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1/22/2020 12:12:56 PM
Posted: 11/20/2012 9:30:16 AM EST
Think I'm going to pull the trigger. I'm underwater so I'm going the HARP route and my lender is offering 3.75% on a thirty year or 3.25% on a twenty year. I'm currently at 6.25%. They are sending a good faith estimate right now. What should I be looking for as far as any small print. Closing costs are about $2,200. Sounds like a good deal as long as 3.75 is the rate and closing costs remain at their estimate.
Link Posted: 11/20/2012 9:32:22 AM EST
Better deals out there... we just did 3.25% for 15 years for nothing. Being upside down might be a factor for you though.
Link Posted: 11/20/2012 9:33:10 AM EST
Originally Posted By Ranchitecture:
Better deals out there... we just did 3.25% for 15 years for nothing. Being upside down might be a factor for you though.


"For nothing" meaning no out of pocket costs? How much did you roll into the refinance?
Link Posted: 11/20/2012 9:36:18 AM EST
Originally Posted By Ranchitecture:
Better deals out there... we just did 3.25% for 15 years for nothing. Being upside down might be a factor for you though.


Yes. Find a bank with little to no costs. USBank only cost us $40 to re-fi. And we came out $20k richer with half the interest.

You'd be surprised how many banks WANT your mortgage right now.
Link Posted: 11/20/2012 9:41:21 AM EST
I'm Branch Manager at Mortgage Company here in Arkansas, the Harp rates are all over the place depending on who we sell the loan too, I would really shop it around, you should be able to get 3.5% on a 30 year no problem with no closing cost other than title. I dont know what state your in but you can go to our website www.dfcorp.com and get a rate quote. I only do loans in Arkansas.

Good Luck!
Link Posted: 11/20/2012 9:41:45 AM EST
I think they key is that you are underwater. Not sure how many banks want to loan on a house for more then it is worth.

Paul
Link Posted: 11/20/2012 9:43:19 AM EST

Originally Posted By Ranchitecture:
Better deals out there... we just did 3.25% for 15 years for nothing. Being upside down might be a factor for you though.


Since I am underwater, my only option is a HARP loan. You can only get a HARP from your original note holder, so there is no shopping around. They kind of have you by the balls. I'm ok with the rate, I'm just wondering about any fine print issues I should be examining on the GFE.
Link Posted: 11/20/2012 10:00:51 AM EST

Originally Posted By Stump70:
Originally Posted By Ranchitecture:
Better deals out there... we just did 3.25% for 15 years for nothing. Being upside down might be a factor for you though.


Yes. Find a bank with little to no costs. USBank only cost us $40 to re-fi. And we came out $20k richer with half the interest.

You'd be surprised how many banks WANT your mortgage right now.


I used USBank as well...closing is around $2k...but it's rolled into the new loan. The $40 was for credit checks.

Mine was the IRRRL at 3.75%, house is underwater VA loan.

Link Posted: 11/20/2012 10:04:22 AM EST
I just did Harp 2––way underwater on our house, due to the housing fall out and some local stuff.

Quick and painless and locked into 3.70 ––also took 5 years off the mortgage. Not to shabby.
Link Posted: 11/20/2012 10:19:39 AM EST

I wish I had of did a harp refi on my house before I rented it out. Its at 5.375% but if I refi now it will be end up being an investment loan and the interest will be higher and probably not worth the refi. :(
Link Posted: 11/20/2012 10:35:37 AM EST
You can do a HARP with anyone, that is incorrect you can only have your existing lender do the loan, they want you to believe it so they can sell you a higher rate, shop around all you want, I have done HARP's for all banks.
Link Posted: 11/20/2012 2:11:58 PM EST
Originally Posted By CoveyRise:
You can do a HARP with anyone, that is incorrect you can only have your existing lender do the loan, they want you to believe it so they can sell you a higher rate, shop around all you want, I have done HARP's for all banks.


Can you recommend a few? USAA said they weren't "On top of HARP" and referred me to my original lender. BOA flat out told me that only my original lender could get me HARP. Who else should I be talking to?

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