Answer To the Question “How Much House Can I Afford”

If you are wondering about the finances of your house, it would be advisable to visit the home loan representative of a credible bank offering home loan and refinance options to the customers. With the help of their advice regarding the state of your income and the conditions that affect the payment of interest and its dates, you can hit upon the ideal option for yourself. They would inform you about some wonderful features of government schemes such as HARP2 and in general, answer all your queries related to the question, “How much house can I afford?”

What is HARP2?

Housing Refinance Affordable Program or HARP is the convenient loan refinance plan for California homeowners to help them find the loan option that values their property realistically. After the crash of 2009, many homeowners of the city found that they are paying far too high installment for their property. There are some conditions that you need to fulfill in order to enjoy the benefit of this scheme. The most important of this is that the value of your home should be actually evaluated to be more than the current market rate. 

Attractive options available for mortgage refinance

As the mortgage refinance rates are historically low nowadays, the options available to the borrowers are plenty. They can make use of the refinance program offered by Fannie Mae and Freddie Mac, or look for similar schemes brought about by the government. Schemes such as HARP have been helpful to only around ten percent of people who have made use of the refinance schemes brought about by Freddie and Fannie. Others need to look out for different plans.