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Can I get a HARP refinance if I have LPMI?

How does that work? by GHerbert from Rochester, Michigan. Feb 5th 2013 Reply


Steven Ceceri (123LoanYes)
#12 ranked lender in Rhode Island - 723 contributions

Yes. MI Transfers over to your new loan. I can help directly if you'd like. Thank you and good luck!

Feb 5th 2013
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William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,728 contributions

Yes.. And there is nothing additional you need to do.. It's handled by your lender.. They contact the existing MI company and have the certificate transferred over.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Feb 5th 2013
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Jamie Nummer (SomersetLendingCorp)
#29 ranked lender in Michigan - 86 contributions

Absolutely. Give me a call and I will help you with that.Jamie NummerSomerset Lending Corp439 Main St. Suite 202Rochester, MI 48307248-686-3542

Feb 5th 2013
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Carlo Sanchez (MortgageLendingPro)
#0 ranked lender in Utah - 1,163 contributions

Absolutely!! When talking to lenders if they say they can't do it that is because their investors don't take the MI company you have. If this happens, just call some other lenders that take the MI Company you have now.

Feb 5th 2013
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Gus Dahlgren (gdahlg_811_422)
#34 ranked lender in Michigan - 48 contributions

Yes, you can do a HARP 2.0 Refinance with LPMI we would just need to do a Mortgage Insurance Modification. Please call me for more details.Thanks,Gus DahlgrenNMLS # 80625517-489-2440www.gustheloanguy.comgdahlgren@unmhq.com

Feb 5th 2013
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Dan Litvin (Dan Litvin)
#3 ranked lender in Michigan - 1 contribution

Yes you can. However if you currently have LPMI, you will end up having to take Borrower Paid Monthly Insurance (BPMI). In addition to this many lenders are limited by the LTV (loan to value) that you have, and what MI (mortgage insurance) company that you have PMI with. I am able to refinance your loan to an unlimited percentage of your homes current appraised value, and can transfer your MI Certificate no matter who your certificate is with. I'd be happy to answer any other questions you have about this and if your interested start the application process. Give me a call! Daniel Litvin / President, Advantage Lending Corp 248-608-9120 http://www.advantagelendingcorp.com/home-loans/making-home-affordable-HARP.html

Feb 5th 2013
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Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,249 contributions

Sure, and pay no attention to those saying you must have new mortgage insurance - that may be the process at their lender but as you see there are many others who don't need to go through that process.

Feb 5th 2013
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Linda Miller (Linda Miller)
#2 ranked lender in Utah - 572 contributions

Yes. The MI can be transferred to the new loan - but depending on the MI company and your new lender it may need to be changed to borrower paid - monthly. Contact one of the Lender 411 mortgage professionals in your area. I know they can help you. Good luck.

Feb 5th 2013
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Shon Atabaki (ShonAtabaki)
#49 ranked lender in Washington - 95 contributions

2 types. LPMI single premium policy is much easier to transfer and now there is not an extra expense to you for that. LPMI monthly policy a bit more convoluted. Usually it will need to be converted to a borrower paid monthly policy, so now you will have an extra expense on your new loan, and not all lenders will take LPMI converted to borrower paid monthly.

Feb 5th 2013
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Jack Cyrul (Jack Cyrul)
#5 ranked lender in Michigan - 94 contributions

Yes and I have a lender with great Harp rates call me at 734-395-9027 jack C.

Feb 6th 2013
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Garett Hyman (GarettHyman)
#42 ranked lender in Michigan - 14 contributions

Yes, your current lender will send over the MI certificate to the new lender.

Feb 7th 2013
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