Profile picture for shamrock_heights

5% (no points) for 30 yr refi under HARP?

Is this a good rate? I see the average rate is around 4.75 in WA. But does using HARP force me to  go to a higher rate?
I have around 800 credit score. and 90%ltv
  • May 19 2009 - Renton
  • 0
    0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

 
 

Answers (9)

I would suggest doing a qoute request on Zillow, and including in the comments section that you are interested in the HARP program... and see who responds.
  • June 21 2009
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

One more note, if your lender is Wells I can safely say a better rate is available, however, if by no points you mean no origination or lender fees (typically a "point" is defined as a discount point which means you're buying down the rate but some people confuse it with origination) then 5.0% is a good rate. If you want to pay origination you can probably get as low as 4.625%.
  • May 20 2009
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Justin makes a great point.... You may be able to time the market and get 4.875, but I would run with it.
  • May 19 2009
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

5% no points seems OK to me.  Monday rates were up about .125 to .25% so any printed "average rate" will be outdated by the time you read it.   
  • May 19 2009
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for shamrock_heights
Wells Fargo is my current lender
  • May 19 2009
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Based off other posts about the same program, you are good. The best I've seen.
  • May 19 2009
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Oh I see, so you're doing the Freddie to Freddie Relief Refi. That one is a little more limited because you have to use the lender you're currently with. I know some of my lenders have better rates on that program, but it all depends on your lender. Some lenders might not be offering as competitive rates as others. Who is your current lender?
  • May 19 2009
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for shamrock_heights
My loan is held by Freddie so I do not think I'm using DU refi plus. I needed to get a loan under HARP to avoid PMI since my ltv has gone above 80%.
  • May 19 2009
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Hi Shamrock,
That depends, why are you using the HARP program and by HARP program do you mean DU Refi Plus? Depending on the price hits you have this may or may not be a good rate. In general, you shouldn't have any hits for credit score or cltv but if you are using this program for another reason other pricing hits may apply, such as subordinate financing.

If you don't have any other determining factors, just 90% ltv with no 2nd, great credit and this is a single family primary residence, you should be able to get today's prevailing rate. 
  • May 19 2009
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.