The Home Refinance Plan Banks Don't Want You Knowing
When homeowners visit The Easy Loan Site™ official website, they may be surprised at the shockingly low interest rates still available today and to learn of this little known government lending program.
One of the best-kept secrets behind reducing your mortgage payment is this government program called the Home Affordable Refinance Plan (HARP), and taking advantage of it now could benefit millions of American homeowners. By refinancing their homes at lower interest rates, homeowners can easily reduce their payments by as much as $4,905 each year. 1
As with most government benefits program, this program won't last long. The good news is that once you’re in, you’re in. If lowering your payments, paying off your mortgage faster, and even taking some cash out would help you,
there is no better time than to act now.
Mortgage rates have decreased this month, but rates may not stay low if the government
changes its economic policy. Act now while rates are still near historic lows and avoid
a potential rate hike.
A true stimulus package for the middle-class
Did you know that the Home Affordable Refinance Program is designed to help
middle-class Americans? If your mortgage is less than $625,000, your chances
of qualifying are high. The Government wants banks to cut your rates, which puts
more money in your pocket, ultimately boosting the economy.
But the banks are not happy about this. Here’s why:
- You have the option to shop lenders other than your current mortgage holder
- Your home’s Loan-to-value (LTV) may be 80% to 125%
Banks will make more money if they keep middle-class Americans at the higher
mortgage rate that they negotiated years ago, so they are putting pressure on
the Government to reverse this program. "People can really take advantage of
this," Obama recently said in Washington, DC, urging homeowners to refinance
sooner rather than later.1
The middle class seems to miss out on everything, and jumping on this benefit
is a no-brainer. Act fast to refinance your house at these near-historic low
refinance rates. If your mortgage rate is higher than 3.11%, you could be
saving thousands.
- The average monthly savings is $250. Could you use an extra $250/month?
- On top of additional monthly savings, many homeowners could pay off their mortgage faster.
- Homeowners can now also take advantage of the low rates and their home equity to
- get a cash out loan for home improvements, pay off debt, a vacation, pay for their children's education.
How much could you be saving?
Here's an example of how much you could be saving by reducing your rate to
3.25% from 6.25% (based on the rate that many homeowners received from lenders
years ago)
What a 3% difference really means
| 200k loan @ 6.25% | 200k loan @ 3.25% | Savings |
| $1231 per month | $870 per month | |
| $443,316 total cost | $313,348 total cost |
No comments:
Post a Comment