Finding A HARP Lender

HARPThe 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.

The Most Common HARP Refinancing Questions

mortgageHARP, also known as the Home Affordable Refinance Program was created by the government to help many homeowners lower their monthly mortgage payments and stay in their homes.  If you are a homeowner who is currently underwater on their mortgage, HARP may be able to help you too, even if you currently owe more on your existing loan than your home is currently worth.  Since it was first created in 2009, the program experienced many changes which have allowed it to help more homeowners refinance their existing mortgage.

While HARP has proven to be beneficial for homeowners, many still have questions about the program itself and what it is designed to do.  To help you understand the program and what it consists of, Mr. Graziosi has put together a list of the most commonly asked questions regarding HARP.

  • Can I Refinance Through HARP If I Have An Adjustable-Rate Mortgage – The answer to this question is yes.  In fact, refinancing through HARP can help you obtain a more stable fixed-rate mortgage.  If you’re a homeowner who is approaching a payment reset, refinancing through HARP now will lock you into a low fixed-rate before they go any higher.
  • Have Recent Changes To HARP Made It Easier To Be Eligible Now – Recently the program experienced significant changes, but the major improvement to the program was that the limit on the amount that they could be underwater was removed.  Because of this recent change, more homeowners may be eligible to seek refinancing through the program than before.
  • Is HARP My Only Option – HARP is currently one of many different refinancing options available for homeowners.  What makes HARP unique is that it is the only program available that allows borrowers who have little to no equity in their home to take advantage of the lower interest rates we are currently seeing.
  • During A HARP Refinance Can I Remove Or Add Someone On The Loan – This is a common question among those who are interested in refinancing through HARP.  The answer is yes, during the refinancing process changes can be made and borrowers can either add or remove someone as long as one of the original borrowers remains on the loan.
  • How Do I Determine Whether Freddie Mac or Fannie Mae Owns My Loan – This is a relatively easy step for homeowners interested in refinancing their mortgage.  The first thing you should do is visit the following websites to determine if your loan is owned by one of the lenders mentioned above.  http://freddiemac.com/mymortgage  http://knowyouroptions.com/loanlookup
  • Will I Have To Make A Down Payment If I’m Currently Underwater – The answer to this question is no.  There is no down payment required when you refinance through HARP, many lenders will often allow you to include your closing costs in the new loan to avoid any out-of-pocket expenses.

How You Can Prevent Mold from Growing In Your Home

mold

Dean Graziosi states that if you’ve noticed that your basement has developed a musty, damp odor then it has more than likely become a breeding ground for mold.  Mold spores have been proven to cause physical reactions such as a stuffy or runny nose, wheezing, watery and itchy eyes, hives and rashes.  It has also been shown to bring on asthma attacks in those who suffer from asthma.  Because these harmful spores can easily travel to other areas of your homes via a draft or heating duct it is important that you take the necessary precautions and steps to contain and rid your home of mold.

The first thing you should do is to remove any unused items and junk that may have accumulated in your basement.  Throw away or donate any items that you no longer want or need that are in good condition.  If you have any items such as old clothing, newspaper, scrap wood or wood furniture that you believe has been affected by the mold you should throw it away.  Once you have separated the items that you are going to keep from what is going to be recycled or thrown out you should place those items in plastic storage tubs that have tight fitting lids.

Once you have cleared your basement, Mr. Graziosi states that your next step should be to clean all of the surfaces extremely well.  You can ensure that you are cleaning properly by using a solution of TSP and water.  This will get rid of the dirt that mold uses to feed upon.  Once everything has been thoroughly cleaned you should then spray down all of the surfaces with a 50-50 vinegar solution that will kill any existing mold that may still be in your basement.  You should allow this solution to remain on the surfaces for between 5 – 10 minutes which will give it plenty of time to thoroughly penetrate all of the mold.  After the recommended amount of time has passed you should then rinse the surfaces and reapply the solution occasionally to keep the mold from returning.

After you have cleaned the interior foundation and any slab surfaces in your basement with the solution you should now seal all surfaces using paint.  Dean Graziosi recommends that you start with a primer that is designed for use on concrete then apply a semi-gloss latex paint to the walls and floor.  Paint will help keep water vapor out of the basement and make the surfaces easier to clean.  To ensure that all of the work you’ve done continues to keep the mold at bay you also need to control the water and moisture that has been finding its way into your home.  To do this make sure that all of your gutters and downspouts are in proper working condition.  You should also slope the ground surrounding your foundation to keep water from accumulating next to the walls of your basement.  Once you perform these steps you should be mold free and stopping it from creeping back into your home.

What Buyers Should Know About Qualifying for a Mortgage

real estate mortgage

real estate mortgage

The prospect of buying a new home is exciting, but what happens when you aren’t qualified for as much as you hoped? In a post pertaining to new rules about mortgage qualification, Dean Graziosi discusses how the qualified residential rule affects buyers.

 

According to an article in the Washington Post, “Regulators initially defined qualified residential mortgages as those with at least a 20 percent down payment and no more than a 36 percent debt-to-income ratio.” This can make buying a home a little scary, especially for someone who has never done it before.

 

When you begin your home hunt, you need to find out how much you will most likely be able to spend on a home. This is what is known as pre-qualification. This involves talking to a mortgage professional who can then run your credit and provide you with an amount. This is what you will need to base your property searches on. For example, if you are pre-qualified for $150,000, it would not work in your favor to look at homes selling for over $300,000 since the odds of you talking the home seller down to half the asking price would be impossible. Knowing what you will most likely be able to spend will help narrow down the homes you actually view and bid on.

 

Also when beginning your search for a new home, you’ll want to make sure your credit is in good standing. This is what will help you become qualified for a higher amount, along with your sallary and other stipulations. The better your credit score, the higher the pre-qualification amount. Less debt will also give you more money to put on a down payment and monthly house payments.

 

Dean Graziosi points out that risk sharing is addressed in the new qualified residential mortgage rules. This new change could potentially make lenders responsible for at least a part of risky loans. This could also make it more difficult for buyers to obtain loans. That is why as a byer, you want to present as low a risk as possible to lenders. This may, in turn, result in fewer loan approvals by lenders.

 

Save for a down payment. While this may not have anything to do with the amount you are actually qualified for when it comes to applying for a loan, it will surely make your monthly payments less. The more you are able to put down in the beginning, the less you’ll pay each month. This will make it easier to pay off bills and take care of regular bills and expenses.

 

Deminish your debt. This is absolutely essential. Pay off all credit card bills beginning with the lowest and making your way up to the largest balance. Work to pay more on one at a time while continuing to make minimum payments on the others. That way you can begin seeing resultsmore quickly. Once you’ve paid one off, move onto the next.

 

Applying for a loan may seem daunting, but it doesn’t have to be. To learn more about the new rules pertaining to the qualified residential mortgage, visit Dean Graziosi’s site.

A Post by Dean Graziosi

I have literally been traveling non-stop all over the country. I have been fortunate to meet many amazing people along the way. In fact just a few days ago in Del Mar California I met an incredible man named Darrell Scott. Darrell just happened to pick my book up at an airport book store and he called me so we could meet. I am so glad that I did.. He is the father of Rachel Scott the first student murdered at Columbine High School. You should really check out her story and now his at www.rachelschallenge.com - she was an incredible girl with amazing values and her message can help us all grow to another level.

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