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You're Now Reading:
HARP Refinancing Up in Fourth Quarter
The Easy Way to Shop For a Mortgage Loan
Fill Out One Questionnare
Receive Multiple Offers. Save Money.
You're Now Reading:
HARP Refinancing Up in Fourth Quarter
The Easy Way to Shop For a Mortgage Loan
Fill Out One Questionnare
Receive Multiple Offers. Save Money.
The Easy Way to Shop For a Mortgage Loan
Fill Out One Questionnare
Receive Multiple Offers. Save Money.
You're Now Reading:
HARP Refinancing Up in Fourth Quarter
Mortgage Calculator
Mortgage Rates
Home Buying Tips
Home Selling Tips
About Mortgages
Mortgage Calculator
Mortgage Rates

March 7, 2011 (Jeff Alan)
mortgage-harp-image
According to the Federal Housing Finance Agency’s (FHFA) Foreclosure Prevention and Refinance Report, the number of loan refinancings processed through the government’s Home Affordable Refinance Program (HARP) grew by 30 percent in the fourth quarter of 2010. A total of 57,000 mortgages were refinanced under the government program during the month, well exceeding the previous monthly record of 45,000 set in September.

HARP is designed to help homeowners refinance their mortgages when they might otherwise not be able to do so due to a lack of equity in their property. The program allows borrowers to refinance mortgage debt up to as much as 125 percent of their current home value, enabling “underwater” homeowners whose property values have declined to take advantage of lower interest rates. The program is limited to mortgages backed by government-owned lenders Fannie Mae and Freddie Mac.

While refinancings soared in the fourth quarter, the number of completed loan modifications fell 18 percent, making it the second consecutive quarterly drop. Of the loans modified in 4Q, nearly half had their monthly payments reduced by at least 30 percent.

The Obama administration launched the program two years ago and it was originally projected to help between 4 and 5 million homeowners refinance their mortgages. But like its sister program HAMP, it has fallen far short of its goals with nearly 622,000 mortgages having been refinanced thus far.

The program is scheduled to expire on June 30 but some industry advocates like the Mortgage Bankers Association have sent a letter to FHFA asking that the program be extended.

FHFA cited record low interest rates during the fall as a major factor in the increased refinancings. Mortgage interest rates reached an all-time record low in October of 4.23 percent on a 30-year fixed-rate mortgage. Refinance activity typically trails interest rates by one to two months, according to the FHFA, because of the time needed to close loans after borrowers lock in rates.

Tags: FHFA, HARP, refinance, refinancings, mortgages, home equity, current home value, loan modifications, HAMP, record low interest rates

FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at MortgageLoanRateUpdate and the offers you have received, you've found the right product and the best rate.
HOW
MORTGAGELOANRATEUPDATE
WORKS
Whether you're looking to refinance your current loan, purchasing a new home or looking for a home equity loan, we make it easy at Mortgageloanrateupdate. Our questionnaire is simple and quick to use and your information is safely transmitted to us with SSL encryption. With just two minutes of your time, you could have multiple lenders competing for your business which could save you thousands.
ADVANTAGES OF USING
MORTGAGELOANRATEUPDATE
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.
Home Buying
Tips
Home Selling
Tips
About
Mortgages
Mortgage
Calculator
Mortgage
Rates

March 7, 2011 (Jeff Alan)
mortgage-harp-image
According to the Federal Housing Finance Agency’s (FHFA) Foreclosure Prevention and Refinance Report, the number of loan refinancings processed through the government’s Home Affordable Refinance Program (HARP) grew by 30 percent in the fourth quarter of 2010. A total of 57,000 mortgages were refinanced under the government program during the month, well exceeding the previous monthly record of 45,000 set in September.

HARP is designed to help homeowners refinance their mortgages when they might otherwise not be able to do so due to a lack of equity in their property. The program allows borrowers to refinance mortgage debt up to as much as 125 percent of their current home value, enabling “underwater” homeowners whose property values have declined to take advantage of lower interest rates. The program is limited to mortgages backed by government-owned lenders Fannie Mae and Freddie Mac.

