Why would a homeowner want to refinance their house instead of a short sale?
Moving isn't fun, right? But you have to live somewhere, so why not avoid finding a place to rent, security deposits, change of address by refinancing and making the payments more affordable? With a short sale, there are significant costs with both time and money: You have to find a place to rent, pay a security deposit, address changes, etc. In many instances the new payment under the HARP program will be the same or less than paying rent.
How does a homeowner know if they are eligible for HARP 2.0?
One Nevada is happy to help you find out if your home qualifies. Or you can visit fanniemae.com/loanlookup. Your loan must be a Fannie Mae loan and your payments must be current. You will also need to qualify on income and credit and have no more than one 30-day late payment.
Cost wise and time wise, what all is involved in refinancing?
Just like a traditional mortgage refi, there are closing costs, which can be financed into the loan so. And the whole process takes only about 30 days, and in most cases, no appraisal is required. It takes longer to go through the rental process!
So what does someone need to do to get refinanced? Just call one of our real estate loan officers at 382.4094, they are happy to help.
Check out One Nevada talking about this program on The Morning Blend.