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Another HARP with PMI question....

Hello. Planning to apply for refi soon and would like to clarify the info I've seen.

My TH was purchased 10/08 . Original loan via my credit union is Fannie Mae. Loan balance=207k, zillow est is down to 225k (92%LTV). PMI- monthly I pay $48. MI is through CMG Mortgage Ins.

Zillow refi quotes est MI at $102 monthly.
Credit Union 10/11 said about $130 but now says can continue $48 rate for HARP.

So, I need to contact CMG to find their refi rules for same or new lender? Can any new lender use CMG if they will continue the $48 rate or is CMG only going to work with credit unions?

And finally:  
HARP loans do not have PMI if there is no PMI on the the existing loan?
Even if the Harp refi LTV is greater than 80% ?
Can I pay off the PMI on my current loan- it reaches 80%LTV in about 50 payments ( 50x$48=2460) to avoid a higher PMI for a longer time if HARP refi elsewhere?

What I'm looking at is the credit union can drop my P+I from 1260 to $990. Some of the zillow offers are in the $915-930 range but thats a wash for years with the increased monthly MI. I'll check the total costs of those low rate quotes and see what is the most favorable refi  option.

Thanks in advance for any info.
Regards,
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December 08 2011 - Tampa
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Answers (9)

If the PMI company is willing to reissue the PMI, you can do the loan.  Few lenders are participating on PMI HARP loans not serviced by them but there are some. 
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January 25 2012
The problem that you are going to run into is that MI cannot be transferable to another mortgage company.  That is industry wide!  If CMG was going to refinance your loan under the HARP program then the $48.00 remains the same on the MI.  Reach out to me just click on my profile - I have a few thoughts.
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December 09 2011
Profile picture for LokiRN
Thanks for the replies!

I knew that the PMI was tied to 80% LTV but still had a small hope it could be "paid off" using that target date. Foiled!!

I thought I had seen info re "certain fees lowered or waived" if refinancing to a shorter term- do not where I got the idea it might relate to MI.
My bad

GMerino--
you said "Your current MI would continue with the new HARP loan."  

Does this mean my current rate of $48/month?
Or, do I need to hear back from CMG that the same rate is transferable or will change? 

Thanks again,

Regards,

 
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December 09 2011
The only way to HARP without MI would be to pay down your BALANCE to have the MI cancelled, get a cancellation certificate, and then you can HARP without MI.

Simply paying forward the MI premium due would not accomplish anything as the existing lender would still have risk exposure regardless of your prepayment.
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December 09 2011
From what I am being told by our underwriting department that taking a shorter term will not waive the MI as taking a shorter term would not affect the loan.  Your current MI would continue with the new HARP loan. 

Geofrey M Merino
Lending in all 50 states
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December 09 2011
Profile picture for LokiRN
Clarification-

My comments refer to HARP refi -- with a 30yr term..
If I refi with HARP to a shorter term it is possible for MI to be waived? 
What term(s) would those be?

All credit scores= 800 or better

Thanks again,

Regards
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December 09 2011
Profile picture for LokiRN
Thank you for the replies.

Yes, I was aware that quotes were not HARP unless specified. I was told that HARP rates might be higher than conventional rates- they are the same at my credit union. Just checking various options.

Current loan docs state that MI  can be stopped 2/2016 -this is the current projection of 80%LTV. Am I correct in assuming that I cannot simply pay off the MI now and have a "loan without PMI" ? Therefore, I would not have a option of HARP refi with no MI ?

If that is the situation I will wait for the response from CMG to see what the MI reissue rates are and what the effect is on my net P+I plus any MI payments for various offers.

Thanks again,

Regards
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December 09 2011
you may want to consider lender paid mi, could be another alternative for u. as a mortgage broker business, i get wholesale rates that beat the credit union and banks every day, although there is a price hit or add on for lender paid pmi depending on your credit score and ltv. if price hits too high, harp still may be the best bet. 

as for your harp question, that is correct. no pmi on existing, then no pmi on new loan, even if over 80% ltv. -joe 
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December 08 2011
Hi,

Thank you, for the opportunity to reply back to your question.  When you receive a zillow quote it does not suggest it is a HARP refinance program.  You are being quoted a regular 30 year fix with an appraisal.  I wish we could distinguish these types of loans.  For the HARP program the MI coverage must be at the same coverage on the existing and new loan, therefore the credit union is correct. 

Make sure that if you are going to submit a scenario on zillow you are aware the quotes being received are for a regular conventional 30 year fix.  Considering you are at 90% LTV you would fit the 30 year fix conventional.  However, to play it safe and your home has lost value the HARP program will work.

Reach out to me if you would like estimates.

Thank you,

Geofrey M Merino
Lending in all 50 states
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December 08 2011
 
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