Home Affordable Refinance Program (HARP)
Refinancing your home mortgage can provide a number of benefits like lowering your monthly payment, increasing your equity faster or switching from an adjustable rate mortgage to a fixed rate mortgage. However, if the value of your home has decreased, you may find it hard to do a traditional refinance.
The Home Affordable Refinance Program (HARP) through First National Bank - Fox Valley is specifically designed to help you achieve a more stable and affordable mortgage.
HARP Eligibility Requirements
- You must be benefiting from a reduced interest rate, monthly payment, amortization or more secure mortgage product
- Cash outs are not available, including debts outside of your first mortgage on the home and secondary liens
- There is no maximum loan-to-value ceiling for fixed rate mortgages backed by either Freddie Mac or Fannie Mae
- Mortgage insurance may still be required in certain cases
- Original loan must have been purchased by Fannie Mae or Freddie Mac prior to or on May 31, 2009
- At the time of application you must be current on your mortgage with a satisfactory payment history on your mortgage over the previous year
- Appraisal process may be waived
How to Refinance through HARP
Follow these steps to get your home mortgage refinanced through HARP:
1. Determine if your mortgage is owned or guaranteed by Freddie Mac or Fannie Mae
a. Freddie Mac- call 1-800-FREDDIE, 8 a.m.-8 p.m. EST, or visit https://ww3.freddiemac.com/corporate/
b. Fannie Mae- call 1-800-7FANNIE, 8 a.m.-8 p.m. EST, or visit https://www.knowyouroptions.com/loanlookup
2. Find out if your loan was initiated before May 31, 2009
3. Contact a member FNB Fox Valley mortgage banking team by emailing us or calling 920.729.6900.
The HARP Program is set to remain in effect until Dec. 31, 2013 for any mortgage originally sold prior to May 31, 2009. You can find more general information about this program at www.makinghomeaffordable.gov.
If you need to refinance your mortgage and have had issues finding someone willing to help, we invite you to call 920.729.6900 or visit any of FNB Fox Valley’s offices to talk to a member of our mortgage banking team today!