If you owe more than your home is worth, you can refinance under favorable terms and save money using a HARP loan. Introduced in 2009, the Home Affordable Refinance Program (HARP) is a government-backed program that allows qualified Denver homeowners who owe more than the current value of their home to refinance at low rates. Due to enhancements in the program's guidelines, Golden Oak Lending Denver can now offer HARP loans to an even larger variety of Denver homeowners.
HARP Loan Requirements
- You are current on your mortgage payments, have missed no mortgage payments within six months, and have no more than one missed payment in the past 12 months.
- Your mortgage loan is owned or guaranteed by either Freddie Mac or Fannie Mae - you do not have a USDA, VA, or FHA loan.
- Your mortgage was started on or before May 31, 2009.
- Your current loan-to-value ratio is more than 80%. For instance, if you borrowed $100,000 to buy your home that is currently worth $120,000, your LTV ratio is 83%.
Advantages of HARP Loans
- Low Costs HARP loans carry lower closing costs than most other loans, and Denver homeowners can also subordinate their second mortgage loan.
- Flexible Requirements Unlike other home refinancing options, HARP loan guidelines are accommodating, with no home equity or private mortgage insurance (PMI) required. Eligible Denver homeowners also have the option of shortening your loan term to a 15- or 10-year loan, allowing you to build equity in your home quickly.
- Fast Approval Process The HARP loan process is streamlined, with reduced documentation and no approval required, so Denver borrowers can start saving money right away with the low refinancing rates offered by Golden Oak Lending Denver.
HARP Loans with Golden Oak Lending Denver
As a qualified HARP lender, Golden Oak Lending enables eligible Denver homeowners to refinance their current home loan into a favorable, short-term loan, saving thousands over the life of the mortgage loan. Our hassle-free mortgage process, perfected through many years of experience, is not only fast but will also offer you the low rates you are searching for in the Denver area on any of our loan products. Our personal mortgage experts are experienced and know how to save you money through HARP loan refinancing. With Denver housing prices skyrocketing in recent years, more Denver homeowners than ever can take advantage of HARP loans' accommodating terms and low interest rates. Call or contact our local Denver office today!