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My HARP 2 refinance quote: is it good
Hi:
I got a HARP2 refinance quote from my lender (I am undrwater, my loan balance ~302k, property value ~290k). The details are: 3.87% rate with 5k origination point and total settlement cost ~9k. Currently I have an interest only ARM. My lender (quickenloan) is sayinng I have to buy point to get 3.875% rate (my FICO score is near/over 800). What do you think guys? Good, bad or so so deal? I called Fannei Mae's help line and the lady told me the settlement charge/origination point is pretty reasonable. My lender also told me HARP2 does does let monthly payment go up by more than 20% (since mine is intrest only now, a 30 yr fixed would increase my paymennt). Also, do you know any other lender who can do HARP2 and you are satisfied dealing with?
Thanks.
I got a HARP2 refinance quote from my lender (I am undrwater, my loan balance ~302k, property value ~290k). The details are: 3.87% rate with 5k origination point and total settlement cost ~9k. Currently I have an interest only ARM. My lender (quickenloan) is sayinng I have to buy point to get 3.875% rate (my FICO score is near/over 800). What do you think guys? Good, bad or so so deal? I called Fannei Mae's help line and the lady told me the settlement charge/origination point is pretty reasonable. My lender also told me HARP2 does does let monthly payment go up by more than 20% (since mine is intrest only now, a 30 yr fixed would increase my paymennt). Also, do you know any other lender who can do HARP2 and you are satisfied dealing with?
Thanks.
