Many people have seen all over the media President Obama talking about the HARP® Refinance program and are currently making their payment to Wells Fargo because they are one of the biggest banks in the nation. Based on a recent announcement, the HARP® program has been extended until 2015, so you will be hearing even more about it over the coming years.
HARP® 1.0 was first launched in March 2009 and was updated in 2011 to include expanded loan to value ratios allowed rather than just 105%. Now, regardless of how much you owe or how much your home is worth, the HARP® program may be right for you. And if you are currently making your payment to Wells Fargo, there is an easy way to tell if you are going to be eligible for the HARP® refinance program – check Fannie Mae and if they don’t have your loan, then check Freddie Mac.
Wells Fargo: Do They Own Your Loan?
Many people assume that because they make their payment to Wells Fargo, then Wells Fargo must own their loan.
Not necessarily true.
Wells Fargo does own some loans, but many more loans they just service (collect payments) for Freddie Mac or Fannie Mae. This is good news if you are interested in a HARP® refinance – because the first step to getting qualified for the HARP® refinance is to have your loan owned by Freddie Mac or Fannie Mae!
Once you determine who owns your loan, then the next step in order to get the best deal on your refinance is to make sure that you speak to multiple lenders and shop around to get the best rate.
The Best Way to Save Money on a HARP® Refinance
The best way to save money on a HARP® refinance if you are currently making payments to Wells Fargo but know that your loan is backed by Fannie or Freddie is to shop multiple lenders.
Shopping lenders is easy to do and can save you a significant amount of money. Get multiple quotes from multiple lenders and you might be surprised at how much you can save.
Get a free HARP® quote if your loan is serviced by Wells Fargo but backed by Fannie Mae or Freddie Mac today and start down the road of saving money!Click to See the Latest Mortgage Rates»