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Answers (8)
- Justin Sheftell, "Courtesy Mortgage"
- Contributions:3421
4.875 is a good rate for a high LTV High Balance loan. I don't think you will find too much better than that for the Freddie Relief or Open Access program at this time.
You will find better rates available if you finance a new loan at 417,000 or less. You will also find better rates when HARP 2 takes effect later this year.
If would suggest you sit tight for a few weeks until more details are out on the newer version of the program, in particular as it pertains to pricing.
You will find better rates available if you finance a new loan at 417,000 or less. You will also find better rates when HARP 2 takes effect later this year.
If would suggest you sit tight for a few weeks until more details are out on the newer version of the program, in particular as it pertains to pricing.
- Admiral88
- Contributions:3
Sunnyview - Thanks for details on your situation. It was helpful in understanding what one can expect from a Harp loan.
I called my current lender, Metlife, and they confirmed that I was eligible for a HARP. They ran a check, but weren't able to do better than my current 4.875% rate without requiring very large closing costs (which I don't want to pay).
They said the high interest rate is due to my high loan-to-value ratio which is around 97% due to the drop in my home value over the past 4 years from $650k to $447k.
I find it funny that I've paid over $217k into my loan, have been on-time with all my payments, have an excellent credit score, make a good salary and the main reason they can't give me a good rate is because of the housing market crash which was beyond my control.
Doug - I tried contacting using the Zillow form, but it looks like it didn't go through. I'll contact you directly via email.
Thanks,
Dave
I called my current lender, Metlife, and they confirmed that I was eligible for a HARP. They ran a check, but weren't able to do better than my current 4.875% rate without requiring very large closing costs (which I don't want to pay).
They said the high interest rate is due to my high loan-to-value ratio which is around 97% due to the drop in my home value over the past 4 years from $650k to $447k.
I find it funny that I've paid over $217k into my loan, have been on-time with all my payments, have an excellent credit score, make a good salary and the main reason they can't give me a good rate is because of the housing market crash which was beyond my control.
Doug - I tried contacting using the Zillow form, but it looks like it didn't go through. I'll contact you directly via email.
Thanks,
Dave
- Doug deBruyn, "loanpilot"
- Contributions:34
Admiral88,
For some reason I did not get it. I just double checked my contact info on Zillow and it is correct. Can you try again?
Thanks
Doug
[hotlinks removed by Zillow moderator]
also works
For some reason I did not get it. I just double checked my contact info on Zillow and it is correct. Can you try again?
Thanks
Doug
[hotlinks removed by Zillow moderator]
also works
- sunnyview
- Contributions:25127
I would probably call your lender first to see what they can offer. If they have a good rate, you may be able to save on appraisal and escrow costs that way. I did a HARP loan for my house with zero costs upfront, no appraisal and no escrow cost. I dropped my rate about .8% for no out of pocket and the rate offered was about 1/8 above what I could have gotten from another lender.
It seems like the current lender on HARP often has the ability to offer lower costs, but the trade off may be a slightly higher rate overall. You have to cost it out and then shop it to get the best all around deal. There is a calculator here that might help you look at the breakeven costs.
It seems like the current lender on HARP often has the ability to offer lower costs, but the trade off may be a slightly higher rate overall. You have to cost it out and then shop it to get the best all around deal. There is a calculator here that might help you look at the breakeven costs.
- Admiral88
- Contributions:3
Thank you for your responses.
I checked the loan lookup sites that Mike sent and it said that my loan is owned by Freddie Mac.
Also, I checked the site that sunnyview sent and it said that I may be eligible for the 'Home Affordable Foreclosure Alternatives' and 'Emergency Homeowners Loan Program'.
Does this mean I can get a lower interest rate on my loan? If so, what should I do? Should I call my current lender, Metlife, and ask them if they can give me a lower rate? Or should I search on Zillow for a refinance and tell them I may be eligible for a Harp loan?
Doug - I sent you a contact to check my eligibility. I appreciate you replying back at your earliest convenience. Thanks.
I checked the loan lookup sites that Mike sent and it said that my loan is owned by Freddie Mac.
Also, I checked the site that sunnyview sent and it said that I may be eligible for the 'Home Affordable Foreclosure Alternatives' and 'Emergency Homeowners Loan Program'.
Does this mean I can get a lower interest rate on my loan? If so, what should I do? Should I call my current lender, Metlife, and ask them if they can give me a lower rate? Or should I search on Zillow for a refinance and tell them I may be eligible for a Harp loan?
Doug - I sent you a contact to check my eligibility. I appreciate you replying back at your earliest convenience. Thanks.
- Mike Leyden, "leydenrealty"
- Contributions:61
If either Freddie or Fannie bought your loan your loan then you may qualify.
Fannie loan lookup
http://www.fanniemae.com/loanlookup/
Freddie loan lookup
https://ww3.freddiemac.com/corporate/
You should also call your servicer (that is, whoever you make the payment to) and ask when your loan was bought by Freddie or Fannie.
Your loan has to have been bought by an Freddie or Fannie before May 31st 2009. Understand that I am not referring to the date your loan funded, I am referring to the date that Freddie or Fannie bought the loan; typically, this is 4 to 6 weeks after the funding date.
Doug is correct, the max loan amount is $506,000. The people who told you the max was 417k were wrong.
Fannie loan lookup
http://www.fanniemae.com/loanlookup/
Freddie loan lookup
https://ww3.freddiemac.com/corporate/
You should also call your servicer (that is, whoever you make the payment to) and ask when your loan was bought by Freddie or Fannie.
Your loan has to have been bought by an Freddie or Fannie before May 31st 2009. Understand that I am not referring to the date your loan funded, I am referring to the date that Freddie or Fannie bought the loan; typically, this is 4 to 6 weeks after the funding date.
Doug is correct, the max loan amount is $506,000. The people who told you the max was 417k were wrong.
- Doug deBruyn, "loanpilot"
- Contributions:34
You may qualify for the HARP program. In high cost counties, like King County, the max conforming loan amount is $506K. If your loan is owned by Fannie Mae or Freddie Mac and it was purchased by them prior to June of 2009 you my be eligible for HARP. I don't know for sure until I run an automated underwriing program and get a "thumbs up" from that program. If you want to go ddeeper I would be happy to see if your loan is owned by Fannie or Freddie (it could be serviced by anyone: Chase, Wells, B of A, etc..) Just click on my picture and shoot me an e-mail or give me a call. I am in Bellevue.
Doug
Doug
Do I qualify for a HARP loan?
I currently have a 30 year fixed loan and my interest rate is 4.875%. I purchased my house for $670k about 4 years ago and at the time put in over 20% down payment. Since then, my house value has dropped to $455k and I owe $435k on the loan. A number of my friends and family have dropped their interest rate down to below 4% and I want to as well. However, a couple of brokers told me that I don't have enough equity in the house. When I asked them about a HARP, they said that my loan amount must be less than $417k.
I have an excellent credit score (760+), have made all my payments on my mortgage on time, and have a good salary. Based on the articles I read on HARP, this seems to be the general criteria of who they are targeting.
Do I qualify for a HARP loan? If so, would it get me a lower interest rate?
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