To refi or not to refi this is the question. May be moving for a job and forced to rent my townhouse.

Under the Harp program, you can refi as a primamry, 2nd home or Investment property. The rate will be a little higher for the last 2. Normally you will sign an affadavit @ closing indication you will reside in the property for 12 months or longer.

It really depends on the comfort level you have with various options that you have proposed. If you are planning on keeping your current home for investment into the future, then I would definetly consider refinancing. It really depends on the current value of your home, but you can easily look at doing a HARP loan on the first mortgage and keep the second. If there is a way that is "cost effective", then combine the two loans into one. If you ar needing to sell before you purchase another home, then it may not be cost effective if you are planning on doing this in the next 12 months. There are many options as questions you posed, and can be easily discussed with a lender you can trust. Which state are you moving to? It might be beneficial to establish that trust with a lender who can do loans in Tennessee and where you might be transfered to. Let me know as I have many Loan Officers in my office licensed in Tennessee and hopefully, in the state you are heading to. Contact me at 314-744-7806, or my website www.castelli.valuedlender.com

There are options of qualifying the new rent on your current property for your debt to income ratio. Depending on the State of the new property we may be able to help you.

Since you think you will be keeping the home for a while it makes since for you to refinance but you should do it now before you change jobs again and it becomes an investment property. The rate on an investment property is higher. If your home qualifies for a HARP loan you can refi the first to a much lower rate and save money each month - this will help your cash flow if you do have to rent. You should contact a Lender 411 mortgage professional in your area. I know you will get good advice. Good Luck.

Knowing that you maybe moving, I would not refi until you where sure and could be very accurate with the statements you are making to the lender. If the bank finds out your original intent to was to refi as a primary home and then move. You will have a problem. Depending on the lender it could be seen as Mortgage Fraud.

until you are certain you are moving, I would proceed with the refinance but pay attention to the fees. As long as at the time you refinance (through the day of closing) you are still working at your same job and have not been offerent another job I don't think there is an issue. By all means tell the loan officer and see what they say. In your situation it makes more sense to not add any balance to the amount you owe on the house but you could reduce your payment slightly by refinancing. Ask for a lender credit to cover your costs, it will mean a higher rate but lower loan amount and you will start saving money on the payment right away. You won't be able to do anything about the 2nd mortgage unless you have 10% equity in the property or more.

Make very sure your new job is in place, then review the answers on this forum. Good luck.

If you want to talk to someone local - 615-425-2215.

Any lender can do that for you, the trade off is a higher rate - probably 0.25 to 0.5% higher which will make your payment slightly higher but because you would be borrowing $3000 less the difference is minimal and you aren't increasing your balance. Is your substitute teaching a permanent position? If not, you may run into problems with the approval - generally that isnt' considered stable income unless you can show a 2 year history of receiving it and the average will be used.

If you want to talk to someone local 615-425-2215

If you want to discuss further, give my office a call. I am in the Boro.615-867-3060Thanks

Hello I would like to discuss in more detail with you.I am in Murfreesboro which is close to you.Please call me at 335-7301ThanksSteve