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Uhm.. FYI - I did not buy my condo as an investment property - the only reason it qualfied as such is because I moved into my husband's house when I got married and was forced to rent it because if I sold it, I would have to cut a check for $ 50K to the bank because the value of the property dropped over the past 3 years. Its not like I *wanted* to have this labelled an investment - if I had a choice, I would still live there but as it stands, even after I refinance, I am still paying an extra $ 500/month out of pocket because the rent ($1175/month) does not cover the mortgage/HOA/taxes ($1700/month).
I am in the same boat (we want to move into a house)....looks like I will refinance and be $350 OOP each month. The taxes I get from the rental each year will cover that loss and more. Therefore I am sort of breaking even. The only question is getting a GOOD tenant. I love in a nice area but that doesn't mean all that much. When someone decides not to pay then huge problems.
Just wanted to update the thread - my appraisal came back and it was at least $11K higher than what the appraisal was last year..
So suffice to say, I am at exactly 123% LTV so will be able to refinance at the end of THIS month.
My loan officer informed me that people interested in refinancing under HARP 2.0 who have at least 125% LTV or higher, will have to apply starting Feb. 1st, 2012 as banks are not allowed to accept applications from anyone who doesnt meet the HARP 2 criteria until 2/1/12.
Just thought I would share. I wont know my interest rate until 3 days before closing, so please cross your fingers for me that interest rates don't rise between now and last week of December!!
Just wanted to update the thread - my appraisal came back and it was at least $11K higher than what the appraisal was last year..
So suffice to say, I am at exactly 123% LTV so will be able to refinance at the end of THIS month.
My loan officer informed me that people interested in refinancing under HARP 2.0 who have at least 125% LTV or higher, will have to apply starting Feb. 1st, 2012 as banks are not allowed to accept applications from anyone who doesnt meet the HARP 2 criteria until 2/1/12.
Just thought I would share. I wont know my interest rate until 3 days before closing, so please cross your fingers for me that interest rates don't rise between now and last week of December!!
Congratulations! That's great news.
The reason for the delay is that it's taking Fannie and Freddie a bunch of time to get their automated underwriting systems ready for the new program. They're rolling it out piece by piece.. some updates 1/3/12, some in February, some in March.
Closed on my HARP 2.0 Citibank refi on monday. Pretty painless process....it took about 6 weeks.
I owe 200K the appraisal was 130K....yeah fun stuff.
Dropped the payment $300 a month
How far over normal rate was this for? I am staring my HARP 2.0 Citi mortage refi and they quoting 5.25% I owe 328k and value is 205-230k (no apprasial). The rate would help, but it does seem high.
how far over normal rate was this for? I am staring my harp 2.0 citi mortage refi and they quoting 5.25% i owe 328k and value is 205-230k (no apprasial). The rate would help, but it does seem high.
4.5
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