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LuckySV
LIF Adult
Member since 10/05 4675 total posts
Name:
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HARP refi
Our lender is Chase. The rate is 3.75 for 20 years. Closing is about 4500. Our current rate is 5% and we have 23 years left on the mortgage. Does this sound reasonable? How do I figure out the break even point?
Thanks for any advice!
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Posted 6/15/12 12:46 PM  |
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Prudential Douglas Elliman Real Estate
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MrsRapz
mahna mahna!
Member since 2/12 1952 total posts
Name:
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Re: HARP refi
i did the HARP refi - it's exactly the same as the regular one except it doesn't require you to get an appraisal done. The rate is slightly higher than it would be on a "regular" (with appraisal) refi so if you think you have at least 20% equity, that would be the better route to take.
As for the break even point, do a google search for refi break even calculators - you put in all your info and it tells you how soon you'd break even. One i found is here: click me
Good luck!
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| Posted 6/15/12 2:01 PM |
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nraboni
Uggh...
Member since 10/09 6905 total posts
Name:
Nicole
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Re: HARP refi
I thought you could only do a HARP ReFi if your loan was backed by Frannie Mae or Freddie Mac.
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| Posted 6/15/12 2:15 PM |
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LuckySV
LIF Adult
Member since 10/05 4675 total posts
Name:
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Re: HARP refi
Thanks so much!
And yes, it does require the loan to be backed by Frannie or Freddie.
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| Posted 6/15/12 2:32 PM |
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