Should I wait to refinanceThere is so much hype about Mel Watts being the new regulator of Federal Housing Finance Agency (FHFA) and the potential of him promoting a new HARP 3 program that many homeowners who are under water and should be refinancing today are getting caught up thinking that HARP 3 will somehow get them a lower payment than the current HARP 2 program. The fact of the matter is that any changes made to the HARP program will only effect who qualifies and never effect your interest rate or monthly payment.

Most homeowners who have an FHA mortgage are unaware that they can still qualify for a HARP loan today even if they have a bankruptcy, foreclosure or missed a recent mortgage payment. With interest rates at historical lows combined with flexible lending qualifications, most homeowners who are upside down in their home typically save around $300 per month. What can you do with an extra $300/month ($3600/year x 30 years = $108,000 over the life of the loan)? Some of our clients use the extra money to pay for things like health insurance, a new car or even pay down their home loan even faster thereby saving thousands of dollars in interest payments!

It only takes a couple of minutes to see if you qualify and there is absolutely no cost to you.

Information provided by:

Dustin T. Meshberger
NMLS 412459
Production Team Manager, Mortgage Division
Emery Federal Credit Union