You Could Save $2,400 Every Year but Your Lender Doesn’t Want You to Know It
There’s a carefully guarded secret in the mortgage industry: millions of homeowners are eligible for a lower interest rate than they realize. And that drop in interest can potentially save them hundreds of dollars a month or thousands a year.
The secret is the Home Affordable Refinance Plan (HARP), which benefits millions of Americans, reducing their monthly mortgage payments by as much as $2,400 each year. These savings can also empower them to take several years off their home loans.
Cash In Your Pocket
It’s no wonder many banks are not eager to share the benefits of the program. Why would they want to lose out on all that profit?
While traditional financial institutions eagerly wait for HARP to end next year, the government is gearing for a final push to get homeowners to take advantage of the program.
So, if lowering your payments, paying off your mortgage faster, or having an extra $200 or more a month would help you, it’s vital you act now.
Money Goes Back to the Middle Class
When consumers have more money available every month, they have more money to spend. This strengthens the economy. But the banks are not happy about it. Why?
- As referenced above, HARP makes it easier to qualify for a lower interest rate and possibly shorter terms, which make it so you pay far less interest over the life of your loan.
- Borrowers have the option of choosing from a variety of lenders, not just their current one.
Banks would much prefer to make more money by keeping you at the higher rate you financed at years ago, which is yet another way the middle class misses out on the programs that benefit them the most.
- The average monthly savings is $200. What would you do with an additional $200 each month?
- Additional uses for the money include making home improvements, paying for a child’s education or consolidating debt.
Act Now and Start Saving
Speak with a Licensed Lending Officer today to find out if you’re eligible for HARP. If your outstanding mortgage is less than $625,500, you have an excellent chance of qualifying. Call (888) 983-3270 or click here to get a rate quote and start saving every month.