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Home > Yay for WF's "3 Step" !!

Yay for WF's "3 Step" !!

May 16th, 2012 at 01:16 pm

I haven't had a return call from the WF mortgage consultant who sent me that letter, so I e-mailed the woman who was doing my Harp 2 and asked her about it. This is part of her reply:

Yes, I just checked and your loan is now eligible for the 3 Step. I will have to cancel the loan we started and we can make the 3 Step no cost, live tomorrow.

Yay! Yay, yay, YAY!

She called me just now, too. My Harp 2 is being cancelled today, will be "dead" tomorrow, and we will open my 3 Step.

So I'm going from 5.25 to 4.125 with no closing costs, and a new 30 year loan.

I'm just going to stick with her, since she gets back to me and certain other people do not.

6 Responses to “Yay for WF's "3 Step" !!”

  1. ceejay74 Says:

    Wow, that was fortuitous! Can I ask, were you struggling with your mortgage payments, or can you be eligible for Harp2 even if you're not?

    I have an underwater mortgage with an ARM, and even though my rate is awesome right now (3.25%) due to my loan adjusting every year for the past few, I'm worried what will happen when it starts to adjust upward. We have no problem paying our mortgage; it's maybe 20% of our take-home pay. So I'm not sure if we qualify. It's really hard to find any exact info online.

  2. creditcardfree Says:

    Glad you have a fix to your mortgage!

  3. Petunia 100 Says:

    Hi Ceejay,

    To be eligible for Harp 2, you must have a Fannie or Freddie loan, you can't have any lates in the past 6 months, no more than 1 late in the past 12 months, and you must be able to document you have income. I also had to show the declaration page of my homeowner's policy. That's it.

    Do you know if your loan is owned by Fannie or Freddie?
    If you don't know, you can find out here:

  4. Petunia 100 Says:

    Hi CreditCardFree,

    Oh, me too!! I'll have an extra $200 per month to divvy up between Roth and savings, which is so very welcome. Smile

  5. LuckyRobin Says:

    I'm glad you were able to get it.

  6. Looking Forward Says:

    Great! Big Grin

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