Welcome to the updated Slickdeals redesign beta. Learn more and give us feedback. Or, return to the classic view.

Search in
Join the Slickdeals Special Olympics World Games Fundraising Team Support the World Games
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)
Deal
Score
0
2,548 Views

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,
Bob

4 Comments

1

Sign up for a Slickdeals account to remove this ad.

L1: Learner
10 Reputation
Original Poster
#2
(Removing duplicate post)
Reply Helpful Comment? 0 0
#3
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
#4
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
#5
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
Page 1 of 1
1
Join the Conversation
Add a Comment
 
Slickdeals Price Tracker
Saving money just got easier.
Start Tracking Today
Copyright 1999 - 2015. Slickdeals, LLC. All Rights Reserved. Copyright / DMCA Notice  •  Privacy Policy  •  Terms of Service  •  Acceptable Use Policy (Rules)