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HARP Refinance In My Future?

November 2nd, 2011 at 09:53 pm

Have you heard the latest news from HARP? On 10/24/11, it was announced they are eliminating the 125% LTV cap. That was the one requirement which disqualified me from doing a refi under HARP. More details are to follow on 11/14/11. I am anxiously awaiting those details!

I already know that my lender is participating, that Freddie Mac owns my mortgage, that I have no late payments in the last 12 months, and that I have sufficient income. What I don't know is...will being upside down mean I will have to pay a premium rate? I only want the refi if I can snap up a nice 4% fixed rate loan. Otherwise, I will stick with what I have. I will have to wait and see.

3 Responses to “HARP Refinance In My Future?”

  1. mans442 Says:

    I qualify also for the revised HARP program. My mortgage house (bank of america) offered me comparatively lame rates even with perfect payment history and good credit. With the HARP program, you seem to not get most competitive rates. I currently have a fixed 6.0% on a 30 year for a $202,000 balance. My goal was to maintain the same payment per month but reduce my term. They offered only a 5.375 for a 20 year and and a 5.0% for a 15 year term. Better rates than I have now, but I was hoping for a better deal.

  2. Petunia 100 Says:

    Hi Mans, that is an unappealing offer. How long ago did they make that offer? Lately, I have been checking Wells Fargo rates almost daily (my lender), and they have dropped a quarter point in the past week or so.

    You do have the option of using a different lender, but there is more paperwork (based on what I have been reading). If you haven't already done so, try Googling "Harp 2".

  3. hutad Says:

    Hi Petunia 100,

    Don't know if you're still looking into a HARP refinance but right now, refinance rates are still near record lows and it's still a good time to refinance if you qualify for this program. Please let me know if you want me to send a referral I worked with a credit union and closed within 55 days. I lowered my rate from 5.75% to 4.25%.


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