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Answers (7)
- Greg Migacz, "Rehabloans"
- Contributions:28
Norm has the most valid point. I would start by checking with the holder of the second mortgage and see what their rules are on subordinating a loan. If you don't do that any shopping could be for nothing. Also is Fannie saying that you don't need an appraisal? If they are not that can be a big hurdle also.
Good Luck
Good Luck
- OK State Lender
- Contributions:199
Some lenders cap the adjustments to 1.75. MetLife is one of them. I am with Rudi on this one, you should be able to do much better. The only thing to consider is new escrows with the new lender.
- Norm D Plume, "America Needs Nixon!"
- Contributions:1670
you have a condo adjustment (0.75) and a subordinate 2nd adjustment (1.5). Your credit score in 2007 is irrelevant, it's your score today that counts. If you no longer occupy the condo additional price hits will also apply.
30 year fixed rates are not in the 3s, ignore Lindsay the agent; and in the 4s you will pay points.
if you go through a lender other than the one who holds the 2nd mortgage, do at least a 60 day lock to allow time for the subordination of the 2nd. And, there's no guarantee that they will agree to subordinate the 2nd mortgage.
30 year fixed rates are not in the 3s, ignore Lindsay the agent; and in the 4s you will pay points.
if you go through a lender other than the one who holds the 2nd mortgage, do at least a 60 day lock to allow time for the subordination of the 2nd. And, there's no guarantee that they will agree to subordinate the 2nd mortgage.
- Rudi Hofmann, "LUXURY HOME LOANS CA"
- Contributions:7435
Yes, you can do better. You should shop around.
Happy funding, Rudi
Happy funding, Rudi
- Dave Skow, "daveskow"
- Contributions:1106
you dont mention the amount of fees/ costs that is attached to the 5.75% rate you are talking about ?
you should be able to talk to any lender that offers this program ...so talk to a few and get some accurate quotes and compare
if you have already had the property appraised and you choose to go with a new lender , you will liekly need to pay for a new appraisal
@Lindsay- where do you see rates in the "3's" for this program these days ????
- Lindsay Daley, "The Client 1st"
- Contributions:81
With great credit, you are definitely in the driver's seat.
If you aren't feeling the 5.75% (I don't blame you considering there are 3's and 4's floating around out there...) I would definitely consider shopping a few lenders in your area.
Shopping around is always wise, be it for a car, house, real estate agent, or lender.
Best of Luck in Your Search!!
If you aren't feeling the 5.75% (I don't blame you considering there are 3's and 4's floating around out there...) I would definitely consider shopping a few lenders in your area.
Shopping around is always wise, be it for a car, house, real estate agent, or lender.
Best of Luck in Your Search!!
- Andy Matejka, "tejks"
- Contributions:352
I would definitely call around to see what else for which you might qualify.
Worthwhile to pursue other HARP offers for a Fannie Mae loan?
I originally bought my condo for $360k. I have a primary loan with $276k and secondary with $25k (no PMI). My primary loan is with Fannie Mae, and I'd like to refinance it through the HARP program. I called my mortgage provider (Flagstar) and they quoted me a 5.75% rate, and they said that Fannie Mae said my unit is now worth $317k (understood considering the market). I have excellent credit (>790 when I got the loan in 2007), and have not had any late payments. Can I do better than that rate? I see that it's possible to refinance under HARP with different lenders if your loan is a Fannie Mae one and I'd like to know if it's worthwhile to pursue that. Thanks!
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