January 19, 2018

Home Affordable Refinance Program “HARP” Lender Options

Are you eligible for the Home Affordable Refinance Program (HARP)?  The Home Affordable Refinance Program, as you may know, will allow you to refinance your home up to 125% of the current value of your home.  Last Friday, a past client contacted our team at Mortgage Reel and inquired about the HARP.  Their current lender/servicer contacted them regarding a possible refinance under the HARP; unbeknownst to them, they believed the only option to refinance was with their current lender.  Unbelievably, the current lender was offering them a rate of 5.5% with no points or 5.375% with 1 discount point (equal to 1% of loan amount).  Presently, a rate of 5.375% does not even exist on today’s rate sheets (currently a range of 3.75% – 4.5% based on your credit qualifying).  Investment homes are eligible as well.

“So what should I do now?”  First, be informed about what programs are offered by your Loan Originator or Loan Officer.  Eligibility under the Home Affordable Refinance Program is not dictated by your current lender/servicer.  Ask questions, shop around and be informed about current refinancing rates specific to your needs and lending scenario.  Please contact us or post comments below.

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