INDIANAPOLIS--(BUSINESS WIRE)--Stonegate Mortgage Corporation, the fastest growing independent mortgage company in the United States, today announced that it will immediately provide homeowners with valuable refinancing opportunities as offered under the recently enhanced Home Affordable Refinance Program (HARP).
Designed to allow “underwater” borrowers to take advantage of exceptionally low interest rates as well as other refinancing benefits, HARP has been expanded to attract additional borrowers. Accordingly, Stonegate will offer homeowners a no cost analysis with an advisor to identify any potential benefits and determine eligibility.
“We are convinced that HARP will help revitalize the housing market by creating additional stability through previously nonexistent refinancing opportunities,” said Jim Cutillo, CEO of Stonegate. “Our primary focus at Stonegate is to provide an unparalleled customer experience and be the Lender of Choice for borrowers. Therefore, we constantly work to identify ways for our customers to save money and take advantage of any regulatory changes. As an early adopter of HARP, we believe that we can provide a tremendous benefit to many of our customers.”
The recent expansion of HARP involves the following:
- Elimination of a cap preventing borrowers who owe more than 125% of what their property is worth from accessing the program
- Elimination of the need for a new property appraisal where a reliable automated valuation estimate is available
- Extension of the end date for HARP loans until December 31, 2013
In addition, some of the basic eligibility requirements are as follows:
- Your existing mortgage is 80% or more of the current value of the property
- Your existing mortgage was sold to Fannie Mae or Freddie Mac on or before May 31, 2009
- Your existing mortgage is current and has had no late payments in the last six months, and no more than one late payment in the past twelve months
Borrowers whose loan is owned or guaranteed by either Freddie Mac of Fannie Mae may be eligible to refinance their mortgage under the enhanced and expanded provisions of HARP. Borrowers can determine whether their mortgage is owned by either Freddie Mac or Fannie Mae by checking the following websites: www.freddiemac.com/mymortgage or www.fanniemae.com/loanlookup.
About Stonegate Mortgage Corporation
Founded in 2005, Stonegate Mortgage Corporation is now the fastest growing independent mortgage company in the United States, according to Inc. Magazine. Committed to responsible lending and providing an unparalleled customer experience through best in class service and technology, Stonegate offers a range of private as well as government sponsored and insured retail mortgage products and services to customers throughout the majority of the United States. In addition, Stonegate services loans and acquires loans on a wholesale and correspondent basis throughout the United States. For more information about Stonegate Mortgage Corporation, please visit www.stonegatemtg.com.