This Article is About
harp program
bank of america
low interest rates
mortgage insurance
good chance
Harp - Lenders Aren't Adopting The New Harp 20 Guidelines
Join 1000's of Authors at StreetArticles Today!

Harp  -  Lenders Aren\'t Adopting the New Harp 20 Guidelines

HARP or Home Affordable Refinance Program was a government program that was supposed to help American consumers whose homes have depreciated, almost overnight, refinance to obtain historically low interest rates. It's a great concept; LTV (Loan to Value) wasn't going to matter, closing costs were going to be minimal, appraisals weren't going to be required, it sounded great! The problem: The big Banks aren't participating and people are being denied continuously.

Mortgage Insurance- If you took out a loan from around 2004-2009 and it is a conventional loan, there is a good chance that your loan carries Mortgage Insurance (PMI). If so, you are most likely out of luck for a HARP refinance. Generally, you are supposed to go back to your current lender who will transfer your Mortgage Insurance bond which means that transfers, it doesn't go away.

Bank of America- Many people who once held a Bank of America Mortgage are finding that their mortgage has been sold to a company called Greentree. When they contact Bank of America, they're told that there is nothing that could be done and that they should call their current servicer (Greentree). Unfortunately, when many consumers contact Greentree, they are told that the servicer is not licensed in their state and refinancing is not an option.

Wells Fargo- Customers of Wells Fargo are finding out that the new HARP guidelines are not being adopted at all. Loan to value is still at 105% like in HARP 1.0 and if you have Mortgage insurance, Even if you are currently with Wells Fargo and you go back to Wells Fargo to seek out a refinance, the presence of Mortgage Insurance will prevent you from getting a new loan from Wells.

Most of the other large lenders give their customers one reason or another why they cannot lower their interest rates. Some lenders say that they are "rolling out" the new HARP Program on January 15th or February 15th or March 1st, etc. they're are a myriad of reasons why consumers are being turned down. But the most important thing to remember is to not give up. There are national lenders who are currently lending on the NEW HARP 2.0 guidelines. Interest rates are at historical lows. With 30 year fixed rates in the 4.25-4.5% range and 15 year fixed rates in the 3.375-3.5% range, it is very important that you seek out a lender who can lend on this program now. No one knows what will happen to interest rates if you wait until January 15th or some other date that is set by the various lenders. Look for a lender who is lending on HARP 2.0 guidelines now. There is only one thing that is known for certain about Mortgage Interest Rates; That they'll go up and they'll go down. Right now, they're down. Take advantage of historically low rates, stop sitting on the fence and refinance today.


Street Talk

No comments present
You May Also Like
Harp 2 - Consumers Are Being Turned Down In Droves!
Consumers are going to their local banks, calling Mortgage Brokers and searching the web looking for information on the Obama administration's latest attempt to help struggling homeowners; the HARP refinance program or Home Affordable Refinance Program. Changes to the former HARP program were announced in October and were supposed to…
By:  in  Finance  >  Loans   Dec 19, 2011  
0
  Likes: 0

What is Harp - Home Affordable Refinance Program
What is Harp? HARP stands for Home affordable Refinance Program. It is a program that was enacted by the government to try and help homeowners who are making their mortgage payment, but could not refinance due to their homes' depreciation. It can be very frustrating; people all around the country…
By:  in  Finance  >  Loans   Dec 09, 2011  
0
  Likes: 0

Payday Loans Pros Vs Cons Should I Get A Payday Loan?
There is a lot of controversy surrounding the payday loan business. For those of you who are not familiar with the concept, payday lenders will give you a small amount of cash, usually somewhere between $50 and $500 (sometimes more), in exchange for a post dated check. When your next…
By: CecilSmith in  Finance  >  Loans   Jun 07, 2016  
0
  Likes: 0

Payday Loans Pros Vs Cons Should I Get A Payday Loan?2016
There is a lot of controversy surrounding the payday loan business. For those of you who are not familiar with the concept, payday lenders will give you a small amount of cash, usually somewhere between $50 and $500 (sometimes more), in exchange for a post dated check. When your next…
By: CecilSmith in  Finance  >  Loans   Jun 07, 2016  
0
  Likes: 0

