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HARP

Hi,

My husband and I would like to refinance our home in Boise. We have a Freddie Mac loan, which is serviced by Cenlar. We contacted Cenlar and they said they could not help us. I have been reading that if you pay PMI than there is little chance for refi. Is there a lender in Idhao who will do this sort of refin?
  • January 06 2011 - Boise
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Answers (5)

I will forward your request to some of the lenders that I work with to see if they can assist after I find out two obvious questions that need to be answered first however is 1)  how is your credit; 2)  what type of loan to value ratio does this equate to.


I don't want to give you a quick "yes" answer only to find out your answers changed mine.


Sincerely,

Jim

  • January 06 2011
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Profile picture for jeanette0987martin
Thanks,

Our credit is great and we are not late with our payments.
Our Current Principal Balance: 157,018.21.
Original Loan Amount: 161,500

We pay PMI and our interest rate is 6.75%

I am reading that if you pay PMI there are very few lenders who will consider a loan. Thanks for your help. Jeanette
  • January 06 2011
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Profile picture for sunnyview
I don't know if you've seen this site here, but it has FAQ for Making Home Affordable and it says nothing about PMI being a disqualification. If your payments are upto date, you might qualify for HARP here that might lower your interest rate without a full refi.

Hopefully, one of the lenders will have some ideas for you too. The lenders on Zillow are always up to date and helpful.
  • January 06 2011
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I have posted your request to two different lenders I work with and will let you know what I find out.  One is at one of the big national banks and the other is a mortgage broker so we will hit it at both angles.
  • January 06 2011
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Sounds like if your home will appraise high enough, you can get a new loan for 97%.  They can do some premium pricing so that all your fees of the refinance can be wrapped into the loan if you need to save money on the refinance costs. (for example, they charge you a little higher interest rate and then as a result they pay your fees).

I will also see what I can find from a non profit agency I work with to see if they have any new tricks up their sleeve since we are in a new year.

The next step is to determine what your house may appraise for.  Appraisers are very risk averse these days so expect a range of answers.  Zillow's estimates are not as acurate in Idaho, since we don't have sales price disclosure laws here and they don't have enough data points.

I am not an appraiser, but as a Licensed Real Estate Broker, I can legally prepare a Broker's Price Opinion if you would like one done as an estimate of your homes value to see if it is worth taking it to the next level.

Best of luck!
Jim
  • January 07 2011
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