For HARP borrowers refinancing
in the first quarter, 36 percent shortened their terms.
In 2009, the Federal Housing Finance Agency (FHFA) and the Department of the Treasury announced a refinancing
program entitled "Home Affordable Refinance Program" (HARP).
However, the guide also makes sure to inform homeowners when refinancing
may not be the smartest financial decision.
should be done when it mathematically makes sense to do so, and when it helps you achieve your desired goal (and only YOU know those goals).
And maintain a good credit rating so that you can maintain the upper hand in determining your options when it comes time to refinancing
into a traditional loan.
The result is that plan sponsors increasingly are interested in refinancing
loans to reduce share releases to the amounts originally intended.
To illustrate further what refinancing
means to homeowners, consider a $100,000, 10% fixed rate 30-year mortgage.
After the last refinancing
boom in 1987, the Board (along with other government agencies, and consumer and industry groups) prepared a series of consumer information pamphlets about refinancings
, settlement costs, and lockins.
In Florida in November, HARP refinances represented 56 percent of all refinancing
activity in the state, according to FHFA.
in the amount of $125,000 for a single story building containing one commercial unit located in Miami, FL.