What You Should Look for When Getting Payday Loans UK
There are plenty of payday loans online which you can get as a reprieve whenever you are running short of cash. However, not all of them are made the same. You need to watch out for ones which could seriously put a dent on your credit rating should you be…
By: Trey Reed in  Finance  >  Loans   May 28, 2016  
0
  Likes: 0

Popular Types Of Home Loans for First Time Property Buyers
A person buying a house for the first time would like to choose from an array of loan types that give them the best options available. Among the loan types available like FHA, VA home loan, and other choices that can help them save money. Not only will the right…
By: Max Mortiz in  Finance  >  Loans   Apr 28, 2016  
0
  Likes: 0

What is A Bridge Mortgage And Could Getting One Be Relevant For You?
Whilst shifting up to a brand new residence, one of the principal concerns that people are faced with is a way to discern out the timing of the entirety. One has to be able to discover a residence to buy, however for you to have the funds for it, one…
By: Mark John3 in  Finance  >  Loans   Apr 28, 2016  
0
  Likes: 0

Mortgage And Interest Rates: Experts' Opinion on Today's Market
Every first time home buyer looks for good references that will educate them about this loan type. No one can explain mortgage better than experts. Aside from being well-versed in the business, they can also observe trend and give opinions about the current real estate and financial markets. Here is…
By: Max Mortiz in  Finance  >  Loans   Apr 18, 2016  
0
  Likes: 0

Find Payday Loan Lendersto Meet That Extra Dollar Need
Summary: It is easy to Find Payday Loan Lenders on the internet at easy terms with minimum formalities and no credit scores to maintain when you have dues to pay. Financial crunch and the need for that extra amount has become a common feature for most common people not just…
By: tomashworth in  Finance  >  Loans   Apr 18, 2016  
0
  Likes: 0

Best Moneylender Guide In Singapore 2016
Even with the new rules in place since Oct 2015, errant licensed moneylenders in Singapore have been reported to worked around the rules instead. This has led to another public outcry and luckily the Singapore government is stepping in strongly on this. Let’s look into some of the best moneylender…
By: cysmoneylender in  Finance  >  Loans   Apr 12, 2016  
0
  Likes: 0

Licensed Money Lenders In Singapore
Most licensed money lenders allow the borrowes to apply for instant loan approval Singapore online. This means that they can apply online and fill out some documents. Once they are approved, they will inform them by email or telephone. And the borrowers can receive money at home without going to…
By: gagalacy in  Finance  >  Loans   Apr 06, 2016  
0
  Likes: 0

6 Month Loans - Easy Option to Arrange Money Through Instant Procedure
Your monthly cash trouble or shortage of money definitely proves one thing that your salary is not enough to meet your requirements. It is not a serious matter but it starts making your days nightmare and it happens when you do not find an appropriate alternative to resolve this issue…
By: linbeth in  Finance  >  Loans   Mar 30, 2016  
0
  Likes: 0

Latest FHA Loan Limits Meant for Different Property Types
Countless people will begin buying properties in 2016. If you’re planning to buy a house in 2016, your order of business includes mortgage pre approval, earning downpayment, and looking for a lender. But aside from the mortgage and the property, you must also know the loan limits set. Every state…
By: Max Mortiz in  Finance  >  Loans   Mar 25, 2016  
0
  Likes: 0

Singapore Personal Loans For foreigners
Since the beginning of the British Empire, Singapore has been a center point of industry, a place where there is quick paced purchasing and offering. Individuals from numerous spots on the planet, outsiders to Singapore, come there for some reasons. They might be travelers or representatives whose employments have brought…
By: loansingapore in  Finance  >  Loans   Mar 25, 2016  
0
  Likes: 0

Personal Loan: Apply It Online And With Low Cost
Legal personal loan Singapore are unsecured kind of loans provided by financial institutions for which they don't take any collateral security. Personal loan is a hassle free method of obtaining personal finance with minimal documentation with very short turnaround time. There's various ways to get personal loan sanctioned from the…
By: will1993 in  Finance  >  Loans   Mar 21, 2016  
0
  Likes: 0

Article Views: 1990    Report this Article