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Can you do a Harp refinance for a property that is current with 2 mortgages? the heloc is having a rate adjust, tripling the payme

by lauren567 from Miami, Florida. Sep 14th 2015 Reply


Sara Deere (SARAinMO)
#1 ranked lender in Kansas - 504 contributions

Is your current mortgage a Freddie Mac or Fannie Mae which is one of the requirements for doing a HARP mortgage program. Also did you mortgage that you are wishing to refinance close before or on May 31, 2009 which is another guideline for the HARP mortgage program.

Sep 14th 2015
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Derick Condron (rightstartoregon)
#32 ranked lender in Oregon - 597 contributions

You will want to talk to a local lender. If the first is a Fannie or Freddie loan prior to May 31st 2009 it will be eligible but you may or may not be able to cash out and pay off the second.

Sep 14th 2015
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William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,933 contributions

Yes you can but with HARP you cannot combine 2 mortgages into one.. you can only refinance the first mortgage with HARP.. But if you have sufficient equity, you can refinance both loans into one new loan without needing HARP. Try contacting a LOCAL mortgage broker and apply with them. Once they see your complete loan profile, they will be better equipped to advise you properly. Also, by applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with many lenders with each one offering a different type of lending program. This is unlike the local bank which typically only has a few lending programs. The more lenders, the more lending options, and the more likely your scenario will be accepted.. Plus, the broker is experienced in seeking out the best loan terms for your particular scenario, and he has lower overhead which typically results in lower rates and fees than most of the larger lenders.. 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. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com NMLS# 226347

Sep 14th 2015
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