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The Lowdown on HARP Loans...

HARP Loans

Refinancing used to be a breeze. People would go to their lender and refinance their homes to get better terms. Then, they would make lower payments or get the benefit of lower interest rates.

Life was easy.

Then, the housing bubble finally burst in 2006, and that created a widespread problem. Home values dropped overnight, and that caused people to lose a lot of the equity they had built into their homes. At the same time, interest rates were going up and people needed to refinance.

They went to their lenders, only to be turned away. They didn’t have enough equity to refinance, so they had to live with their unfavorable terms.

That has changed, thanks to the Home Affordable Refinance Program (HARP). The HARP program has opened up the door for people to refinance, even if they have been turned down for traditional loans. Backed by the federal government, it is much easier to qualify for this loan.

If your loan-to-value ratio is higher than 80 percent and you want to refinance, HARP might be the answer. You won’t need to get personal mortgage insurance or pay a lot of money upfront. That makes this the perfect solution for borrowers in California and beyond.

HARP Loan Requirements

Not everyone qualifies for a HARP loan. The federal government has put some requirements in place. If you meet these HARP loan requirements, POP Mortgage can help you secure financing for your California home.

To qualify for a HARP loan, you need:

  • A mortgage that was guaranteed by Fannie Mae or Freddie Mac on or before May 31, 2009
  • A loan-to-value ratio greater than 80 percent
  • A history of current payments

You do have some leeway in regards to being current on your mortgage payments. While you won’t be accepted if you’ve had any 30-day late payments in the previous six months, you can have one in the last 12 months. If you’ve had a late payment in the last year but you’re current now, don’t be afraid to apply.


Eligible Properties

You also need to have an eligible property to qualify for the HARP program. Homes that are used as a primary residence qualify for funding. You can also refinance a 1-unit second home or an investment property that has 1-4 units.

If you meet the HARP loan requirements, take the next step and get qualified today.

Credit Score and HARP Loans – What You Need to Know

Many people are surprised to learn that HARP does not have minimum credit requirements. You can be approved even if you have poor credit. Of course, a lender might still turn you down if your credit indicates that you will be a high-risk borrower. That is why it is important to choose a company like POP Mortgage. We put brokers and lenders to work for you to find the best rates, even if you’ve had some bumps in the past. This makes it much easier to refinance your home.

HARP Rates

HARP rates are not set in stone. Instead, they are in line with the current market rates. In addition, they can vary from one lender to the next.

You can get the best rates by going with POP Mortgage. We have brokers and lenders in-house, so we can cut out of a lot of the fees associated with the HARP loan. That allows us to find the best rates for our clients.


Paying Your Closing Costs

If you’re underwater in your home, the idea of paying your closing costs when you refinance might prevent you from moving forward. You simply don’t have the money in your account, so you can’t even consider refinancing. That means you have to continue to struggle to make high payments. Every payment presents a challenge, and you are over your head.

Fortunately, you don’t have to pay your closing costs upfront when you get a HARP loan. The closing costs aren’t waived, but you can bundle them into your loan. That way, you won’t have to worry about having a lot of cash upfront. This makes the process much easier for borrowers. You don’t have to stretch yourself financially to close on the loan. That is a huge relief for lots of people.

Benefits of the HARP Program

HARP is a lifeline for many homeowners. It comes with lots of benefits that you should consider if you want to refinance your home.

The HARP program:

  • Allows you to get favorable terms for your mortgage
  • Lowers your monthly payments
  • Doesn’t require private mortgage insurance
  • Stabilizes your monthly payments and interest rates

You can even forgo the home appraisal in some circumstances. That will save you some additional money and make the process even easier.

If you want to take advantage of all of these benefits, take the next step by getting your quote.


HARP Won’t Last Forever

HARP is a temporary program to help borrowers. If you’re interested in refinancing with HARP, it is important that you take immediate action. When the program is gone, you will no longer be able to refinance your home unless you meet the restrictions put forth by traditional lenders. These restrictions require that your loan-to-value ratio is less than 80 percent or you get private mortgage insurance. Once you add the PMI to your mortgage, you won’t save money on refinancing. In fact, your payments might be higher.

That is why it is so important that you take immediate action. Take the first step by taking our HARP Loan Qualifier. This qualifier will help you determine if you are eligible for a HARP loan.

Take the HARP Loan Qualifier Today

Once you are pre-approved, we will be ready to get to work for you. We will work to find the best terms and rates so you can get out from under your mortgage. Then, you can enjoy financial freedom.

Why a HARP Loan?

If you’re underwater on your conforming, conventional mortgage, you may be eligible to refinance without paying down principal, and without having to pay mortgage insurance.

  • Fixed Rates
  • Adjustable Rates (ARM)
  • Keep Your Home
  • Terms from 5 to 30 Years

Get Your FREE California HARP Loan Quote Now!

I Want My FREE HARP Loan Quote!