HARP 2- Video Update of new program

Posted on November 18, 2011, in Mortgage and tagged , , , , . Bookmark the permalink. 2 Comments.

  1. DO I HAVE TO PAY PMI AND ANY KIND OF FEE TO REFINANCE MY MORTAGE ? WITH HARP 2 PROGRAM

    • If your current loan does not require PMI then your new loan will not require PMI. Under the HARP regulations, if you are currently paying PMI it should not increase, but it may require an extra step for the “transfer” process. However, what we have come accross is that lenders are adding additional requirements. So far the lenders we have spoken with will not do HARP loans if there is PMI. If this is the scenario you are dealing with then make sure you present it to your lender and have them further research it.

      The costs that you will have to pay are closing costs; however, those can be bundled into your mortage loan so that you aren’t having to pay anything up front. That is your decision. As always, we encourage you to speak and ask these questions with whoever you refinance with. If you are looking to refinance in the California area we would be glad to help you as well!

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