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Working with us is easy - start by letting us know a little more about what you are looking for and then relax while we match you with qualified mortgage providers who can help you get the home loan you want.

When you submit your information, we work hard to match you with a lender who can help you determine your mortgage eligibility as quickly as possible. Not everyone will qualify for the HARP refinance program, although there are other refinance programs available depending on the lender(s) you are matched with.

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Important Mortgage Information:

The Home Affordable Refinance Program is a program that was announced by the Government in an attempt to help homeowners who live in homes where values have dropped. Some people owe more on their home than the home is worth – and the HARP refinance is designed to help.

Recently, HARP 2.0 has been extended and now the process of refinancing your current mortgage under the HARP program now follows the same steps as other refinance programs, with the differences from HARP 1.0 being that old barriers like mortgage insurance or appraisal transfers have been streamlined or waived.

HARP 2.0 also allows borrowers to refinance with many different lenders, not just the lender that they currently make their payment to – so the consumer is free to shop around in order to get the best rates possible.

HARP Guidelines and Benefits: Depending on the lender you work with, there may be no loan to value restrictions, previous late payments may or may not be allowed and out-of-pocket expenses will also vary by lender. An appraisal may also be required by some lenders while others may not require an appraisal.

Because of these differences between lenders when it comes to the HARP refinance program - or any other refinance program - it is recommended that you shop multiple lenders who can give you all of the information that you will need to make a side-by-side comparison between lenders and make an educated decision.

HARP Eligibility: Not everyone who has a mortgage will qualify for the HARP refinance program. It is important to work directly with a lender to determine if you are eligible for the HARP refinance program or any other type of refinance program that may be able to help you lower your monthly mortgage payment or overall lifetime costs of your loan. Other popular government sponsored refinance programs include the FHA streamline refinance and VA streamline refinance for people who have FHA or VA loans.

Two very popular refinance programs are the FHA streamline and the VA streamline refinance programs. While very similar in that they require less documentation than traditional full documentation refinance programs, they each have different requirements. If you currently have a VA loan, then the VA streamline refinance is the easiest, fastest way to get a lower interest rate. If you currently have an FHA loan, the FHA streamline refinance is the choice for the easiest refinance program.

FHA Streamline General Information

Generally speaking, the FHA streamline is easier to qualify for than a conventional refinance. Most lenders can help you qualify for the program if you have a credit score of 620 or higher and no more than two 30-day late payments in the past two years, steady employment for the last 2 years and no bankruptcies in the last 2 years. There are exceptions to these guidelines, but it will depend on the lender.

In addition to the above, at the time of the refinance, you must be current on your mortgage – it cannot be completed if you are currently behind on your mortgage payments. Typically, lenders will require that you currently live in the residence, although some lenders may allow a non-owner occupied residence to be refinanced under certain conditions.

Streamline refinance options are available to those who already have an existing FHA loan. The streamline refinance option considerably cuts down on the amount of paperwork and qualifications needed to complete your refinancing process. Converting from an adjustable-rate mortgage and a fixed-rate mortgage is an option for the streamline option.

VA Streamline General Information

The VA streamline program (also known as the VA IRRRL) is designed for veterans who currently have a VA loan to refinance into a lower rate with as little hassle as possible. Some quick facts about the VA streamline program include:

  • The VA streamline is a simple process compared to the original VA mortgage loan. Most of the time, the lender is able to close automatically.
  • The VA does not require an appraisal, credit information, or underwriting, but your VA approved lender may require these.
  • You can roll all closing costs and fees into the new loan so there are no out-of-pocket charges to you.
  • The monthly payment for the VA streamline must be lower than the previous loan’s monthly payment, unless you are refinancing an adjustable rate mortgage or the new loan term is less than the old one.
  • The VA streamline must be at a lower interest rate than the previous loan. The exception is if you are refinancing from an adjustable rate loan. The reason you might want a higher, fixed rate loan is that your adjustable rate loan’s interest rate will eventually increase.
  • A VA streamline can be a fixed rate or adjustable rate loan.
  • Energy efficient improvements can be refinanced into your VA streamline, up to $6000.
  • Your monthly mortgage payment may increase if you finance energy efficient home improvements, finance your closing costs including the funding fees, finance points, or get a higher interest rate if you move to a fixed rate loan.
  • You cannot receive any cash out at closing with a VA streamline.
  • You must be current on your existing VA mortgage and not have had more than one 30-day late mortgage payment within the past 12 months.

