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Refinance without HARP

I purchased a home in August 2010 for 500k but a recent appraisal puts the value at about 440k and I want to refinance. I know i missed the May 2009 cutoff for Harp refinancing but I really need to reduce my mortgage rates if I can, any suggestions? Current mortgage rate is 5% and I'd prefer it somewhere around 3.5% by MSambe_456_533 from Salinas, California. Aug 1st 2012 Reply


Travis Torcoletti (travis.torcoletti)
#0 ranked lender in South Carolina - 372 contributions

You have no options being underwater by over 10%, HARP or otherwise. Sorry.

Aug 1st 2012
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,426 contributions

AAAhhh.. Wouldn't we all.. But seriously.. There's info missing to properly answer your question.. HARP is not available to you and it's the only program where you can finance even if you have limited or negative equity (Conventional) we need to know what your mortgage balance is.. If you purchased the home for $500.. How much did you put down? 20%.. If so, you could refinance, but you might have to pay mortgage insurance.. Which would eat up some of your potential savings.. You could buy down your mortgage balance to $352K and that would get you to 80% LTV, which would allow you to refinance without having to pay MI... As far as 3.5% on a conventional.. That's possible, but again much more info needed.. The best advice I can give you is to contact a LOCAL mortgage broker and apply with them. Not the local "Big" bank, and certainly not one of those 50 states internet lenders...By applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with numerous lenders, seeking out the best loan terms for your particular scenario. Because he has lower overhead, he can offer you lower rates and lower 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. 480-287-5714 WilliamAcres.com

Aug 1st 2012
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Jesse Olson (jesseolson)
#655 ranked lender in California - 37 contributions

Hello, approximately how much do you owe on your current loan?

Aug 1st 2012
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Larry Gray (lgray_312_247)
#595 ranked lender in California - 1,139 contributions

If you have at least 5% equity in the property we could look at reducing your rate on a conventional loan and if payment is importantto you look at financing up front mortgage insurance into the loan to further reduce your monthly payment at the lower interest rate.You can access my website and email or call me at www.larrygraymortgage.com. There is a link to our branch website there also.

Aug 1st 2012
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Karen Mansfield (kmansf_915_841)
#582 ranked lender in California - 9 contributions

Hello, it would be helpful to know how much you own against your property to determine the best course of action for you. It may be FHA and it could be conventional. Please feel free to call me for a discussion regarding your options. Karen Mansfield 925-849-1818 or 707-363-3689

Aug 1st 2012
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Alimon Williams (awilliams@pwhomeloans.com)
#607 ranked lender in California - 2 contributions

What is your current loan Amount?You can refi at 95% LTV and accomplish your goal.email me at awilliams@providenthomeloans.com or go to www.reficaliforniatoday.comThank youAlimon Williams

Aug 1st 2012
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Peter Botros (PeterBotros)
#71 ranked lender in New York - 895 contributions

what is your current mortgage balance?

Aug 1st 2012
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Michelle Curtis Loan Originator NMLS 401173 (EmbassyFundingLLC)
#28 ranked lender in New York - 2,238 contributions

If you are under water on your mortgage I do not know of anything that is out there at this time for you. All the best.

Aug 1st 2012
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Yes, you can still refinance....it just depends on what lender you call. I owe 391000 on my home and it is valued between 330000-360000. I have Lender Paid Mortgage Insurance, so it's been harder for me to find a lender. I called banks, credit unions, and brokers. Some people say that you must go with your current lender, which isn't true! It's just that some banks are not current with HARP 2.0 and some lenders have their own rules about what they will refinance.I'm getting rates between 3.875%-4%, some with rebate, some at 0 points....

Aug 1st 2012
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They can refinance you up to 125% I believe....it just depends on what lender you call.These banks said no without even knowing that I had Lender Paid Mortgage Insurance:ChaseCiti BankCredit Union of Southern CaliforniaDiscover Home Loans (only if it's 105% LTV)These told me yes at first, but said no after they found out I had Lender Paid Mortgage Insurance:Schools First Credit UnionMy LTV is lower than 118% and I'm being given offers....Wells Fargo told me 4% today, 30 year fixed, no prepayment penalty, and 1500 back for closing. Or 3.875%, but I would need to pay 2,200 in addition to the closing cost. They also said I didn't need to impount my taxes & insurance, but other lenders said I had to. Let me know what deal they offer you

Aug 1st 2012
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Blake Kleckner (BlakeK)
#389 ranked lender in California - 257 contributions

Without knowing your current loan balance, it's impossible to assess your situation. If it's $417K or less, the interest rates available to you are lower than if the balance is more than $417K. What is your monthly payment? I have learned after many years in this business to never say never. However, much more info is needed for me to determine what I can do to assist you. Give me a call 16/7, or email me your phone number so I can call you, and I'll be happy to walk you through the process. To learn more about me and our mortgage brokerage, click on my picture. When the next page pops up, click on "Website" and you will be redirected to ours. We work exclusively in CA and get loans done fast, typically in less than 30 days, at low interest rates and costs. Representing 39 quality lenders that offer more than 1,000 loan programs, we definitely have something for everybody.

Aug 2nd 2012
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