While refinancings soared in the fourth quarter, the number of completed loan modifications fell 18 percent, making it the second consecutive quarterly drop. Of the loans modified in 4Q, nearly half had their monthly payments reduced by at least 30 percent.

The Obama administration launched the program two years ago and it was originally projected to help between 4 and 5 million homeowners refinance their mortgages. But like its sister program HAMP, it has fallen far short of its goals with nearly 622,000 mortgages having been refinanced thus far.

The program is scheduled to expire on June 30 but some industry advocates like the Mortgage Bankers Association have sent a letter to FHFA asking that the program be extended.

FHFA cited record low interest rates during the fall as a major factor in the increased refinancings. Mortgage interest rates reached an all-time record low in October of 4.23 percent on a 30-year fixed-rate mortgage. Refinance activity typically trails interest rates by one to two months, according to the FHFA, because of the time needed to close loans after borrowers lock in rates.

Tags: FHFA, HARP, refinance, refinancings, mortgages, home equity, current home value, loan modifications, HAMP, record low interest rates

FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateUpdate and the offers you have received, you've found the right product and the best rate.
HOW
MORTGAGELOANRATEUPDATE
WORKS
Whether you're looking to refinance your current loan, purchasing a new home or looking for a home equity loan, we make it easy at MortgageLoanRateUpdate. Our questionnaire is simple and quick to use and your information is safely transmitted to us with SSL encryption. With just two minutes of your time, you could have multiple lenders competing for your business which could save you thousands.
ADVANTAGES OF USING
MORTGAGELOANRATEUPDATE
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.

March 7, 2011 (Jeff Alan)
mortgage-harp-image
According to the Federal Housing Finance Agency’s (FHFA) Foreclosure Prevention and Refinance Report, the number of loan refinancings processed through the government’s Home Affordable Refinance Program (HARP) grew by 30 percent in the fourth quarter of 2010. A total of 57,000 mortgages were refinanced under the government program during the month, well exceeding the previous monthly record of 45,000 set in September.

HARP is designed to help homeowners refinance their mortgages when they might otherwise not be able to do so due to a lack of equity in their property. The program allows borrowers to refinance mortgage debt up to as much as 125 percent of their current home value, enabling “underwater” homeowners whose property values have declined to take advantage of lower interest rates. The program is limited to mortgages backed by government-owned lenders Fannie Mae and Freddie Mac.

While refinancings soared in the fourth quarter, the number of completed loan modifications fell 18 percent, making it the second consecutive quarterly drop. Of the loans modified in 4Q, nearly half had their monthly payments reduced by at least 30 percent.

The Obama administration launched the program two years ago and it was originally projected to help between 4 and 5 million homeowners refinance their mortgages. But like its sister program HAMP, it has fallen far short of its goals with nearly 622,000 mortgages having been refinanced thus far.

The program is scheduled to expire on June 30 but some industry advocates like the Mortgage Bankers Association have sent a letter to FHFA asking that the program be extended.

FHFA cited record low interest rates during the fall as a major factor in the increased refinancings. Mortgage interest rates reached an all-time record low in October of 4.23 percent on a 30-year fixed-rate mortgage. Refinance activity typically trails interest rates by one to two months, according to the FHFA, because of the time needed to close loans after borrowers lock in rates.

Tags: FHFA, HARP, refinance, refinancings, mortgages, home equity, current home value, loan modifications, HAMP, record low interest rates

Home Buying Tips
Home Selling Tips
About
Mortgages
HOW
MORTGAGELOANRATEUPDATE
WORKS
FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at MortgageLoanRateUpdate and the offers you have received, you've found the right product and the best rate.
ADVANTAGES OF USING
MORTGAGELOANRATEUPDATE
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT
CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.