Main Desktop Site
(651) 552-3681
HARP stands for Home Affordable Refinance Program. This program is for homeowners whose homes are now worth less than what they owe.
If you are a responsible homeowner but the current marketplace loan-to-value (LTV) requirements and need for a new appraisal have made it difficult or impossible for you to refinance at today's record low interest rates, Cambria Mortgage may even be able to help you without needing a new appraisal or meeting previous LTV requirements.
How do I know if my loan is owned by Fannie Mae or Freddie Mac?
Simply call or E-Mail me. I'll help you determine if your mortgage is backed
by Fannie Mae or Freddie Mac, or use the links just above.
I'm underwater. I owe more than my property is worth.
Do I still qualify for HARP ?
Yes. Eligible loans will include those
where the first
mortgage exceeds the current market value of the property.
If I am behind (delinquent) on my
mortgage, do I still qualify for the HARP ?
No.
But the good news is, you may qualify for the Modification Initiative.
Contact me to discuss your situation and review your options.
I have both a first and a second
mortgage. Do I still qualify to refinance under the HARP Refinance
program?
Yes.
Technically, the amount owed on the second mortgage doesn't matter, but the
2nd mortgage lender does need to agree to subordinate their loan. Talk to
your Loan Officer about your second mortgage.
I have both a first and a second
mortgage. Can I combine these into one new loan under the HARP program?
NO.
You can not combine these two (or more) loans into one. The HARP program
will only refinance the existing first mortgage.
Will refinancing lower my payments?
That
depends. If your interest rate is much higher than the current
market rate, you would likely see an immediate reduction in your payment
amount. However, if you are have an adjustable loan, or are paying interest
only on your current mortgage, you may not see your payment go down. BUT...
you will be able to avoid future mortgage payment increases and may save a
great deal over the life of the loan.
What will the interest rate be?
The interest rate will be based
on market rates at the time of the refinance. Currently, interest rates are
at historical lows, which makes this a good time to examine your refinancing
options.
Will refinancing reduce the amount
that I owe on my loan?
No.
Refinancing will not reduce the principal amount you owe. However,
refinancing should save you money by reducing the amount of interest that
you repay over the life of the loan.
Can I get cash out to pay other
debts?
No.
Only standard closing costs (appraisal, title, credit report, state taxes,
lender fees, etc) may be included in the refinanced amount.
Do I need to pay closing costs?
YES.
HARP refinance loans have closing costs just like any other refinance. Like
other refinance transactions, you can pay the costs out-of-pocket, roll them
into a slightly higher loan amount (most common), cover them with a slightly
higher interest rate, or any combination of these options. Check with your
Loan Officer, as there are a few restrictions.
I am really far underwater on my
mortgages, can I still use HARP?
YES.
Under the new HARP 2.0 (Starting December 1, 2011). Under the old HARP
rules, you were capped at 125%. Now you can be really far underway and
still qualify for HARP
What is the maximum loan amount? I
have / need a jumbo loan?
The maximum loan amount is the
same as the maximum loan amount in your area. For 95% of the country, this
is currently $417,000 (Check
loan limits - Select Fannie/Freddie under the
"limit type" option)
I heard adjustable mortgage
refinances are different?
YES.
If you choose a new adjustable loan, you are capped at 105%. Only fixed rate
refinance loans are unlimited.
My current loan is FHA, can I use
HARP?
No.
Only loans that are backed by Fannie Mae or Freddie Mac are eligible. FHA
loans, VA loans, USDA Rural Development, and many private loans, like the
ING Orange ARM loans are NOT eligible.
My current mortgage company says they
are the only ones that can help me refinance with HARP. Is this true? Do I
have to use my current lender?
No.
You can use any participating lender you want in the vast majority of cases.
I put over 20% down originally, so I
have no PMI. Will I have to have PMI on the new loan?
No.
That is one of the best aspects of HARP. If the original loan did NOT have
mortgage insurance, the new loan does not need mortgage insurance, not
matter how underwater you are.
Can I refinance my second / vacation
home or a rental / investment property with HARP?
YES.
That is allowable. You just need to meet all the other standard Home
Affordable Refinance program guidelines
How
do I apply for a HARP Loan?
Apply for HARP
right on your mobile device, call or visit my office to discuss your specific
situation and to examine your options. If this plan is right for you, we can
begin working on your refinance immediately.
As part of the discussion, we may need to look at the following information:
As always, if you have any questions or would like to discuss how this may specifically impact you, I'd be happy to sit down with you. Just call or email me to set up an appointment.
Cambria Mortgage - St Paul Office
33 Wentworth Ave E, Suite 290
Saint Paul, MN 55118
Office (651) 552-3681 Fax (651) 994-6425
E-Mail: joe.metzler@cambriamortgage.com
33 Wentworth Ave E - St Paul, MN 55118 - NMLS 274132
Equal Housing Lender © 1998-2023 - Joe Metzler for Cambria Mortgage
License Information
Cambria Mortgage. Nationwide Mortgage Licensing System and Registry (NMLS)
# 322798 Saint Paul Branch - NMLS # 387944.
Joe Metzler, Licensed Mortgage Loan Originator NMLS # 274132.
Minnesota Lic/Reg #: MN-MLO-274132. Wisconsin Lic/Reg #: 11418.