What actually is the HARP home loan?

Let's say I've got a second mortgage?

Home owners having a second mortgage, like a home-equity loan, require mortgage owner to consent to “re-subordinate” the credit before they are able to get the new 20112 HARP home loan first mortgage. Federal officials say the largest lenders have decided to immediately re-subordinate all following loans underneath the HARP Refinance.

What else has been completed to lower HARP home loan costs?

An additional new 20112 HARP home loan switch includes rates that Fannie Mae and Freddie Mac charge banks for riskier home owners. Nokia's, in addition to their regulator, the government Housing Finance Agency, have consented to waive those fees for home owners that the HARP home loan loan having a shorter term, like a 15-year mortgage. They’ll along with decrease the HARP home loan fees, however, not get rid of them entirely, for everyone else.

When will these changes take effect?

Fannie Mae and Freddie Mac will issue final HARP home loan pricing information as well as other technical HARP Refinance details around Nov. 15, and a few banks have asserted they can begin to take HARP home loan applications under the new program by when Dec. 1. The HARP home loan will along with be extended through 2013, beyond its current HARP Refinance expiration date of June 2012, so that you can encourage lenders to get more resources into staffing up the HARP home loan.

Imagine if Fannie Mae or Freddie Mac don’t own my loan-can I refinance through this system?

No. That’s a major limitation, obviously, because “jumbo” mortgages aren’t held by Fannie Mae and Freddie Mac, and many of the most under value subprime mortgages will be in privately operated mortgage securities that weren’t from Fannie Mae and Freddie Mac.

More Q & A - HARP home loan:

Do these question-and-answers take into account the “new” HARP home loan?

Yes…absolutely, everything you are reading is accurate as of today, December 16, 2011. This post includes the latest changes as presented through the Federal Home Finance Agency on October 24, 2011, and as confirmed by Fannie Mae and Freddie Mac on November 15, 2011.

Is “HARP” exactly the same thing since the government’s “Making Home Affordable” program?

Yes…absolutely, what they are called HARP and Making Home Affordable tend to be interchangeable. HARP home loan…

How do I determine if Fannie Mae or Freddie Mac has my mortgage?

Fannie Mae and Freddie Mac have “lookup” forms on the respective websites. Check Fannie Mae’s first because Fannie Mae’s market share is larger. If no match is located, then check Freddie Mac. Your loan must be visible on one of these two sites to become qualified to receive HARP.