Take Out a Loan
MAFCU offers the government's Home Affordable Refinance Program (HARP) which has been expanded to help more homeowners qualify to refinance their mortgage. Even those with little or no equity available may take advantage of low interest rates and other refinancing benefits. HARP provides refinance opportunities to members with existing Fannie Mae loans who have demonstrated an acceptable payment history, but have been unable to refinance to obtain a lower payment or move to a more stable product. The date of the original promissory note for the loan being refinanced must be prior to June 1st, 2009.
As a lender, MAFCU must represent and warrant that the homeowner is receiving a benefit in the form of either a:
- Reduced monthly P&I payment
- Reduced interest rate
- Reduced amortization term
- More stable product (for example, ARM to fixed rate)
To see if you might be eligible for the program, do a quick property check on Fannie Mae's Loan Lookup Tool https://knowyouroptions.com/loanlookup.
Contact Charlie Plunkett, Business Development Specialist, for additional information.
Business Development Specialist
or apply online at our Mortgage Web Center.