Obama Home Affordable Refinance Program requirements,guidelines

Sept. 14, 2012 - PRLog -- The Obama home affordable refinance program is one of the best alternatives for all homeowners who are facing problems in repaying the current mortgage loan due to certain financial emergencies or unforeseen expenses. In order to avoid foreclosure or a default these homeowners have been given the option of securing the Obama Home Affordable Refinance Program that will enable them to replace the current mortgage loan with a completely new mortgage refinance loan at lower rate of interest. The lower the interest on the new refinance loan the better it will be for the homeowner as his monthly installments will also reduce significantly.

Obama Home Affordable Refinance Program requirements http://www.usloanz.com/home-affordable-refinance-program.php

In order to take advantage of the home affordable refinance program the homeowners must access sites like USLoanz and then conduct research to know about how to qualify for HARP refinance plan. It is necessary to understand the process and the HARP qualifications so that the homeowner is not met with rejection after applying for the program. There are different parameters as per the HARP qualifications that will determine the fate of the homeowners. Firstly, the home to be refinanced has to be the primary residence of the homeowner. Secondly, the homeowner should not owe more than $729, 750 on the pending balance.

Thirdly, the homeowner should be current or updated with his mortgage loan repayments. Fourthly, the homeowner must have availed the original mortgage loan on or prior to 1st January, 2009. If the above criterions are followed and the homeowners falls within the boundaries of the HARP qualifications then he can go ahead with comparing the free online harp quotes offered by different mortgage lenders and finally select the most affordable quote that will benefit him in the long run.

Knowing How to Qualify for HARP Refinance Plan will help the homeowners play the right moves while applying and awaiting approval on the harp application. The sole motive of refinancing the mortgage loan is to lower the interest rate on the loan so that the total monthly installments are significantly reduced. The Obama Home Affordable Refinance Program has brought about change in the housing market and overall economy as it has helped millions of homeowners stay away from the scourge of foreclosure and save their homes from dying a slow death.

Loansstore Obama Housing Plan Help    http://www.usloanz.com/mortgage-refinance-quote.php

HARP qualifications should be checked properly before taking any decision as the homeowners should not be disappointed in being rejected due to falling short of the harp eligibility criterion. Thorough research and a proactive attitude will be able to help the borrowers get hold of the best possible option and then bring back the old glory of timely repayments so that the housing market functions smoothly with none of the homeowners having to face any kind of problems while repaying the mortgage loans.

Susan Carlson is a regular writer at USLoanz.com and provides detailed information on matters related to HARP qualifications, how to qualify for HARP refinance plan, Obama home affordable refinance program and on other related matters.