How do I know if my loan is owned or controlled by Fannie Mae or Freddie Mac?
Simply call or E-Mail me. I'll help you determine if your mortgage is backed by Fannie Mae or Freddie Mac, or use the links at the bottom of this web page.

I owe more than my property is worth. Do I still qualify to refinance under the HARP Home Affordable Refinance Program?
Yes. Eligible loans will include those where the first mortgage exceeds the current market value of the property.

If I am behind (delinquent) on my mortgage, do I still qualify for the Obama HARP Refinance Initiative?
No. But the good news is, you may qualify for the Modification Initiative. Contact me to discuss your situation and review your options.

I have both a first and a second mortgage. Do I still qualify to refinance under HARP affordable Refi program?
Yes. Technically, the amount owed on the second mortgage doesn't matter, but the 2nd mortgage lender does need to agree to subordinate their loan. Talk to your Loan Officer about your second mortgage.

I have both a first and a second mortgage. Can I combine these into one new loan under the HARP program?
NO. You can not combine these two (or more) loans into one. The HARP program will only refinance the existing first mortgage.

Will refinancing lower my payments?
That depends. If your interest rate is much higher than the current market rate, you would likely see an immediate reduction in your payment amount. However, if you are have an adjustable loan, or are paying interest only on your current mortgage, you may not see your payment go down. BUT... you will be able to avoid future mortgage payment increases and may save a great deal over the life of the loan.

What will the interest rate be?
The interest rate will be based on market rates at the time of the refinance. Currently, interest rates are at historical lows, which makes this a good time to examine your refinancing options.

Will refinancing reduce the amount that I owe on my loan?
No. Refinancing will not reduce the principal amount you owe. However, refinancing should save you money by reducing the amount of interest that you repay over the life of the loan.

Can I get cash out to pay other debts?
No. Only standard closing costs (appraisal, title, credit report, state taxes, lender fees, etc) may be included in the refinanced amount.

Do I need to pay closing costs?
YES. HARP refinance loans have closing costs just like any other refinance. Like other refinance transactions, you can pay the costs out-of-pocket, roll them into a slightly higher loan amount (most common), cover them with a slightly higher interest rate, or any combination of these options. Check with your Loan Officer, as there are a few restrictions.

I am really far underwater on my mortgages, can I still use HARP?
YES. Under the new HARP 2.0 (Starting March 15th, 2012). Under the old HARP rules, you were capped at 125% loan-to-value. Under HARP 2, you can be really far underway and still qualify for HARP

What is the maximum loan amount? I have / need a jumbo loan?
The maximum loan amount is the same as the maximum loan amount in your area. For 95% of the country, this is currently $417,000 (Check Conforming loan limits - Select Fannie/Freddie under the "limit type" option)

I heard adjustable mortgage refinances are different?
YES. If you choose a new adjustable loan, you are capped at 105%. Only fixed rate refinance loans are unlimited.

My current loan is FHA, can I use HARP?
No. Only loans that are backed by Fannie Mae or Freddie Mac are eligible. FHA loans, VA loans, USDA Rural Development, and many private loans, like the ING Orange ARM loans are NOT eligible.

My current mortgage company says they are the only ones that can help me refinance with HARP. Is this true? Do I have to use my current lender?
No. You can use any participating lender you want in the vast majority of cases.

I put over 20% down originally, so I have no PMI. Will I have to have PMI on the new loan?
No. That is one of the best aspects of HARP. If the original loan did NOT have mortgage insurance, the new loan does not need mortgage insurance, not matter how underwater you are.