Buying a home is an exciting time and most people plan on getting a mortgage when buying a home.

Simple Home Buying Process:

  • Get pre-qualified for a loan
  • Find a property with your agent
  • Property is appraised to determine reasonable value
  • Final loan conditions satisfied
  • Loan is funded

The first step in the process is to speak with a loan officer who can help you with the other steps along the way – so don’t delay, get pre-qualified today.

Buying a home with an FHA loan

The FHA loan program has been around for decades and has always been popular with first time home buyers and those who have less than perfect credit. As the credit crisis hit in the late 2000’s the FHA loan was one of the few loans available as many lenders cut out other loan programs due to crisis concerns.

FHA loan programs have low down payment requirements (3.5%) and require up front mortgage insurance and monthly mortgage insurance to be paid by the consumer.

FHA loans have both fixed rate and variable rates available, but the FHA 30 year fixed rate mortgage program is the most popular.

If you are considering buying a home, the FHA loan program is a popular option – be sure to ask your loan officer if an FHA loan is right for your situation.

FHA Refinancing

When it comes time to refinance an FHA loan that you bought your home with, the FHA streamline refinance is a very popular option. The “streamline” refers to the amount of documentation required to refinance – and the streamline program is one of the popular options of all refinancing programs.

Buying a home with a VA loan

VA loans are made by private lenders who go through a VA approval process to lend. Once you apply for a VA loan, a VA lender will contact you and once you meet the qualification criteria, they will issue a pre-qualification letter.

Once you have your “pre-qual”, it is time to work with your real estate agent to find the right house for you. As soon as your loan funds, the VA will guarantee the loan for the lender so that in the event of a default or loss, the loan is guaranteed.

Simple Home Buying Process:

  • Get pre-qualified for a VA Loan
  • Find a property with your agent
  • Property is appraised to determine reasonable value
  • Final loan conditions satisfied
  • Loan is funded

Refinancing a VA loan

Once you have a VA loan, refinancing is made relatively easy thanks to the VA streamline program. The VA streamline program is not the only VA refinance program available, but it is the most popular.

Some quick facts about the VA streamline program include:

  • The VA streamline is a simple process compared to the original VA mortgage loan. Most of the time, the lender is able to close automatically.
  • The VA does not require an appraisal, credit information, or underwriting, but your VA approved lender may require these.
  • You can roll all closing costs and fees into the new loan so there are no out-of-pocket charges to you.
  • The monthly payment for the VA streamline must be lower than the previous loan’s monthly payment, unless you are refinancing an adjustable rate mortgage or the new loan term is less than the old one.
  • The VA streamline must be at a lower interest rate than the previous loan. The exception is if you are refinancing from an adjustable rate loan. The reason you might want a higher, fixed rate loan is that your adjustable rate loan’s interest rate will eventually increase.
  • A VA streamline can be a fixed rate or adjustable rate loan.
  • Energy efficient improvements can be refinanced into your VA streamline, up to $6000.
  • Your monthly mortgage payment may increase if you finance energy efficient home improvements, finance your closing costs including the funding fees, finance points, or get a higher interest rate if you move to a fixed rate loan.
  • You cannot receive any cash out at closing with a VA streamline.
  • You must be current on your existing VA mortgage and not have had more than one 30-day late mortgage payment within the past 12 months.

Have more questions about the VA loan programs? Be sure to ask your loan officer for more information – it is easy to find and most questions have easy to understand answers.

Call 888-988-5492 now for free mortgage quotes

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