NEW YORK, Nov. 18, 2011 /PRNewswire/ -- RoundPoint Mortgage, one of the country's fastest growing online mortgage lenders, announced today it is ready to refinance the mortgages of HARP-Eligible homeowners who may not have qualified under the original HARP program terms.
RoundPoint's announcement follows this week's decision by the Federal Housing Finance Administration (FHFA) to allow roughly seven million homeowners to refinance their mortgages under the federal government's expanded Home Affordable Refinance Program (HARP). FHFA officials expect that approximately 1.8 million borrowers will take advantage of the new eligibility.
HARP will enable "underwater" homeowners who hold Freddie Mac or Fannie Mae mortgages and are current on payments to refinance. Until now, these homeowners were excluded from refinancing options because their mortgages are worth more than the value of their homes. Qualified homeowners can now take advantage of the lowest interest rates available in nearly a half-century.
A homeowner with a 30-year mortgage of $200,000 and who currently pays a 6% interest rate/payment of $1,199 per month would save $244 a month by refinancing to a 4% percent 30-year fixed rate, excluding taxes, points and refinancing costs.
RoundPoint's branchless, Internet-exclusive business model enables it to offer some of the most competitive rates and terms in the marketplace. With lower overhead than traditional competitors, RoundPoint Mortgage is able to pass those cost savings on to consumers.
"We provide an increasingly Internet and technology-savvy buying audience the most transparent access to the best pricing and highest levels of customer service for home mortgage products," said RoundPoint Financial Group Chairman Kevin Brungardt. "Our model is validated by our consistent placement as the most attractive mortgage offering on popular search engines such as Google and Zillow.com, as well as our broadly favorable customer reviews on those sites," said RoundPoint Mortgage Company President Nick Florez.
Some basic program eligibility requirements for homeowners include:
- Having a mortgage owned or guaranteed by Fannie Mae or Freddie Mac that was made on or before May 31, 2009.
- Not having an FHA, VA or USDA loan.
- Being current on mortgage payments in the last 6 months – with no more than one 30 day late payment in the last 12 months.
- Having the ability to make the new payments.
To find out more complete details and program qualifications regarding HARP, please visit http://www.makinghomeaffordable.gov.
About RoundPoint Mortgage Company
Headquartered in Charlotte, North Carolina, RoundPoint Mortgage Company is one of the country's fastest-growing originator of home loans, underwriting nearly $200 million in mortgages each month. The company, founded in 2007, is a wholly owned subsidiary of RoundPoint Financial Group and has established an ongoing strategic relationship with RoundPoint Mortgage Servicing Corporation to provide select refinancing programs that help customers stay in their homes during these uncertain financial times.
For more information, please visit: http://www.roundpointmortgage.com/.
SOURCE RoundPoint Financial