Enter Your Home’s Zip Code To Get StartedVerify Eligibility
Take advantage of the 'HARP Replacement' with a Freddie Mac Enhanced Relief Refinance (FMERR) created and backed by the US Government to help struggling, but up-to-date American homeowners.
By refinancing to a mortgage with a lower interest rate, you could pay significantly less each month and over the life of the loan.
Today’s market rates are more than 30% lower than in 2008 and hovering around record all-time lows. However these rates are unsustainable and will likely be raised soon.
By switching from a 30-year to a 15-year loan, you’ll build equity faster and own your home outright in half the time.
When the HARP program expired on December 31, 2018, high LTV borrowers were granted a new refinance option with the Federal Housing Agency (FHFA) program: Freddie Mac Enhanced Relief Refinance (FMERR)
While not a complete extension of HARP, it aims to support the same types of homeowners. Through the new program, homeowners can get a lower interest rate (which means less out-of-pocket costs each month), get a shorter loan term, or change from an adjustable to a fixed-rate mortgage. There’s no minimum credit score needed, either.
The Freddie Mac Enhanced Relief Refinance℠ Mortgage provides opportunities to borrowers with existing Freddie Mac mortgages who are making timely payments but are unable to take advantage of the standard Freddie Mac "no cash-out" refinance offering because the new mortgage exceeds maximum loan-to-value (LTV) limits.
FMERR's expiration has been set
If you qualify to refinance your mortgage through Freddie Mac Enhanced Relief Refinance Program, you’ll go through an application, approval and closing process (similar to when you got your original mortgage). A lender will work with you through every step, and will help determine if programs meet your specific needs. Outlined below are the steps to get started.
Verify if you are eligible for Enhanced Relief Refinance program using our Free Verification Tool online.
Make sure you have your basic financial and loan information on hand when you call your mortgage company. You’ll need: Your mortgage statements, including information on a second mortgage (if applicable) & your income details (paystub or income tax return).
Find a list of lenders who work with Enhanced Relief Refinance Program at one of these pages. Tell them you are interested in refinancing, and you want to see if you qualify for.
If your lender determines that you do qualify, they will guide you through the application, approval and closing process.
**"There are now about 5.9 million borrowers who could see their rates drop by at least 75 basis points by refinancing their mortgages ... Per borrower, the savings is about $271 per month." - CNBC
Information & Disclosures regarding our partner, quotes.FMERRProgram.org whom you will be transferred to if you click a link on this website:
Upon completion, mortgage lenders and / or other providers of financial services will contact you to discuss your specific situation. Their service is free, however lenders and other service providers may charge you for their services. Available rates and terms are subject to change daily without notice. Our website exists soley for educational purposes, however, we may be compensated if you take an action on our partner's website.
quotes.FMERRProgram.org is not acting as a lender or a broker ("Service Provider"). The information provided by you to HarpReplacement.com is not an application for a mortgage loan nor is it used to pre-qualify you with any lender. Leading Service Providers, who participate in our matching engine, may have loan products available matching the criteria you submit via our forms. If you are contacted by Service Providers, advertising within our partner network, your quoted rate may be higher, depending on your property location, credit score, debt-to-income ratio, loan-to-value ratio, and other factors. quotes.FMERRProgram.org does not guarantee that the rates or terms offered and made available by participating Service Providers are the lowest rates available in the market or the best terms available; not all Service Providers in our network offer the products that we advertise. Completing our forms does not obligate you to purchase a service or product from the providers, nor does it obligate a provider to offer to you any particular service about which you may have inquired. Available rates and terms are subject to change daily without notice. NMLS ID #: 1863 | NMLS Consumer Access: http://www.nmlsconsumeraccess.org
FHA's nationwide forward mortgage limit "floor" and "ceiling" for a one-unit property in Calendar Year 2019 are $314,827 and $726,525, respectively. https://www.hud.gov/program_offices/housing/sfh/lender/origination/mortgage_limits
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 https://www.quickenloans.com/mortgage-options/fixed-home-loans
Two new refinance programs replaced HARP (which expired December 31, 2018). The HARP replacement programs are called "High LTV Refinance Option" (Fannie Mae) and the "Freddie Mac Enhanced Relief Refinance" or "FMERR". http://www.freddiemac.com/singlefamily/enhanced_relief_refi.html
"To encourage borrowers to make the decision to rebuild equity in their homes, we are proposing that the legislation provide for the GSEs and FHA to cover the closing costs of borrowers who chose this option - a benefit averaging about $3,000 per homeowner. To be eligible, a participant in either program must agree to refinance into a loan with a no more than 20 year term with monthly payments roughly equal to those they make under their current loan. For those who agree to these terms, the lender will receive payment for all closing costs directly from the GSEs or the FHA, depending on the entity involved."
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 today's rate of 3.58% APR would own their home for only $250,779.
Adjustable Rate Mortgage:
The initial payment on a 30-year $200,000 5-year adjustable rate loan at 4.125% and 75.00% loan-to-value ratio (LTV) is $969.3 with 2.375 points due at closing. The annual percentage rate (APR) is 5.059%. After the initial 5 years, the principal and interest payment is $969.3. The fully indexed rate of 5.125% is in effect for the remaining 25 years and can change once every year for the remaining life of the loan. Payment does not include taxes and insurance premiums. The actual payment amount will be greater. Rate is variable and subject to change after 5 years.
15-Year Fixed-Rate Mortgage:
The payment on a $200,000 15-year fixed-rate loan at 5.125% and 75.00% loan-to-value ratio (LTV) is $1594.65 with 0 points due at closing. The annual percentage rate (APR) is 5.301%. Payment does not include taxes and insurance premiums. The actual payment amount will be greater. Rates shown valid on publication date of 10/18/2018. Some state and county maximum loan amount restrictions may apply.
Based on the two scenarios above, a homeowner could save hundreds from switching from a 15-year fixed-rate loan (payment of $1,504.56) to an adjustable rate mortgage (payment of $969.30), resulting in a savings of $535.26.
30-Year Fixed-Rate Mortgage:
The payment on a $200,000 30-year fixed-rate loan at 5.625% (6.087% APR) with 0 points and an LTV of 97% is $1,241.32, which includes a mortgage insurance payment of $90.00. Taxes and homeowners insurance are not included. The actual payment will be greater. Rates shown valid on publication date of 11/07/18. Product available on fixed-rate conventional products only. No FHA, VA or jumbo products. Additional restrictions/conditions may apply.
To qualify for these loan programs, you must be at least 18 years of age with a valid U.S. residency. Guidelines may vary for self-employed individuals. Formal approval will be subject to satisfactory verification of income, assets, credit, property condition and value. Additional restrictions/conditions may apply.
The average homeowner with a mortgage has gained $12,400 of equity in their home this year available to draw and use, that homeowners are missing out on. Due to the new tax laws, not all uses of cash from HELOC's are tax deductible, which is a loss of a major benefit for consumers who are interested in tapping into that equity. Therefore, cash-out refinances may be more appealing to individuals interested in refinancing, because they maintain their tax deductible benefits that are not as available under HELOC.
Out of the 51.7 million homeowners with a mortgage in the United States, 43.6 million have tappable equity. This means that 84% may have available equity or cash that they can use in their homes.
12-Month Low Rates:https://www.apnews.com/f33a8bce81e145f5bef0e97c8e449bdb