Don't be fooled by HARP 2, Intrest Rates Aren't EverythingDon't be fooled by the government programs supposed to help you. Be aware that Freddie Mac and Fannie Mae rules are very different for completing a refinance through Harp 2. I am currently trying to refinance an investment property though HARP 2 and Freddie Mac. Freddie Mac requires you to use your current lender. They are charging me points and origination. In other words, I am buying my own rate down, and I have no choice, if I want to refinance, I have to pay. They are tacking on $3500 in closing costs, which equals another 3 years on my loan. They are requiring me to prequalify for my loan. Which is kind of insane, if you think about it, if I have been making my payments on time, why shouldn't I be able to make a lower payment on time also? I am not getting the lowest intrest rate of 3.75%, they are charging me 4.75%.My advice to you, check the numbers. Make sure lowering your payment now is not going to make you pay more in the long run. Choose a shorter loan time like 15 or 20 years, or double up on your lower payments. Or, if you look at the numbers, and it just doesn't look right, choose to stay in your current loan or short sale and be done with the whole mess.March 01 2012 - Destin00YesReport a ProblemProblemSelect oneOffensive contentIrrelevant contentSpam (pure self-promotion)OtherDetailsYour emailPlease enter a valid email address.Submit CancelContent flaggedWe 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.