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If I refinance through the same lender with HARP, can I keep my current LPMI?

by JBuchanon from Little Silver, New Jersey. Dec 11th 2012 Reply


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

Yes and No.. This shouldn't be a problem, even though you're going to your existing lender, if they will not accept HARP loans with LPMI, even if it's their own loan, they still might not do it.. But not to worry.. There are many lenders out there that will.. in fact, going back to your existing lender is not always the best option.. you should get a written quote from them, and then contact a local mortgage broker and let them put together a quote for you as well, then compare the two.. i bet you'll be surprised.. 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

Dec 11th 2012
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Bert Carpenter (BertCarpenter)
#37 ranked lender in Arizona - 2,236 contributions

More than likely, you can get a better deal with a new lender. Because not all lenders accept LPMI on HARP, I'd advise working with a local Mortgage Professional first. If they are unable to find a satisfactory solution, then try your bank ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ Licensed in California and Arizona ~ www.LoansA2z.com 888-889-9950

Dec 12th 2012
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Barb Lanis (BarbLanis)
#69 ranked lender in Illinois - 663 contributions

Yes, as long as your lender participates with that element of the HARP program. Some large banks are not doing HARP refinances when there is LPMI. If they do participate, then your old MI premium will remain the same because it's simply transferred to your new loan. Please feel free to contact me for more information as we do a lot of HARP refinances with LPMI.

Dec 11th 2012
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Linda Wintersteen (Linda123)
#62 ranked lender in Arizona - 1,256 contributions

if you can not get it done with your lender, there are alternatives.. email me at yourloanpartnerforlife@live.com

Dec 11th 2012
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Carlo Sanchez (MortgageLendingPro)
#0 ranked lender in Utah - 1,163 contributions

Yes, you can, and in fact whoever you decided to go with may require you still use the LPMI Company. Now with this being said, in my experience going with your current lender, which is most likely a big bank, will have a higher rate and Fees and will Defintiely take much longer to get the loan closed than if you were to find a LOCAL broker to help you. Let one of the people on this site help you or at least get a competing quote to compare to your current lender. You be pleasantly surprised, I can guarantee you that!!

Dec 11th 2012
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Mark Simon (mark.simon)
#10 ranked lender in Delaware - 83 contributions

As others indicated you may possibly secure an offer from another lender that is better than your existing lender. Give me a call and without obligation or any fees I can give you an answer today. Mark 302-449-7373

Dec 11th 2012
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Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,247 contributions

Simple answer is yes, any lender should be able to figure out the options when the evaluate your complete application. Rates are too good to delay,

Dec 11th 2012
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Manuel Gonzalez (mmortgage1)
#91 ranked lender in New Jersey - 90 contributions

Yes you can as long as underwriting decision engine recognizes property as eligible. All terms of private insurance stay the same.Shop for the best rate and refinance with confidence.Good luckManuel GonzalezCenmark Mortgage NMLS 346916

Dec 11th 2012
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Dave Pressel (DavePressel)
#93 ranked lender in New Jersey - 12 contributions

The problem is that the majority of investors who participate in doing HARP loans (whether Fannie or Freddie) do not allow for LPMI loans. What may be a better alternative would be do a regular refi and pay the monthly mortgage insurance premium if you are at a 95% LTV or less -- just really depends on what the house is worth right now.Dave PresselWest Town Savings Bank732-348-5397dave@westtownsb.com

Dec 12th 2012
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