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Refinance question: HARP Loan?
Posted on 6/14/13 at 1:30 pm
Posted on 6/14/13 at 1:30 pm
Can anyone give me a break down of the HARP Loan program? Each bank I've gone to is pushing this? Is it in my best interest to do it or just a regular refinance? TIA.
2
Posted on 6/14/13 at 1:34 pm to Porter Osborne Jr
You owe more than the appraised value of your home?
Posted on 6/14/13 at 1:44 pm to Broke
No, about $30,000 less.
Posted on 6/14/13 at 1:49 pm to Porter Osborne Jr
Then I have no idea how this would be beneficial to you or why the banks are pushing it. I thought it was only for people upside down on their loan.
Posted on 6/14/13 at 3:34 pm to Porter Osborne Jr
if you are not upside down then you dont need a Harp loan.
Posted on 6/14/13 at 3:39 pm to hawkeye007
quote:
if you are not upside down then you dont need a Harp loan.
This. And you don't want to do it. It's an absolute pain in the rear for the borrower and bank.
No idea why anyone would suggest this when you're not underwater.
Posted on 6/14/13 at 4:06 pm to ZereauxSum
what about if you are upside down? how does it work? in general terms?
Posted on 6/14/13 at 4:17 pm to j4lsu
You would either approach a participating lender or you could go directly through HARP, who would find a local lender for you. IIRC, it works similarly to a private refi but with a lot more documentation.
This could hav changed however. I think HARP is on its 3rd iteration now so might be more streamlined.
This could hav changed however. I think HARP is on its 3rd iteration now so might be more streamlined.
Posted on 6/14/13 at 6:48 pm to Porter Osborne Jr
quote:
No, about $30,000 less.
I think the bank pushing harp disagrees
Posted on 6/14/13 at 10:11 pm to ItNeverRains
quote:
I think the bank pushing harp disagrees
Well, they're paperwork they emailed me says otherwise.
Posted on 6/15/13 at 7:25 am to Porter Osborne Jr
Fair enough, ask hawk what a harp refi nets broker vs conventional refi. Might be somebody trying to get paid
Posted on 6/15/13 at 9:05 am to ItNeverRains
quote:I'm guessing that's a poster on here?
Fair enough, ask hawk
quote:
Might be somebody trying to get paid
That was my initial thought.
Thanks.
Posted on 6/17/13 at 7:43 am to Porter Osborne Jr
As a broker, HARP rates can be lower for the applicant. Also, your loan would have to have closed prior to a certain date (I forget) and it is different for a Fannie or Fredie HARP. The appraisal can be waived and documentation can be streamlined. So with some brokers HARP is easier. Also, don't go back through your current ender, they make too much money on it. Go through someone else if you are going to do a HARP. In fact, from my experience, the rate is always lower from another lender. The fees may be less, but if you have a HARP loan, you aren't refinancing in 5 years, so rate and reasonable fees matter more.
Posted on 6/17/13 at 9:22 am to Porter Osborne Jr
if they are pushing HARP its because your loan qualifes for Harp and might not require an appraisal. anytime i can do a loan without an appraisal that makes me happy. Harp loans do tend to pay better for brokers, but you bank is not a broker so i dont see that coming into play..what type of terms are they offering you? interest rate/closing cost ?
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