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HARP mortgage refinance

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HARP mortgage refinance

Postby Beaver » Tue Jul 05, 2011 10:24 am

I recently learned about the HARP mortgage refinance program. It's part of the fed stimulus program that allows home owners to refinance into low mortgage interest rates even if they're property value has gone down. Supposedly no appraisal is needed which lowers the cost. I checked with 3 local banks: Anchor, Chase and Summit. Chase and Summit said they will do a HARP with no appraisal fee but Anchor requires an appraisal. I don't understand why Anchor is different.

Anyway, I can refinance my 30 yr mortgage at 6.375% to 15 yrs at 3.75% and my monthly payments will be almost the same. It sounds like a good deal. Have any of you considered or done a HARP refinance?

http://harp-mortgage.com/

http://www.government-mortgages.com/fan ... tgage.html
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Re: HARP mortgage refinance

Postby Henry Vilas » Tue Jul 05, 2011 10:48 am

Another reason to avoid Anchor Bank is its dire financial shape.
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Re: HARP mortgage refinance

Postby Stebben84 » Tue Jul 05, 2011 11:29 am

Hey, thanks for the tip. I hadn't heard about this, but I am going to look into it. I'll post if I come up with anything.
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Re: HARP mortgage refinance

Postby WestSideYuppie » Tue Jul 05, 2011 4:08 pm

How is the financial condition of the lender an issue? They're just processing the loan and then selling it.
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Re: HARP mortgage refinance

Postby Henry Vilas » Tue Jul 05, 2011 6:09 pm

WestSideYuppie wrote:How is the financial condition of the lender an issue? They're just processing the loan and then selling it.

If they can sell it. Otherwise if Anchor defaults, one gets to deal with the FDIC, which is already breathing down their neck (see the news story I cited above). I think that explains why Anchor is the only one that demands an appraisal, considering all the bad loans they have given out/defaulted on in the past.
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