T Nation

HARP Mortage Refinance Program?


#1

I keep seeing advertisements to lower my mortgage with this HARP program. Is it a legitimate thing? I wouldn't mind a lower mortgage payment but something about it seems too good to be true. I would appreciate some input from fellow and more savvy people. thanks.


#2

Don’t know anything about HARP, but if you aren’t aware refinancing comes with closing costs. So you’ll have to upfront some cash to the bank.


#3

[quote]usmccds423 wrote:
Don’t know anything about HARP, but if you aren’t aware refinancing comes with closing costs. So you’ll have to upfront some cash to the bank. [/quote]

You can generally roll those costs in.


#4

[quote]Testy1 wrote:

[quote]usmccds423 wrote:
Don’t know anything about HARP, but if you aren’t aware refinancing comes with closing costs. So you’ll have to upfront some cash to the bank. [/quote]

You can generally roll those costs in.
[/quote]

Ya, but why would you want to?


#5

[quote]StevenF wrote:
I keep seeing advertisements to lower my mortgage with this HARP program. Is it a legitimate thing? I wouldn’t mind a lower mortgage payment but something about it seems too good to be true. I would appreciate some input from fellow and more savvy people. thanks. [/quote]

I think it is a legit program, find a reputable lender and fill out an inquiry. Prepare to be bombarded.

http://harpprogram.org/index.php


#6

[quote]usmccds423 wrote:

[quote]Testy1 wrote:

[quote]usmccds423 wrote:
Don’t know anything about HARP, but if you aren’t aware refinancing comes with closing costs. So you’ll have to upfront some cash to the bank. [/quote]

You can generally roll those costs in.
[/quote]

Ya, but why would you want to? [/quote]

If you didn’t have the upfront cash but wanted a lower payment. This program is specifically for people that are struggling.


#7

[quote]Testy1 wrote:

[quote]usmccds423 wrote:

[quote]Testy1 wrote:

[quote]usmccds423 wrote:
Don’t know anything about HARP, but if you aren’t aware refinancing comes with closing costs. So you’ll have to upfront some cash to the bank. [/quote]

You can generally roll those costs in.
[/quote]

Ya, but why would you want to? [/quote]

If you didn’t have the upfront cash but wanted a lower payment. This program is specifically for people that are struggling.
[/quote]

Gotcha. Like I said, I don’t know anything about HARP specifically. It just doesn’t make financal sense to roll refinance costs into the loan. Unless, like you pointed out, it’s a matter of making the monthly payment. Although, in that case, it might make more sense to re-evaluate cost of living in general.


#8

[quote]usmccds423 wrote:

[quote]Testy1 wrote:

[quote]usmccds423 wrote:

[quote]Testy1 wrote:

[quote]usmccds423 wrote:
Don’t know anything about HARP, but if you aren’t aware refinancing comes with closing costs. So you’ll have to upfront some cash to the bank. [/quote]

You can generally roll those costs in.
[/quote]

Ya, but why would you want to? [/quote]

If you didn’t have the upfront cash but wanted a lower payment. This program is specifically for people that are struggling.
[/quote]

Gotcha. Like I said, I don’t know anything about HARP specifically. It just doesn’t make financal sense to roll refinance costs into the loan. Unless, like you pointed out, it’s a matter of making the monthly payment. Although, in that case, it might make more sense to re-evaluate cost of living in general. [/quote]

Cheapest money you will ever borrow. If you have other debt it is better to pay that off first.


#9

[quote]Testy1 wrote:

[quote]usmccds423 wrote:

[quote]Testy1 wrote:

[quote]usmccds423 wrote:

[quote]Testy1 wrote:

[quote]usmccds423 wrote:
Don’t know anything about HARP, but if you aren’t aware refinancing comes with closing costs. So you’ll have to upfront some cash to the bank. [/quote]

You can generally roll those costs in.
[/quote]

Ya, but why would you want to? [/quote]

If you didn’t have the upfront cash but wanted a lower payment. This program is specifically for people that are struggling.
[/quote]

Gotcha. Like I said, I don’t know anything about HARP specifically. It just doesn’t make financal sense to roll refinance costs into the loan. Unless, like you pointed out, it’s a matter of making the monthly payment. Although, in that case, it might make more sense to re-evaluate cost of living in general. [/quote]

Cheapest money you will ever borrow. If you have other debt it is better to pay that off first.
[/quote]

Absolutely. My only point was that a) a refinance isn’t free and b) you will pay interest over the life of the loan if you finance the refinancing costs.


#10

I checked it out and I don’t qualify. First, I’m not struggling. Second, according to harp.gov it only applies to Freddie Mac or Fannie Mae owned loans. I’ll just wait until I pay down some of the principal and re-finance in a few years.


#11

[quote]StevenF wrote:
I checked it out and I don’t qualify. First, I’m not struggling. Second, according to harp.gov it only applies to Freddie Mac or Fannie Mae owned loans. I’ll just wait until I pay down some of the principal and re-finance in a few years. [/quote]

Owned by Freddie and Fannie or backed by Freddie and Fannie? I thought mortgages were only backed by F&F?