What many financial advisors consider the best refinance program in U.S. history is going to be ending this year. While your mortgage company tries to keep this under wraps, the government is pushing for you to qualify before the program ends.
Homeowners who visit the program’s approval website often find out they qualify for low-interest rates and a significant reduction in their monthly payment. So far over 3,400,000 million people have signed up with some saving up to $4,264 a year on their monthly payments.
The biggest qualifying factor is if you owe less than $625,000 on your mortgage. And the government is still waiting for the hundreds of thousands of homeowners who would be eligible to finally apply.
People often say when things seem too good, they usually aren’t but for once this is not the case. This program is completely free and was put in place by our government to help out homeowners for free. And this program isn’t aimed to only help those with just poor credit, it’s for those with any credit score, and in fact the better your score the more you’ll most likely save.
Since the program will end in 2018, government agencies are making a final push to make sure homeowners are aware of this opportunity before time’s up.
If you want to see if you qualify to save money on your monthly mortgage payments, you can check out the HARPs approval website here and get your answer in 45 seconds.
Everyone is aware of the housing crisis that occurred back in 2007-2008. However, since then there’s been a significant improvement in the real estate market across the board. Since the low point of home prices in 2011, they have been on a steady increase.
As compiled and reported by Zillow, homes over the last year have increased in price by an average of 6.2%. This puts the median home value in the U.S. at around $191,200. When compared to the high of 197,000 in 2007 it doesn’t seem great but it is a vast improvement over other years.
Another promising sign is the number of homes being built. In 2012, 784,000 homes were reported being built but when you fast forward to 2016 that number jumps up quite a bit to nearly 1.162 million homes. And estimates put this number for 2017 at an even higher number of around 1.242 homes, a good sign. Even with all these new homes going up, there’s still a market shortage of inventory.
Many experts tribute this increase in new homes and buyers due to the historic low-interest rates that have been available for a few years now.
With that said, a large percentage of new properties are being attributed to investment properties. Estimates say 37% of all homes purchased in the past year were for investment purposes. This is in line with the statistics we see for the renters market. in 2005 there were an estimated 37 million renters in the US, and if you skip ahead to 2016 that number jumps to 45 million. Which equates to over a 19% increase.
It’s hard to predict where the market will be in the future, but if current data is any indication, there’s a lot of hope.