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.
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]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]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]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.
[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]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]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]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.
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]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?