For the past two years, Bank of the Cascades has provided low interest refinancing options for homeowners who are “underwater” or owe more than the present value of their homes. The problem is, not enough people know about it.
The Bank is among others in the state participating in the Federal government’s Home Affordable Refinance Program (HARP), and is hoping to help spread the word so that more Central Oregon residents can take advantage of the opportunity. To be eligible, they must be current on their mortgage payments, with or without equity.
“Market rates are at an all-time low right now and we are eager to help customers reduce their monthly payments by taking advantage of this government stimulus program,” said Julie Miller, Executive Vice President & Oregon Regional Manager for Bank of the Cascades. “This is a great opportunity that we believe could make a dramatic difference for many people in our communities and we need to make sure they know it’s available.”
The HARP program was introduced in early 2009 by The Federal Housing Finance Agency (FHFA) and the Department of the Treasury as part of the Obama Administration’s Making Home Affordable program. The program is designed to assist borrowers who may not otherwise qualify for refinancing because of declining home values. HARP is available for a limited time per Congress and is facilitated through the FannieMae/Freddie Mac Streamline process.
While the current HARP program is limited to homeowners who’s Loan to Value (LTV) ratio is 125%, an industry-wide effort is currently underway to expand the program and make it accessible to more people. Bank of the Cascades representatives are expecting to learn more about the expanded HARP program requirements in March of 2012 and are hoping to make it available to customers soon after. The HARP expansion would increase the LTV limitation. Consumers could also see changes to the requirement for appraisals, which can be costly. Additionally, some of the other costs associated with loans may be reduced through this program.
“Our goal is to keep people in their homes,” said Lance VanSooy, Vice President and Mortgage Regional Manager for Bank of the Cascades. “We are constantly looking for innovative ways to bring financial strength and viability to our customers and communities and the HARP program is one of the many things we have committed to in order to help make that happen.”
For more information about HARP, contact Bank of the Cascades at (541)385-9933. You can also contact: Fannie Mae (800)7FANNIE or online at www.FannieMae.com/loanlookup; or Freddie Mac (800)FREDDIE or online at ww3.FreddieMac.com/corporate.
Cascade Bancorp (NASDAQ: CACB), headquartered in Bend, Oregon, and its wholly-owned subsidiary, Bank of the Cascades, operates in Oregon and Idaho markets. Founded in 1977, Bank of the Cascades offers full-service community banking through 32 branches in Central Oregon, Southern Oregon, Portland/Salem and Boise/Treasure Valley. The Bank has a business strategy that focuses on delivering the best in community banking for the financial well-being of customers and shareholders. It executes its strategy through the consistent delivery of full relationship banking focused on attracting and retaining value driven customers. For further information, please visit our web site at http://www.botc.com
