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REfinancing via HARP questions

Question (s).
We have a first mortgage at PNC. Its Fannae Mae backed and we havent missed a payment in the 3 years we've been there.

We went to see a PNC guy about Refi via HARP and it all seemed fine until he changed the data on us and sneaked in points to get us the rate he promised. He initially said no points.  He also said and that new HARP guidelines mean we cant shop our HARP loan about and we have to stay with current lender (PNC).  Is this true?  
Our house which was 395,000 is Zillow listed at 327,000 so a significant value drop.

The loan was at 5.625 and he's offered us 4.25% w/ .75 discount or I think 4.5 with a credit back of .375

I see several better rates on Bankrate.com but hard to know what to trust.  Are qualifications for HARP refinances the same regardless of lender?  

Thanks,
Simon
  • October 04 2011 - Wheaton-Glenmont
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Answers (4)

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  • August 26 2012
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No problem.  Just make sure you get it in writing.  Feel free to contact me any time as well for a free consultation and quote
  • October 05 2011
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I just shopped my loan and got a rate of 4.00 , no points though havent yet agreed it.

PNc and new lender both require immediate appraisal.

We owe 302.000 currently.

Assuming PNC is wrong (and you're right) we can definitely get a better deal.

Cheers for your answer, its certainly very helpful.
  • October 04 2011
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You absolutely can shop your HARP loan.  Did PNC require an appraisal? How much do you currently owe on your loan?  

Rates and pricing are lender specific, so I would advise you to shop it around.  I wouldn't think 4.25% would come with any discount points given the market conditions currently, but it depends on what you are qualified for with each specific lender. 
  • October 04 2011
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