Does Bank of America Offer HARP Loans?
What is a HARP Loan?
A HARP loan (Home Affordable Refinance Program) is a type of mortgage loan that is available to homeowners who have a mortgage that is backed by either Fannie Mae or Freddie Mac. The purpose of the loan is to enable homeowners to refinance their mortgage at a lower interest rate, even if their home has lost value since they originally purchased it. The program was introduced in 2009 as an effort to help homeowners who were struggling to make their mortgage payments due to the economic downturn.
What are the Benefits of a HARP Loan?
The main benefit of a HARP loan is the opportunity to refinance at a lower interest rate, even if the homeowner’s home has lost value. This can save homeowners thousands of dollars in interest payments over the life of the loan. Additionally, HARP loans are more flexible than traditional mortgage loans and do not require the homeowner to have a perfect credit score in order to qualify.
Does Bank of America Offer HARP Loans?
Yes, Bank of America does offer HARP loans. The bank offers HARP loans for both Fannie Mae and Freddie Mac-backed mortgages. Bank of America also offers several other types of mortgage loans, including conventional loans, FHA loans, and VA loans.
How Can I Apply for a HARP Loan from Bank of America?
To apply for a HARP loan from Bank of America, you will need to contact a Bank of America loan officer. The loan officer will be able to explain the loan process and help you determine if you qualify for the loan. If you do qualify, the loan officer will help you complete the necessary paperwork and submit your loan application.
Conclusion
Bank of America does offer HARP loans for homeowners who have mortgages backed by Fannie Mae or Freddie Mac. The loan can offer homeowners the opportunity to refinance their mortgage at a lower interest rate, even if their home has lost value. To apply for a HARP loan from Bank of America, you will need to contact a loan officer who will help you complete the necessary paperwork and submit your loan application.