TAMPA, Fla., May 30, 2013 (GLOBE NEWSWIRE) -- Homeowners with a Fannie Mae or Freddie Mac home loan can refinance their loan and lower their rate through the federal Home Affordable Refinance Program (HARP), even if they owe more than the home's current value, according to GTE Financial, a not-for-profit financial cooperative with more than $1.6 billion in assets and 21 Community Financial Centers located throughout West Central Florida.
"GTE Financial has closed more than 2,300 HARP loans since June 2012 with a total loan value of more than $455 million, saving homeowners an average of $419 per month on their mortgages," says Joe Brancucci, CEO & president of GTE Financial. "There's a lot these members and their family can do with an extra $400 or more each month. In addition, saving them a combined total of more than $84 million in interest is something that is also a huge boost to the area economy."
A GTE Financial member since 2012, Spring Hill resident Tracy Reid Rowe and her husband, Fred, had a high interest rate on their mortgage. With the help of GTE Financial and HARP, she was able to reduce their rate from 8.95 percent to 3.75 percent, saving $500 a month. "We've got a daughter who's in college right now and it's helped us tremendously to take some of those savings and put it toward her college education," she says.
Ideal candidates for HARP loans meet the following criteria:
- Current on their mortgage and no record of late payment within the last six months – or – only one late payment during the past 12 months
- Current loan to value (LTV) higher than 80 percent
- Mortgage was sold to or guaranteed by Fannie Mae or Freddie Mac on or before May 31, 2009
- Mortgage has not been refinanced through HARP in the past, unless it was a Fannie Mae loan that was refinanced through HARP between March and May 2009
"Individuals interested in applying for HARP refinancing can apply online at www.gtefinancial.org/HARP or by visiting any of our locations," says Brancucci. "We encourage homeowners to contact us for more information and to see if they can take advantage of HARP refinancing."
About GTE Financial:
GTE Financial is a not-for-profit financial cooperative with more than $1.6 billion in assets and 21 Community Financial Centers located throughout West Central Florida. Chartered in 1935, GTE Financial is locally owned and operated in the Tampa Bay area, serving more than 200,000 individuals and businesses. More information on GTE Financial can be found at www.gtefinancial.org.