HARP 3.0 Mortgage Program Opens Up Refinancing Options for Non-Fannie Mae and Freddie Mac Borrowers

TROY, Ohio - July 18, 2016 - PRLog -- "With a potential to save huge dollars every month, the Home Affordable Refinance Program 3.0 stand to benefit a number of potential borrowers"

Publicized as "a better bargain for US homeowners, the Home Affordable Refinance Program 3.0, or HARP3.0, was introduced by President Barack Obama, more than a year ago. Even after a year, the HARP 3.0 mortgage program is still to see the light of the day, leaving both lenders and borrowers wondering how it will affect them.

So, how will HARP 3.0 mortgage program help you? First, it will extend the eligibility to refinance to homeowners with Alt-A, jumbo, and subprime loans as HARP 3.0 requirements do not need you to be, necessarily, backed by Fannie May or Freddie Mac mortgages to be eligible for refinance. It also opens up the possibility for refinance mortgage loans for people with bad credit as well.

Second, it is likely that the guarantee fees payable for a HARP refinance may be slashed, which may result in a potential saving of approximately 0.75 percentage points on your refinance loan. In addition, if you had participated in the earlier HARP refinance program, you will be allowed to refinance again. So, you do not lose out on the HARP 3.0 mortgage program (http://www.mortgagrefinance101.com/harp-3-refinance-mortg...) benefits.

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According to estimates, the HARP program has resulted in savings of about $328 per month to the participating borrowers. The HARP program has seen great participation earlier and the analysts estimate that additional 580,000 participants are likely to reap monetary benefits on their loans through the HARP. And, the addition of non-Freddie Mac and Fannie May mortgages to the home affordable refinance program 3.0 will help extend the benefits to even more borrowers.

Estimates peg that about 18.8% borrowers are still a troubled lot. HARP lets homeowners refinance instead of waiting for the property prices to increase. This lets them free up finances, which can be used for additional repayment of the principal amount.

But why do we need the HARP 3.0 mortgage program? The answer is the possibility of saving huge amounts of money each month. Also, borrowers backed by Freddie Mac and Fannie May mortgages stand to realize immense benefits. So, do check out the benefits that the HARP 3.0 mortgage program may bring to you.