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Old 04-14-2012, 07:35 PM
 
Location: Ontario, NY
3,499 posts, read 7,736,737 times
Reputation: 4246

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I keep getting letters in the mail claiming I may qualify for a HARP home Refinance. I have always tossed them into the trash, but recently I started to wonder if maybe I do qualify. I highly doubt it, my loan was refinanced in 2008 with Sovereign Bank at 4.99% fixed interest rate and they still hold the mortgage. At the time with the appraised value, I had 10% equity. I highly doubt I have any equity now, but I don't think I'm more than 5% underwater. My feelings are these are mass marketing mailings to try and generate customers with no real bearing on there real situations. I also feel if by some miracle I do qualify, that higher PMI payments will eat up any interest rate savings. At this point I believe I have another three years of PMI payments, then I can cancel it, and my total mortgage payment will decrease $250 a month. I probably far better off keeping what I have then chasing some dream of a lower interest rate.
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Old 04-15-2012, 08:11 AM
 
Location: Wake Forest, NC
835 posts, read 3,967,423 times
Reputation: 650
HARP did recently relax the guidelines and you could be a good candidate. Based on what you told us it looks like you fit as long as your loan is owned by Fannie or Freddie. MI does not chnage under this program- you continue to pay the exact same amount as today.

Don't make decisions on what if- call someone and find out don't guess.
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Old 04-17-2012, 02:30 PM
 
Location: Tigard, Oregon
863 posts, read 2,980,638 times
Reputation: 679
Quote:
Originally Posted by dad2jules View Post
HARP did recently relax the guidelines and you could be a good candidate. Based on what you told us it looks like you fit as long as your loan is owned by Fannie or Freddie. MI does not chnage under this program- you continue to pay the exact same amount as today.

Don't make decisions on what if- call someone and find out don't guess.
Yes, you may be eligible. Call your current lender. They will be able to tell you if you are eligible and would be more trustworthy than a solicitation in the mail.
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