complete guide to other home loans
To combat the 2008 recession and housing crisis, the Home Affordable Refinance Program (HARP) was created by the federal government in April of 2009. Its main purpose was to make it possible for American homeowners with little or no home equity – or even negative home equity to refinance their mortgages into lower interest rates without paying for mortgage insurance.
To be eligible, the mortgage being refinanced under HARP program must:
Hard Money Loans
Hard money loans are mostly originated by private lenders or investors. Underwriting guidelines for these loans are much loosen comparing to conventional loans. Lenders often rely on underlying collateral as guarantee. These loans are often have shorter terms on top much higher fees and interest rates.