No Closing Costs Refinance

With today’s economic climate so many people find themselves struggling to live day to day. They worry how they will make the necessary payments for their mortgage every month. Fortunately, the home affordable refinance program that has been set up by the government to help the homeowner find a way out.

For variable or adjustable mortgage interest rate homeowners that cannot make the payments there is hope in the form of the home affordable refinance program or HARP. The federal government has designed many plans to help the borrower and HARP is one of them. Millions of Americans are in debt to their lenders but don’t despair – there is a way out.

The HARP program is designed to prevent foreclosure and debt thus saving homes and under this program the mortgage lender will simply refinance their exiting home loan to the value that is 138 percent of the actual value of the home. By doing this the mortgage lender is going the get a fixed mortgage interest rate thus eliminating fluctuations in mortgage interest rates.

There is great news for the non-occupier of a property. Even if the home you wish to refinance is not your primary home you can still be eligible for a HARP. If your home is currently vacant you could go for a HARP. It is worth asking your lender with regards to the various conditions involved with this program – you need to have a reading through the guidelines.

For those who are on the brink of losing their home due to default payments them this program could bring hope to the homeowner. The main purpose of this program is to avoid foreclosure to that the borrower can continue to live in the property.