If you use HARP to refinance into an adjustable-rate mortgage, your loan-to-value is capped at 105%. Maybe I wasn’t clear. I am really, really far underwater on my mortgage.
If this borrower refinanced into a 30-year fixed-rate mortgage with an interest rate of 4.5 percent, the monthly payment would decline to $1013. But, by refinancing into a 30-year loan, the borrower’s loan balance will not reach $160,000 for ten full years.
HARP is a total refinance program, which will help to lower interest rates and give a more affordable mortgage payments. The eligibility criteria are listed above. HAMP Program
· How HARP can help. You must be current on your mortgage at the time of the refinance, with no late payments in the past six months and no more than one late payment in the past 12 months. You must owe more than 80% of what your house is worth. So if your home is currently valued at $200,000, you must owe more than $160,000 on your mortgage.
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FHA mortgage rates hew closely to the mortgage rates on traditional home loans. If the average interest rate on a 30-year fixed-rate mortgage stands at 5.4 percent, you can figure that the average FHA mortgage rate is nearly the same. This makes these loans even more attractive.
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A fixed rate mortgage with a low interest rate It’s important to note that the deadline to apply for HARP is September 30, 2017. After HARP is discontinued, a new refinance program will be launched, which will be targeted solely towards those whose mortgage amount is more than 97% of their home’s value, or who owe more than their home is worth.
explanation of closing costs One cost to the closing process comes from the amount you have to pay in advance for items you will be paying regularly as a homeowner. Our closing costs calculator accounts for those as well.
Refinance Rates for Mar 29. The rate you ultimately end up with on a refi definitely depends on what’s going on with rates in the broader economy, but there’s also a personal element: Your own credit score, location, type of loan, points and equity in the home can all come into play.
Furthermore, Fleming says that HARP loans are typically a "little more expensive than a conventional refinance." You might pay a higher interest rate or more "points" with a HARP refinance compared to a conventional one. Points are upfront fees you may pay to receive a lower interest rate or cover other expenses.