The Importance of Applying for HARP Loans Now

The Home Affordable Refinance Program helps families stay in their homes by reducing their mortgage payments. However, it is important that you act now to apply for these loans. Waiting may be detrimental to your plans. And, if you wait too long and something goes wrong, you may not be able to qualify for it.

It is very important that you apply for a HARP loan as soon as you see the need to have your mortgage payments lowered, before you are struggling too much to make them. In order to qualify for a HARP refinance, you must have no late payments within the previous six months, and only one in the previous twelve months. Therefore it is important that you act before you reach the point where you cannot make your payment within the thirty day grace period.

There are many reasons why you might need your mortgage payments lowered in today’s economy. You may have lost your job, or have become underemployed. You may be going through a separation or divorce and suffered a loss in income due to the situation. Or, you may have become ill or disabled and lost income.
However, typically there is some warning that these things are going to happen or that they are going to effect your ability to repay your mortgage payments on time. Even if you only have two or three weeks before your next payment is due, that could be enough time to get you refinanced for a lower payment while you still qualify.

If you discover that your home is no longer worth what you owe on it, you should definitely take advantage of lowering your monthly payments anyway, whether you are in risk of losing your home or not. Interest rates may not stay this low forever, and you should take advantage of them while you can. This is one of the reasons for the Harp refinance, is that he wanted to reward home owners for staying in their homes and making their payments even when it no longer made financial sense to do so.

If you aren’t sure about whether or not you can qualify for a HARP loan, you can contact HARP Alliance for assistance. They can inform you of eligibility requirements for the loan and see if you prequalify to go through the application process. They can also guide you through the application process, helping you with each step of the way to make it go as smoothly and quickly as possible to help you keep from losing your home. Regardless of your reasons for needing to refinance, let the HARP refinancing program work for you to lower your payments, save your credit history, and avoid foreclosure.

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