PHH Home Loans, LLC Blog

Use HARP refinancing as a way to keep the conversation going with your clients

July 13th, 2017

Maintaining a connection with clients after they've closed and locked the door behind them in their new home is often a challenge. Aside from communications on holidays or birthdays, mailings on your latest business or sending a value-add seasonal publication on home upkeep/d?cor, what can you provide them that truly shows your continued value to them as their real estate professional? By offering them advice not on buying a new home, but refinancing their existing home using through the Home Affordable Refinance Program (HARP).

What is HARP?
Established in 2009 by the FHFA, HARP is a program for borrowers with mortgages owned by Fannie Mae and Freddie Mac and who have little to no equity in their homes to be able to refinance their mortgages to a lower rate. Among its benefits, borrowers can qualify with no minimum credit score or loan-to-value ratio cap requirements - the latter is a saving grace for loans that are "underwater." You and your clients can read more on the government's HARP website: https://www.harp.gov/Default.aspx?Page=1.

All good things...
Unfortunately, as with all good things, the HARP program and all of its benefits is drawing to a close - while it has been extended a few times, it appears that September 30th is the last date when borrowers can take advantage of the program. That means you only have a very small window of opportunity to use the program as a "conversation starter."

How you can help your business by helping your clients
Refinancing gives you a chance to reconnect – and you can do it with something as immediate as a phone call or a personalized email. It shows that you are thinking about your clients as people in a valuable and valued relationship - you're looking out for their best interests by giving them insight into a program that has the ultimate purpose of allowing them to stay in their house longer. That says, "It's not about me, it's about you" - and when it comes time for a referral to a family member or friend, they'll remember you as the real estate professional who truly does care and go above and beyond.

 

PHH Home Loans, LLC

PHH Home Loans, LLC, 1 Mortgage Way, 3rd Floor, Mt. Laurel, NJ 08054. NMLS ID # 4256. (www.nmlsconsumeraccess.org). Massachusetts Licensed Lender #MC4256; Licensed by the New Hampshire Banking Department; Rhode Island Licensed Lender. Equal Housing Lender.

PHH Home Loans, LLC d/b/a Coldwell Banker Home Loans.  1 Mortgage Way, 3rd Floor, Mt. Laurel, NJ 08054. NMLS ID #4256. (www.nmlsconsumeraccess.org) Alaska Licensed Mortgage Lender #AK4256-2, 866-462-8266; Arizona Residential Mortgage Licensee #BK 0907285; Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act; Licensed by the Delaware State Bank Commissioner  #8094; Georgia Residential Mortgage Licensee #20292; Illinois Residential Mortgage Licensee #MB.6759857; 100 W. Randolph, 9th floor, Chicago, IL 60601, 800-532-8785; Massachusetts Licensed Lender and Mortgage Broker #MC4256; Minnesota – This is not an offer to enter an interest rate lock-in agreement; Montana Licensed Mortgage Lender #4256; Licensed by the New Hampshire Banking Department; Licensed by the New Jersey Department of Banking and Insurance; Licensed Mortgage Banker – NYS Banking Department; Ohio Certificate of Registration  MB. 804019; Rhode Island Licensed Lender. Equal Housing Lender.