Alpine Bank Offers Local "Underwater" Homeowners a Potential Refinance Option

ROCKFORD, IL - Alpine Bank announces its support of the revised Home Affordable Refinance Program (HARP) guidelines, which will enable more Rockford-area homeowners, who are substantially underwater in their current loan, the option of refinancing.

“As a community-based lender, these latest changes to HARP give us an opportunity to work with more people in our area who previously did not meet the program’s criteria, but may now be able to receive assistance with their loan,” said Ron Balsam, SVP Mortgage.

HARP was initially introduced in 2009. The updates to HARP in 2011 include provisions that allow homeowners to refinance a Freddie Mac or Fannie Mae-backed mortgage, regardless of how much the value of their home has declined. The program previously was limited to homeowners who owed up to 125 percent of their home's value. This requirement has been eliminated in an attempt to make the program available to more homeowners, with the ultimate goal of enabling more individuals to keep their homes.

Alpine Bank is a local lender participating in the HARP program and available to help homeowners determine eligibility for a refinance through the program.  For more information about HARP, contact an Alpine Bank mortgage representative at 815.398.6500 or at https://www.bankalpine.com/mortgage/contact/index.cfm.