another e-mail to refi
@3SnuggleBunnies (16374)
United States
August 9, 2012 6:04pm CST
I got another e-mail from our lender saying that we should refi using the HARP2 program? Does anyone know the details on this type of refinance?
I've been wanting to refi since the rates fell. However, talking to the local bank for an idea on things it seems impossible. Everyone needs an appraisal and if you owe more than 100k they require exterior and interior appraisal. Well as some of you know our house dropped a good chunk in our assessment the other month. Still higher than what we owe but if we take another drop like that we'd be up side down. Either way I'd love to refi into a 15 but there's just no way our appraisal would come out in our favor. Nonetheless the fact we have things rigged in the house because we can't fix things properly at this time and that wouldn't help an appraisal either. But you know these lil e-mails get me all a twitter again about saving some money or atleast down to a 15 but I know it's not possible.
Though in the e-mail it mentioned I may not need an appraisal... how do I know? As I said a local lender said if it's over 100k you need to have an appraisal. I hate this ruffle my feathers because I know it won't work for us.
GRRRRRRR!
1 person likes this
2 responses
@dorannmwin (36392)
• United States
11 Aug 12
I've done some looking into the Home Affordable Refinance Plan (HARP) because of the fact that rates have seriously fallen since we bought our house in the early part of 2008. Well, there are a couple requirements to the HARP2 program. First of all, you have to be current on your mortgage with this program, you can have been late or missed one payment in the last year, but it cannot have been in the last six months. Also with this program, you are able to refinance if you are upside down with your mortgage, but you cannot owe more than 125% of what the property is appraised for.
@marie2052 (3691)
• United States
10 Aug 12
HARP2 is the Affordable Home Refinance Program.
Not knowing who your lender is on your home, I would make an appointment and go in and see them.
I am not sure but I think this is one of the programs our President did.
Anyway, I just did a search on HARP2 on www.ask.com and it brings up all kinds of sites to assist you in learning about it so if you do go in to your lender, you will be well versed in knowing what all this is about.
If nothing else, go to where you do your banking and see one of the personel at the bank and inquire about the program also.
Good Luck and hope it turns out the way you want. Just be careful as with housing sales down, equity in homes right now are not that good and you might get caught up in something you did not want to do. As I said do your research before you talk to anyone so you know at least the basics when they start talking to you.
