The Reach and Scope of HARP

Since its inception, HARP has helped approximately 2.2 million struggling homeowners refinance their underwater mortgage under more favorable terms, leaving the state of America’s housing market in a much better condition than what it would be without the program.  Beginning in April 2009, the HARP program was initiated by the Federal Housing Finance Agency (FHFA) […]

I’ve heard that HARP has been extended. Is this true? If so, why are they extending it?

Great News for Homeowners: The Federal Housing Finance Agency Has Extended HARP And Its Benefits

Last week, the Federal Housing Finance Agency (FHFA) extended the Home Affordable Refinance Program (HARP) for an additional two years, pushing the expiration date to December 31, 2015 rather than December 31, 2013.  FHFA’s reasons for doing this have been made clear.  According to FHFA Acting Director Edward J. DeMarco, “More than 2 million homeowners […]

Why do I need an appraisal and how does it effect the process of buying or refinancing a home?

4 Secrets to Refinancing an Underwater Mortgage

If you are one of the millions of homeowners across the country with a mortgage that is considered “underwater,” you’ve likely discovered the difficulty in getting your home refinanced to take advantage of a better rate.  While government programs like FHA are allowing underwater homes to be refinanced, conventional loan holders are finding less luck. […]

My Home Didn’t Appraise For Its Purchase Price. What Are My Options?

When you are in the process of buying, selling or refinancing your home, obtaining a home appraisal is usually a required step.  When an appraiser comes to your home, he or she will determine its “fair market value” by considering a variety of factors, such as the number of bedrooms and bathrooms, the age of […]

Top 5 Changes in the Mortgage Industry for 2013

A lot of changes are happening in the mortgage industry for 2013, thanks to increased regulation and the lending industry tightening down on its rules.  Knowing about these changes will help you make the best decision whether 2013 is the year for you to apply/refinance.  Tip 1: Now’s The Time To Refinance Rates are expected […]

Changes Coming to FHA Mortgage Program in April 2013

After announcing a $16.3 billion deficit in November of 2012, FHA is on the verge of needing taxpayer bailout.  In order to avoid this, FHA mortgage programs are expected to undergo a series of changes over the next few months—changes that will assist in raising the Federal Housing Authority’s reserves.  Most significant among these changes […]

Are there any tax deductions I can take for purchasing a home recently that might not be commonly known? I want to make sure I take advantage of every possible one!

Qualifying to Maximize the Mortgage Insurance Premium Deduction

Image courtesy by @ zacks.com While the Obama administration has come under fire for raising taxes to avoid a “fiscal cliff,” there is a light at the end of the tunnel for taxpayers who are seeking to lower their taxes, and that light is home ownership.  Moving expenses, home equity debt, energy credits, home-office deductions, mortgage interest—the […]

Concerned About Tax Rate Hikes? Don’t Miss Out on a Significant Tax Deduction

The buzz over probable tax rate increases has put taxpayers on both sides of the political divide in a state of concern over how it will affect their income in the coming year.  The American Taxpayer Relief Act of 2012 was enacted into law on January 2, 2013 and represents a compromise measure that permanently […]

Why do I need to have a mortgage broker in the first place? Can’t just work straight with a lender?