Is this mortgage rate too high? HARP 2.0 refinance
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Thread created 02-22-2012 by lylmion
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US Bank is known to have more conservative guidelines, and yes, the rate appears high but they are probably giving you a rate credit as well to lower the costs too. I am not sure why they would not...
Is this mortgage rate too high? HARP 2.0 refinance
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Thread created 02-22-2012 by lylmion
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Thank you for your reply.........as far as I know, US Bank was the originator. Regarding it being Freddie Mac, they told me its 'investor type' was F Mac, and I confirmed it on the FM website. Do you...
Is this mortgage rate too high? HARP 2.0 refinance
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Thread created 02-22-2012 by lylmion
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We have a 30 year mortgage with US Bank, which has PMI embedded in the interest rate (total interest is 7.125%). It is held by Freddie Mac, so we qualify for HARP 2.0. US Bank claims we cannot refi...
Is this mortgage rate too high? HARP 2.0 refinance
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Thread created 02-22-2012 by lylmion
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Talked to US bank today again, the agent said we could put some money to buy point. At the beginning, she said $1600 for 1 point and will lower the interest rate for 1%. Then when we called back ,she...
Is this mortgage rate too high? HARP 2.0 refinance
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Thread created 02-22-2012 by lylmion
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Thanks for your time to read my post and give me some ideas. We decided not to buy the point since it's not worth that much.:)
Thanks for the information:hug:
Is this mortgage rate too high? HARP 2.0 refinance
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Thread created 02-22-2012 by lylmion
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Thank you for the reply. You're exactly right, our breakeven point is 6 years on the points.....I declined because we want to pay double the P&I every month and pay off the loan in 6 years (I'd...
Is this mortgage rate too high? HARP 2.0 refinance
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Thread created 02-22-2012 by lylmion
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Thanks for the suggestion about asking her Manager (good idea). One more question please...does the rate on HARP loans fluctuate daily? In other words, if I wait until March when the full terms of...
Is this mortgage rate too high? HARP 2.0 refinance
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Thread created 02-22-2012 by lylmion
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I'm sorry, but beggars can't be choosers. Meaning you don't have many options, especially with the lender paid MI. Second comment, US Bank typically does not sell their loans to Fannie or Freddie....
Is this mortgage rate too high? HARP 2.0 refinance
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Thread created 02-22-2012 by lylmion
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We didn't talk to the manager, because she said since we had the PMI, the corporate won't let us do the 15 years mortgage( That's what their term is).She said she already talked to her manager about...
Is this mortgage rate too high? HARP 2.0 refinance
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Thread created 02-22-2012 by lylmion
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That .25% equals $25 a month savings.
Lets say instead of a $162K loan you put that $1600 toward the principle and had a $160,400 loan, then you'd be paying $10 a month less.
So that $1600...
Is this mortgage rate too high? HARP 2.0 refinance
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Thread created 02-22-2012 by lylmion
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While in no way exact, a general rule of thumb is 1 point buys down .25% in rate. Personally I do not recommend buying down the rate as the break even point, as flee demonstrated, is usually 5-6...
Is this mortgage rate too high? HARP 2.0 refinance
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Thread created 02-22-2012 by lylmion
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http://www.foxbusiness.com/personal-finance/2012/02/23/what-harp-20-means-for-homeowners/
