When you are looking to purchase a piece of property, whether it be a parcel of land, a house or a business, there are a number of things you should do to protect yourself against any potential problems you may have with it in the future. Finding the right property to buy is just the first step in the process. You will need to know whether the home or business building is safe and conforms to all of the local codes that are in place and you also need to know if the title is clear.
Buying and selling real estate is an excellent way to make money. People who know how to fix up properties can reap huge fiscal rewards. There are many ways to earn money in real estate. One type of property that can be extremely lucrative are what are known as foreclosures. A foreclosure is a very specific process. Properties enter foreclosure when the homeowner or commercial property investor is no longer able to meet the obligations of a mortgage. The bank holding the mortgage may choose to put the home or other property up for sale to a different party. Buying foreclosures have both advantages and disadvantages.
For the average first-time homebuyer, the entire buying process may seem entirely overwhelming. Between closing costs, forgotten fees, and extremely lengthy contracts, there are many things to consider. That’s why it’s important to go over a few tips and tricks to make your purchasing experience as easy as possible. At Strategic National Title Group, we offer different teams of realtors and lenders to assist with the buying process.
The federally-operated HARP, or Home Affordable Refinance Program, has made it easier for countless homeowners to save money on their mortgage payments each month. It can be of assistance to a variety of homeowners, including those with underwater mortgages.
Considerable changes have been made to this program since it was announced in 2009, allowing for more people to refinance their homes. Unfortunately, these alterations have also left confusion in their wake. How do you know if you’re too deep in debt? What are these new changes? Will your loan need to be refinanced by your mortgage carrier?
If you have questions about the program, we may have some of the answers here. Most importantly, if you believe you may be eligible for the Home Affordable Refinance Program, be sure to call your mortgage carrier.
Which HARP changes improve my eligibility?
While the program saw numerous changes, the biggest of these removed the cap on mortgage amount versus the home’s actual value. Because of this alteration, many people who couldn’t refinance before can do so now. Another beneficial change has enabled homeowners to seek refinancing with their choice of lender.
What about adjustable rate mortgages (ARMs)?
Participating in the HARP with an ARM can benefit you, for doing so enables you to switch your current ARM with a fixed-rate option. If your payment is about to reset, going with the Home Affordable Refinance Program can now help because you may be able to obtain a locked-in fixed-rate price before rates climb any more than they already have.
Is HARP the only available refinancing program?
The Home Affordable Refinance Program is just one of the many refinancing programs available right now. However, HARP is unique, as it’s the only program of its kind that is both widely available and that allows qualifying homeowners with little or no value in their home to enjoy low interest rates and other perks.
How do I find out who my lender is?
To verify which company owns your mortgage, you can look at these websites for help:
For Fannie Mae: http://knowyouroptions.com/loanlookup
For Freddie Mac: http://freddiemac.com/mymortgage
Unfortunately, only mortgages under these two companies will qualify you for the HARP.
Can I add or remove someone on my HARP refinance?
As long as one of the initial borrowers is still on the loan, you can still remove or add people to it.
Must I refinance for 30 more years?
No. If you qualify for HARP, you can get shorter terms, such as 15 or 20 years, which makes it easier to start paying off your loan and building greater equity.