Are you interested in lowering your mortgage payments or paying off your home loan early? The Home Affordable Refinance Program or HARP program is designed to help American homeowners refinance their homes without having to take out a second mortgage. If you think you’re ready to make some changes to your current mortgage payments, these types of HARP loans may work for you.
4 Factors to Consider Before Refinancing Your Home
1. Interest Rates
Whenever interest rates drop more than a point below what you are currently paying, its time to think about refinancing programs.
2. Loan Costs
Unfortunately, mortgage loans are never free but that doesn’t mean you can’t negotiate your closing costs. Don’t be afraid to shop around for different lenders or to use the HARP options available to you when considering refinancing your home.
3. Loan Types
While most people are familiar with conventional loans, the HARP loans or Obama mortgage loans are a bit different. If you’re unsure which loan type is right for you, be sure to reach out to one of our team members for more information!
4. What is Your End Goal?
Are you interested in refinancing your home loan in an effort to reduce your monthly mortgage payment? Or are you ready to pay down your loan amount more quickly? Whatever the case, setting a clear goal can make it easier to choose the best refinancing option.
Contact the Team at Mortgage Investors Group Today
Want to learn more about the benefits of refinancing programs and see if you’re eligible? Contact our lenders online today to learn more and to schedule an initial consultation.