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Forum Thread

Feb 27, 2012 Harp 2 - Is This Interest Rate too High?

bobsmith1878 10 February 27, 2012 at 09:48 PM in Finance (4)

Thread Details

We have been waiting for Harp 2 to go live and our current lender, Chase, just offered us a rate that i would like some input on. Here are the details.

Current Loan Amount $300,000
6.25% Interest Only ARM (adjusts in late 2013)
Current Home Value $175,000

Chase Refinance Offer: 4.625% - 30 year fixed
Closing Costs: 3000 total (2600 rolled into loan, $395 out of pocket)

Is this interest rate competitive? I am hearing that if i wait until March 15 smaller lenders may have an option to compete for my business and i could get a lower rate. Can i beat this offer or should i jump on it? (of course they are pressuring me to move fast)

I appreciate any input/advice.

Thank you,



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L1: Learner
10 Reputation
Original Poster
(Removing duplicate post)
Reply Helpful Comment? 0 0
Seems kind of high but there are a lot of factors here like area of the country, your credit score, etc.
Reply Helpful Comment? 0 0
I would be shocked if private business gave a better rate than that. They have to price in the risk that you will jingle mail them as the house price is just to low.
Reply Helpful Comment? 0 0
On March 17th many lenders will start utilizing the HARP 2 guideline to lift the LTV cap.

Although we have not seen what if any price adjustments may be associated with the LTV over the current 125% LTV limits we have, I can comfortably say that the 4.625% rate is high for the HARP 125% LTV loans we are currently closing.

Why not wait a couple of weeks to be able to see what becomes available?
Reply Helpful Comment? 0 0
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