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I need to Refinance.

Here is my dilemma.  I have a home that i tried to get a HELOC but ended up as a no go.  The mortgage company (holds my current mortgage) paid for the appraisal.  The value came back at 75k.  I owe 95K (this includes first and second mortgage).  Should i try to refinance with a bank or should i just do a HARP?  I want to refinance to get a lower rate to reduce my payments. 
  • November 16 2010 - Cleveland
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Answers (3)

Best Answer

If your primary loan is HARP eligible, that will be your best bet to improve the existing primary, but your 2nd will need to remain separate and agree to your new HARP first.
  • November 16 2010
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After going through this site and finding information on the HARP...i did call the mortgage company and they confirmed i would be eligible.  But why cant they role both loans into one loan?  Also, the loan officer said, the rate wouldn't be at the market rate it would be higher because its a HARP, is that right information?

  • November 16 2010
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I could have been a low appraisal also.  What did the Zillow estimate come back at?
  • November 16 2010
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