With the recent spike in interest rates, see chart below
5 Year History of 30 Year Fixed Rate
| MONTH | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 |
|---|---|---|---|---|---|---|
| January | 6.24% | 5.79% | 5.49% | 5.10% | 4.23% | 3.70% |
| February | 6.41% | 5.81% | 5.40% | 5.27% | 4.20% | 3.84% |
| March | 6.62% | 5.65% | 5.32% | 5.13% | 4.27% | 3.82% |
| April | 6.54% | 5.47% | 5.41% | 5.14% | 4.20% | 3.73% |
| May | 6.57% | 5.47% | 5.24% | 4.92% | 4.09% | |
| June | 6.88% | 5.92% | 5.13% | 4.77% | 3.99% | |
| July | 6.92% | 5.71% | 4.96% | 4.80% | 3.89% | |
| August | 7.01% | 5.68% | 4.81% | 4.55% | 3.89% | |
| September | 6.65% | 5.51% | 4.76% | 4.39% | 3.80% | |
| October | 6.84% | 5.40% | 4.63% | 4.41% | 3.72% | |
| November | 6.69% | 5.33% | 4.69% | 4.34% | 3.66% | |
| December | 6.03% | 5.34% | 5.06% | 4.29% | 3.62% |
Homeowners may shy away from the idea of refinancing their mortgage because a) rates are higher now than they were last month or b) they don’t think they qualify. Objection A is correct, rates are higher today than they were a month ago. However, they are still considerably lower than 6-7% that you are paying if you took out your mortgage in 2008. I would counter Objection B with a simple question, how do you know?
The Home Affordable Refinance Program (HARP) was designed to aid homeowners that have a mortgage securitized by Fannie Mae or Freddie Mac. The entity that securitized your mortgage is not always the same as the company you pay. There are 2 simple resources to check to see if Fannie Mae or Freddie Mac own your mortgage:
Fannie Mae Loan Lookup
Freddie Mac Loan Lookup
If one of the two own your mortgage you are in good shape as that is the first step to qualifying for a Ohio HARP refinance. Did you close your loan prior to or in early May 2009? If yes, then the second step has been met.
The next step would be to check your credit scores and credit history. That’s where I come in. Take a second to fill out my free, no obligation, no social security number required Ohio HARP Interest Rate Quote form, and I will get in touch with you to go over options.
Generally Ohio HARP mortgages do not need an appraisal, and the income documentation is less restrictive than a normal refinance, making the mortgage a bit simpler. And the HARP program has been extended through 2015 to give you ample time to take advantage of a Ohio HARP refinance.
If your interest rate is now higher than 5.00%, you have nothing to lose. Request your Ohio HARP Refinance Quote today.
