Last month the federal government announced changes aimed at making it easier for many borrowers who owe more on their home loans than their houses are worth to refinance into lower-cost mortgages.
There are several criteria that must be met to qualify for the updated Home Affordable Refinance Program, though. For instance, your current loan-to-value ratio (the amount of your loan, divided by the value of your home) must be greater than 80 percent.
The real estate Web site Zillow.com has introduced a calculator to help you sort through the requirements to see if you’re eligible. To use it, you’ll need some basic information, like the amount of your mortgage and the date you took out the loan. You’ll also need to know if the loan is backed by one of the quasi-federal housing companies, Freddie Mac or Fannie Mae (the tool can also help you figure that out).
The changes to the so-called HARP program are intended to help homeowners who are current on their loans but have been unable to take advantage of historically low interest rates by refinancing because they are “underwater” on their mortgages.
If you give the calculator a try, let us know if you found it helpful by posting in the comments section.
Bucks Blog: Checking Eligibility for U.S. Mortgage Refinance Program
Last month the federal government announced changes aimed at making it easier for many borrowers who owe more on their home loans than their houses are worth to refinance into lower-cost mortgages.
There are several criteria that must be met to qualify for the updated Home Affordable Refinance Program, though. For instance, your current loan-to-value ratio (the amount of your loan, divided by the value of your home) must be greater than 80 percent.
The real estate Web site Zillow.com has introduced a calculator to help you sort through the requirements to see if you’re eligible. To use it, you’ll need some basic information, like the amount of your mortgage and the date you took out the loan. You’ll also need to know if the loan is backed by one of the quasi-federal housing companies, Freddie Mac or Fannie Mae (the tool can also help you figure that out).
The changes to the so-called HARP program are intended to help homeowners who are current on their loans but have been unable to take advantage of historically low interest rates by refinancing because they are “underwater” on their mortgages.
If you give the calculator a try, let us know if you found it helpful by posting in the comments section.
Article source: http://feeds.nytimes.com/click.phdo?i=71cac6515b5c1954b553a1a1c22d17fc