Author Topic: Refinancing...HARP  (Read 5733 times)

heybro

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Refinancing...HARP
« on: April 13, 2012, 10:57:27 PM »
FIRST, I LOVE, I MEAN LOVE MMM!

He is my hero!!!!

Alright, I have a 30 year mortgage with 22 years left on it (been paying it off early). It is 5.8 percent.

Having discovered that my loan is backed by Freddie Mac (I had no idea), I find that I can do HARP.

I contacted my current bank and a loan officer on the other side of the country said he would refinance a 15 year mort for 3.75 percent. It would only cost 100 more a month. SWEET!

But I am going to do some checking around with other more local people that I have already worked with.

The guy on the phone is from out of state, the closing would happen electronically and all on the internet. I'd pay 300 right then and there over the phone and then closing costs in 90 days (that is how long they are backed up to do a closing, even via the internet closing).

He was kind of distant sounding, not caring, and really pressuring. I did not like that.

When I got around to saying I wanted time to think about it, he became really short and wanting to get off the phone at that point. HEY! I only spent like 5 minutes with him total.

I am really seduced by 3 something percent and even with the 15 year, I'll still be able to pay more on it and have it done in like 10 years? 5 years?

yeah!!!!!!!!!!!!

Any advice on this journey?

grantmeaname

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Re: Refinancing...HARP
« Reply #1 on: April 14, 2012, 07:01:14 AM »
Shop around with your local credit unions.

FI@2022Jem

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Re: Refinancing...HARP
« Reply #2 on: April 14, 2012, 06:31:19 PM »
I agree to shop around, but that is really great news!
my question: how did you find out who backs your loan?
When we contact the servicing company they can't seem to answer that.

Anyway, if anyone knows, your input would be great.

and congrats again, moving to a 15 year for only $100 more per month seems fantastic!

arebelspy

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Re: Refinancing...HARP
« Reply #3 on: April 15, 2012, 08:45:51 AM »
need more details.  starting and current loan balance?
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heybro

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Re: Refinancing...HARP
« Reply #4 on: April 16, 2012, 10:39:03 AM »
I had no idea that my loan was actually backed by Freddie and/or Fannie. To find out if yours is too, go to:

http://www.makinghomeaffordable.gov/tools/does-fannie-or-freddie-own-your-loan/Pages/default.aspx MODERATOR'S NOTE: FIXED LINK

You may qualify for some sweet refiance programs even if you are underwater!
« Last Edit: April 16, 2012, 07:39:40 PM by arebelspy »

James

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Re: Refinancing...HARP
« Reply #5 on: April 16, 2012, 11:23:13 AM »
Wells Fargo had my mortgage and refinanced me from 5.5% to 3.75% a couple months ago with absolutely nothing out of my pocket.  Nothing added to the loan either.  Just a straight drop of rate down to 3.75%, which was the same as the discount broker was offering.  I hear lots of bad things about Wells Fargo, and I'm sure this was to their benefit in some major way, but I definitely came out ahead also.

I realize this probably doesn't help you, just thought it might be interesting to others.

Regarding where to get your loan, definitely shop around.  I'm happy to go with a broker out of town, and the Well Fargo close was all done by mail, but if I could get a similar rate in town I'd do that first.

heybro

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Re: Refinancing...HARP
« Reply #6 on: April 16, 2012, 11:13:43 PM »
OK, but was it through the HARP program?  Meaning, the federal government program that allows mortgages that are underwater to be refinanced. 

I am thinking this HARP program is not going to be so easy as just shopping around.  I am finding that every place, banks, credit unions, etc. are all saying that I have to go to my current lender for HARP.  They are only doing HARP if you already have a loan with them.

sol

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Re: Refinancing...HARP
« Reply #7 on: April 17, 2012, 08:23:37 AM »
They are only doing HARP if you already have a loan with them.

I have had several lenders, other than my current mortgage holder, offer to refinance my loan through HARP.

adam

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Re: Refinancing...HARP
« Reply #8 on: April 17, 2012, 09:49:19 AM »
My current lender (Navy Federal CU) is only offering me 5.375% with 2 discount points.  Its 1% less than my current mortgage (which is $20-$30k underwater).  Not very enticing when I'm hearing about 3.75%.

sol

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Re: Refinancing...HARP
« Reply #9 on: April 17, 2012, 03:53:39 PM »
My current lender (Navy Federal CU) is only offering me 5.375% with 2 discount points.  Its 1% less than my current mortgage (which is $20-$30k underwater).  Not very enticing when I'm hearing about 3.75%.

Might be your credit profile that us jacking up the rate?

adam

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Re: Refinancing...HARP
« Reply #10 on: April 17, 2012, 05:23:42 PM »
No, I asked, they said it was the amount I was under that brought the rate up so high.  Its people that are just barely underwater that are getting the lowest rates.

heybro

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Re: Refinancing...HARP
« Reply #11 on: April 18, 2012, 11:48:17 AM »
Sol, how are you getting the offers or what places to check?

thanks!

sol

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Re: Refinancing...HARP
« Reply #12 on: April 18, 2012, 12:28:31 PM »
Sol, how are you getting the offers or what places to check?

thanks!

I went to bankrate.com and filed out my info, sorted the results by APY, and then contacted the people who had the best rates. I also called my current mortgage holder directly.