Virginia Homeowners Get a Jaw Dropping Bailout

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By Jim Wheat

Mark it on your calendar. September 30, 2017. After that, homeowners will no longer be able to apply for a substantial mortgage rate reduction through HARP (The Home Affordable Refinance Program).

The relief program passed under President Obama eight years ago is about to expire, and your bank couldn't be happier about it. But you don't have to subject yourself to their high interest rates any longer. As long as you act quickly, you can apply for a refinance that has saved the average homeowner up to $4,140 per year for the life of their loan, adding up to $124,200 on a 30 year mortgage. No wonder your bank is happy to see the window of opportunity closing so quickly on this program.

Thousands of homeowners are scrambling to get approved with HARP before it expires on September 30, 2017. HARP is a government program with no costs or obligations. See if you qualify ยป

Although the deadline to apply is fast approaching, as long as you get in now, your refinanced, reduced rate will be good for the remainder of your mortgage. This is a stimulus package meant to provide the middle class with expendable dollars for investments, their kids' educations, vacations, etc. Banks and large corporations take advantage of these types of relief programs and subsidies all the time, cutting their bottom line. It's how they thrive. Now you can thrive too through HARP.

$4,140 per year equates to $345/month. What would you do with that extra capital each and every month? Surely you could use it for something better than lining your bank's pockets.

So How Can You Get Started?

You could go a round to a bunch of different banks, fill out lengthy paperwork, compare quotes, and literally spend days if not weeks trying to sort it all out. OR you could simply go to Fetcharate and see if you qualify in under 2 minutes. Fetcharate has been around for over a decade, working hand in hand with a multitude of banks and lenders to provide the savvy consumer with the lowest rates possible. Because when banks compete for a customer, the customer wins.

References:

  • http://www.whitehouse.gov/refi
  • http://www.freddiemac.com/finance/pdf/RefiReport2013Q4.pdf
  • http://www.fanniemae.com/resources/file/aboutus/media/HARP-Research-Report-030613.pdf
  • http://www.forbes.com/pictures/el45fjjej/six-simple-ways-to-pay-off-your-mortgage-faster-60/
  • http://www.nytimes.com/2011/08/21/realestate/exploring-the-15-year-loan-for-refinancing-mortgages.html
  • http://www.fhfa.gov/Media/PublicAffairs/Pages/FHFA-Fannie-Mae-and-Freddie-Mac-Announce-HARP-Changesto-Reach-More-Borrowers.aspx