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How do I refinance my mortgage if I've already used HARP once before?

I used HARP to refinance from a 7-percent rate to 5.375 a few years ago. When I wanted to get a refi at current rates the appraisal came in too low. I don't have enough equity in the current market for a standard refi. Is there a way to convince the lender to adjust my interest rate? I don't have a financial hardship but am tired of "giving" my lender at least 2 percent more than I should be paying. by sultan_817_171 from Chatham, New York. Feb 17th 2013 Reply


Steven Ceceri (CreativeFinancingOptionsGroup)
#36 ranked lender in Massachusetts - 723 contributions

Good Afternoon. Since your new loan was originated and closed after June 1, 2009, you won't be able to take advantage of the HARP program, unless the dates are off from what you noted. If you have any equity at all, you could use FHA to refinance as it goes to 97.75% LTV. There would be mortgage insurance included, thus reducing your potential monthly savings. Rates would be much lower than what you are now paying, but with the monthly mortgage insurance, your monthly savings would be reduced. I'd be happy to look at any and all options for you, so just send me an offline message and we can discuss any options that may exist and the pros and cons of each. Thank you and enjoy the day!

Feb 17th 2013
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Barb Lanis (BarbLanis)
#70 ranked lender in Illinois - 663 contributions

Unfortunately, HARP is currently a one-time refinance and can't be used again. We're all sure hoping that the program will be expanded to allow re-HARPing. No word whether this could change yet.

Feb 17th 2013
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Mike Silkworth (msilkw_195_870)
#31 ranked lender in Michigan - 527 contributions

If you have equity at all, FHA may be an option, where Conventional may not. Keep your ears to the ground for new options with modifications to HARP. There are rumblings that there could be new legislation to help people in your situation. The best thing to do is speak to a lender local to you that is organized and will put you on a trigger list if this change comes about. Also, since appraisals are based on "recent" comparable sales, the appraisable value of your home can change if your immediate market (within a mile of you) changes. Bottom line, talk to local lenders and tell them these things - if they don't agree, call the next one on the list until you find someone who will watch out for future solutions.

Feb 17th 2013
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Barb Lanis (BarbLanis)
#70 ranked lender in Illinois - 663 contributions

Maria Montalbano: There is a small window of possibility to re-HARP (like 30-ish days) if the loan was closed and guaranteed between the date that HARP 1.0 was originally announced and the deadline of 5/31/2009. It depends on the guarantee date. I suggest you look at the Fannie/Freddie guidelines.

Feb 17th 2013
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Joe Metzler (JoeMetzler)
#18 ranked lender in Minnesota - 3,981 contributions

HARP is a one-time program to assist a home owner who has lost value. Your only choice today is a standard regular loan, meeting standard regular loan-to-value guidelines. Historically, 5.375% is a great rate. Be happy you were able to get the first refinance, and stop worrying about it. The best way to stop "giving" is to work as hard as possible to pay it off.

Feb 18th 2013
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SHAHROKH CHARLES BEROKHIM (mortgageusa)
#87 ranked lender in New York - 68 contributions

HARP is a one time event but most lenders would want to keep you as client if all payments are on time. I have seen borrowers who contacted their lender and simply requested change of rate with out closing cost or very little cost. CITI bank is one of those lenders.Also if you have had your loan for few years , possiblity is that you paid most of interest and now most of your payment is going toward principal.....so lowering your rate might not be making too much of difference as you might think

Feb 18th 2013
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