Refinancing

[adventure_woman]

I just talked to our current lendor about refinancing. Really just to take advantage of the lower interest rate. Should I call around to other lendors or are the all going to be offering the same type of thing/rate/etc. We do qualify for HARP if that makes a difference. I am new to this so please give me advice!

 

[ccgirl]

I just talked to our current lendor about refinancing. Really just to take advantage of the lower interest rate. Should I call around to other lendors or are the all going to be offering the same type of thing/rate/etc. We do qualify for HARP if that makes a difference. I am new to this so please give me advice!

Yes, you should call around. Do you know your credit score? I would give the other lenders that rather than having them pull new credit reports.

The HARP *should* be the same rate regardless of who you go through. I just did that a few months ago and we are saving so much money. It took 2 weeks for us from the time we started until closing. We went with the same bank that had our mortgage previously.

Hope that helps.

 

[LJSquishy]

The rate should be the same (3.875 was what ours would be for a 30-year and I believe 20-year was 3.5+), but fees can be different between lendors so it never hurts to call around.

We just tried to refinance under HARP, but because there is a comp home selling as a short sale 2 houses down, and one for sale a block away that is priced low, there is no way our home will appraise within the limits. The home can be up to 125% of loan in value, but our bank will only do it within 107%, so you will want to inquire about that also if there is concern about your appraisal.

 

[ccgirl]

The rate should be the same (3.875 was what ours would be for a 30-year and I believe 20-year was 3.5+), but fees can be different between lendors so it never hurts to call around.

We just tried to refinance under HARP, but because there is a comp home selling as a short sale 2 houses down, and one for sale a block away that is priced low, there is no way our home will appraise within the limits. The home can be up to 125% of loan in value, but our bank will only do it within 107%, so you will want to inquire about that also if there is concern about your appraisal.

I didn't have to get an appraisal with my HARP so you might want to check with another bank.

 

[Pesky]

you definitely want to ask about fees and closing costs, which are not always created equal.

 

[lost*in*cyberspace]

Yes, you should call around. Do you know your credit score? I would give the other lenders that rather than having them pull new credit reports.

It is extremely unlikely that the bank will not pull your credit report. They aren't going to take your word about your score. They need more information than your overall score. Additionally it is likely they will pull it again just before closing to make sure nothing has changed.

 

[TheRustyScupper]

1) Always check several mortgage companies for rates.
2) Always check several mortgage companies for rates.
3) Always check several mortgage companies for rates.
4) Mortgages are like commodities.
5) Allegiance to one bank really isn't necessary.
6) Go for the bucks.
7) By the way
8) Always check several mortgage companies for rates.

 

[emmababy]

The rate should be the same (3.875 was what ours would be for a 30-year and I believe 20-year was 3.5+), but fees can be different between lendors so it never hurts to call around.

We just tried to refinance under HARP, but because there is a comp home selling as a short sale 2 houses down, and one for sale a block away that is priced low, there is no way our home will appraise within the limits. The home can be up to 125% of loan in value, but our bank will only do it within 107%, so you will want to inquire about that also if there is concern about your appraisal.

I'm a LAN officer and many people are getting appraisal waivers for harp and rates will vary by lender and day. Feel free to pm me.

 

[hsmamato2]

1) Always check several mortgage companies for rates.
2) Always check several mortgage companies for rates.
3) Always check several mortgage companies for rates.
4) Mortgages are like commodities.
5) Allegiance to one bank really isn't necessary.
6) Go for the bucks.
7) By the way
8) Always check several mortgage companies for rates.

 

[TheRatPack]

I'd read about someone else using HARP and so I looked in to it. It said it has to be owned by Fannie Mae or Freddie Mac? We really want lower rates....we're currently at 5% but I don't want to go back up to 15 years when we're down to 11 now. My loan officer told me about a term/rate change loan that was coming out in June I believe....but again, bumping back up 4 years is a downer.

 

[mrsklamc]

Check with a credit union as well. We were shocked at what ours was able to do for us, with no fees other than the appraisal.

 

[ascwilson]

I'd read about someone else using HARP and so I looked in to it. It said it has to be owned by Fannie Mae or Freddie Mac? We really want lower rates....we're currently at 5% but I don't want to go back up to 15 years when we're down to 11 now. My loan officer told me about a term/rate change loan that was coming out in June I believe....but again, bumping back up 4 years is a downer.

You can go less than 15 years on a HARP loan so you may want to check various lenders (we do at the credit union I work for). You are correct that HARP 2 comes out in June and with it there is no loan to value (LTV) cap like the HARP1 which will help a lot of people here in Michigan. HARP2 may also be used to refinance non owner occupied homes as well. Many lenders are honoring HARP on loans they hold (meaning they aren't owned by Fannie or Freddie but the paper is held by the institution) in order to lower risk of potential default as the loans will liquidate quicker.

 

[Karlzmom]

You can go less than 15 years on a HARP loan so you may want to check various lenders (we do at the credit union I work for). You are correct that HARP 2 comes out in June and with it there is no loan to value (LTV) cap like the HARP1 which will help a lot of people here in Michigan. HARP2 may also be used to refinance non owner occupied homes as well. Many lenders are honoring HARP on loans they hold (meaning they aren't owned by Fannie or Freddie but the paper is held by the institution) in order to lower risk of potential default as the loans will liquidate quicker.

Unfortunately BoA is not one I don't want anything other than the interest rate reduction as I'm at 6.5%, but can't seem to do a thing aboiut it. Perfect credit..house upside down like everyone else. The funny thing is, the bank has risk beyond the house value now, so it would seem that giving me the better rate would HELP them by making sure I can/will stay. Nope! I sometimes wish I capable of setting aside the moral aspects and do the strategic default like so many others I know. I just can't get to where "its a business decsion" is right when I know I agreed to pay X% for 30 years at the outset. Of course, that was before BoA got a chunk of my tax dollars, my kids tax dollars and likely my grandkids tax dollars to make their life better....but I digress......

 

[4luv2cdisney]

Are HARP interest rates lower or the same as a regular refi? Do you have to pay PMI?

 

[TheRatPack]

Unfortunately BoA is not one I don't want anything other than the interest rate reduction as I'm at 6.5%, but can't seem to do a thing aboiut it.

We're with BoA too...oh well. Maybe the one that comes out in June will benefit us?

 

[Mommy Of 3]

I know how you feel. I'm in the same boat, and it's extremely frustrating...