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State Mortgage Refinancing Program helps save over $ 4000 per year

Obama’s plan allows property owners to noticeably reduce loan repayment terms. Photo: depositphotos

Obama’s plan allows property owners to noticeably reduce loan repayment terms. Photo: depositphotos

The federal HARP program, which aims to refinance mortgage loans for real estate, is valid until December 31 2016. In this regard, many Americans seek to take advantage of a somewhat forgotten program, which was adopted in 2009 by the initiative of President Obama to help the middle class.

The official website of HARP everyone can check if they are eligible for a program that offers surprisingly low interest rates before the deadline. Barack Obama strongly urges to use the program to save about 4 thousand dollars a year.

Three major benefits of the HARP program:

The Obama Mortgage Program removes specific requirements for refinancing loans to property owners, making it easier to qualify. Among other things, the authorities refused to assess the value of the property and credit rating requirements. Now qualify for refinancing millions of people may, but the problem is that many do not know about it. Filling out an application on the site takes only about 3 minutes.

2) Economy Mode

Despite Obama's statement, which promised to save $ 4,264 annually, many homeowners continue to pay bank loans at initial rates. Now mortgage rates have reached minimum performanceso you should think about refinancing if you haven't done it yet. For example, if a loan needs to be repaid 25 for years, the savings will be more than $ 100 thousands.

3) Early repayment

In addition, the Obama plan allows property owners to reduce loan repayment terms. For example, by switching from a 30-year mortgage with a fixed rate to an 15-year mortgage, homeowners will not only be able to close the loan more quickly, but also receive a lower rate for the remaining payout period. Accumulations will be about $ 805 per month. Online HARP You can also find information on the most appropriate credit lines for you and banks that offer HARP refinancing.

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