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When Is Market Rate Not Market Rate?

February 14th, 2012 at 04:46 pm

When you are applying for a Harp 2 refi, that is when.

Rates dipped this morning so I contacted my mortgage consultant. I learned that Harp 2 loans are not market rate and do have a premium. This is not what I had understood her to say when we talked previously. I can get 4.625%, or 4.375% with a point. I said that unless I can shave at least 1 percent from my current rate with no points, I am not interested in doing a refi. She acknowledged that the current rates are not very beneficial to me. So unless rates dip quite a bit more, there is no refi in my immediate future.

I chipped the $10.00 I received from Hauser. Tomorrow is payday, so I did a wallet sweep and chipped an additional $7.01 from that.

2 Responses to “When Is Market Rate Not Market Rate?”

  1. baselle Says:

    Exactly what no one tells you - you can get the sweet mortgage rate only if you buy points.

  2. Jerry Says:

    That really stinks... it's like they put that out there just to try to lead people down the primrose path and then surprise them with the fine print at the end. You are right though, you need some insurance that you will cut enough off of the loan to make it worth your while. Good luck!

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