HARP 2.0 Refinancing?

[Damjan 73]

Hello All,

Have any of you refinanced recently via HARP 2.0....

I m trying to do it , but i get these ridiculous closing costs like 4-5k !!!

 

Ay experiences or lower closing costs.

 

ThAnks

[mipafox 438]

Is this "HARP" the thing that Mel Gibson uses to cause earthquakes for brown people?

[djg0770 481]

Valley Bank was running a 499 refi at one point...

[Damjan 73]

Valley Bank was running a 499 refi at one point...

 

They want an 80% loan to,value......i dont qualify for,their refi.....otherwise its a good deal..

[johnp 45]

Is this "HARP" the thing that Mel Gibson uses to cause earthquakes for brown people?

 

You are thinking of HAARP. I wasn't aware Mel Gibson was in charge of it.

 

http://en.wikipedia.org/wiki/High_Frequency_Active_Auroral_Research_Program

[mipafox 438]

 

 

You are thinking of HAARP. I wasn't aware Mel Gibson was in charge of it.

 

http://en.wikipedia.org/wiki/High_Frequency_Active_Auroral_Research_Program

 

Simple windage error. Reset traverse.

[djg0770 481]

They want an 80% loan to,value......i dont qualify for,their refi.....otherwise its a good deal..

 

OH jeez. Sorry and good luck with that.

[Barms 98]

the "official" HARP refi's only happen to people who currently have a mortgage that is backed by Freddie, Fannie or FHA. Which typically means you got a 30 year fixed rate full documentation loan (and it was $429k or below). And the loan needed to be originated before June 2009. If you meet that criteria, but have less than 20% equity in your home now (because your value dropped like everybody else) and you have been current making payments, then you can get a lower rate (about 4% now) via a streamlined refinancing through the HARP program. If your loan is not backed by freddie/fannie/FHA and you have less than 20% equity you do not qualify for a HARP loan.

 

yes rates are extremely low right now and there are some great deals out there.. the Valley National $499 deal, but as stated above you need 20% down.

 

If you took out a low-doc, or no-doc or subprime loan, then Freddie/Fannie/FHA is not your loan, and you have less than 20% equity you are S-O-L.

 

What many people are doing take advantage of extremely low rates is to take money out of their savings to pay down the loan, to then qualify for a new loan at a lower rate. So if you're paying 5.5% or 6% but were only 10k or 20k away from being in the 20% equity zone think about doing that to get a 3.75% or 4% mortgage now. (of course only do this if you plan on staying in your house for a very long time).

 

Many companies are using the "HARP" program name to get the business, even though its not a real harp.

[Melgamatic 66]

yes rates are extremely low right now and there are some great deals out there.. the Valley National $499 deal, but as stated above you need 20% down.

 

The Valley National $499 deal is not a good deal. The interest rate on their $499 deal is higher than the rates they offer with "normal" closing costs. You need to do the math, but depending on how long you plan to hold the mortgage, the $499 deal might not be good for you.

[Damjan 73]

I qualify and the mortgage is backed by Fannie,

 

Just looking to find a place with up to 2.5k to close the whole thing....since i get marketing offers that roll up 5 k costs in the new loan and/or looking to get me for 4-5 k.

 

I did think about doing a payment on the mortgage now and doing refinance but i dont want to drop savings into it.