Recently, Donald Trump encouraged people to take advantage of a mortgage refinance program. Usually when Trump speaks, people listen, and what The Donald has to say about mortgage interest rates could help you save a considerable amount of money.
In his speech, Trump claimed that the Federal Reserve is keeping interest rates artificially low for political reason and he offered smart homeowners a roadmap for how they can take advantage of historically low interest rates. Speaking on Bloomberg TV’s “With All Due Respect,” Trump said that as a property developer he has “always loved” low interest rates because they allow his businesses to borrow money cheaply and bring down the interest payments on mortgages on his properties.
But, Trump knows that these low rates can’t last forever. “I’m just saying at some point, you have to raise interest rates,” claims Trump, and he predicts it will occur after the next election cycle. “The secret is to lock in your low rate now, before rates go up.”
Think Like Trump
So how can you “Think like Trump” and take advantage of these low rates? One of the best ways to check if you can refinance your loan with the HARP refinance program. Visitors that check The Easy Loan Site1 can often be shocked at how much they can save on their mortgage.
What is HARP?
HARP is a special government program designed to help middle class homeowners like you take advantage of today’s rock-bottom rates, even if you are underwater on your loan. If your mortgage balance is less than $625,000 and you’ve continued to make your payments on time, you have a good chance of being eligible to reduce your monthly payment.
You can view the eligibility requirements for the HARP program here:
Help for middle class homeowners
When the financial crisis hit, the government set up HARP to reward middle class homeowners who stuck it out and continued to make their monthly mortgage payments. The catch is that this program won’t last long, so if you want to lower your mortgage payments, now is the time to act!
Banks aren’t happy
Think banks like HARP? No chance. Here’s why:
They may lose your business. You’ve been paying your mortgage faithfully for years, even through the worst of times. But, it’s not a requirement to do your HARP loan through your current lender. In fact, you can find big savings by shopping around for the best rate.
The average savings for most eligible households is $4,264 per year.2 There’s no way banks want to give up that type of money.
How to get started?
The best way to find the lowest rates is through a free website that compares available mortgage rates for consumers, and allows you to choose the best one. Sites such as The Easy Loan Site1 offer consumers access to dozens of HARP lenders on its network. And if it turns out that you aren’t matched with a HARP lender, the site can connect you with a mortgage broker, attorney, or other service provider who may be able to assist you with your mortgage situation.
What do you think of Trump’s advice? We’d love to hear from you.
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