lender that you would prefer to work with and ask if they are offering the program. Not every lender advertises that they are offering this particular refinancing option, so it never hurts to ask.
If you’ve looked and have not been able to locate a lender that you are familiar with and would feel comfortable working with, Mr. Graziosi recommends that you go over the list of lenders offering the HARP program. If, after second glance, you find a lender that you believe is a good fit for your current financial situation, your next step should be contacting that lender. When you contact a lender, you should ask to speak to a HARP specialist who can help you through the purpose.
You should also be aware that some lenders refer to the HARP program by other names. When you contact a lender, it is important that you state that you are interested in refinancing your home through the Federal Housing Finance Agency. This will help you avoid any misunderstanding s and ensure that you are refinancing through the proper program. Any time you choose to refinance your home it can be a stressful endeavor; however, once you contact a lender who is familiar with everything involved in a HARP refinance, you will be well on your way to keeping your home and lowering your payments.