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Average monthly savings from http://www.freddiemac.com/finance/pdf/RefiReport2013Q3.pdf State of the Union transcript - http://www.whitehouse.gov/the-press-office/2012/01/24/remarks-president-state-union-address. Further information for this can be found at http://www.nytimes.com/2011/08/21/realestate/exploring-the-15-year-loan-for-refinancing-mortgages.html Under provisions of the Making Homes Affordable Act(a.k.a. HARP 2.0), signed into law by President Obama, Fannie Mae has removed certain loan refinance requirements for qualifying loans including the Loan-To-Value (LTV) ceiling for fixed-rate mortgage, property appraisal, minimum credit score & credit check, and eliminated & lowered certain fees for borrowers making it easier to refinance into a lower rate mortgage, effectively reducing the amount of interest paid (and owed) over the life of the loan.More info: http://www.fhfa.gov/Media/PublicAffairs/Pages/FHFA-Fannie-Mae-and-Freddie-Mac-Announce-HARP-Changesto-Reach-More-Borrowers.aspx A shorter term mortgage enables such borrowers to pay down the amount they owe much faster than a traditional 30-year mortgage. Furthermore, interest rates on shorter term mortgages usually are less than on thirty-year mortgages. More information can be found at http://harpprogram.org/faq.php The Making Home Affordable Program is set to expire September, 2017 and is free http://www.makinghomeaffordable.gov/about-mha/Pages/default.aspx but standard refinance fees will still apply. http://www.whitehouse.gov/the-press-office/2012/02/01/fact-sheet-president-obama-s-plan-help-responsible-homeowners-and-heal-h On a $200,000 loan, a homeowner in a 30 year fixed at 6.25% would end up paying the bank $443,316. That same homeowner, if they switched to a 15 year fixed at todays rate of 3.58% APR would own their home for only $250,779
Whenever HARP is in any way referenced or referred to:
*In addition to other qualifications, the HARP program requires (1) a good repayment history (i.e. no late payments in the previous six months, and no more than one in the last year), (2) you must have taken out the mortgage loan before June 1, 2009, and (3) your loan must be owned by Fannie Mae or Freddie Mac, the two government-sponsored mortgage finance companies.
Whenever TELS is described as 100% free:
*There is no cost to submit a loan request, get matched with lenders and receive quotes. You may review this information and talk to the lenders at no cost. Of course, the lender you choose may require a fee to process your formal loan application, appraisal, and/or credit report, but until you agree to pay the lender any fee(s), you may shop around with TheEasyLoanSite at no cost. So, since the TheEasyLoanSite does not charge you, the consumer, a fee for its services, who then pays our bills? The lender. Of course, you will be responsible for paying any loan processing, closing costs or other fees to the lender with whom you close.