Harp refinancing question...

We are currently hiring Loan Originators and it seems you have a better grasp on LLPA's and pricing loans than most of my competition. :) Honestly... there are a few more things to know about your situation, your liquidity, your job stability and what you plan on doing with sticking with investment properties in the near/far future. It may make WAY more sense to keep your monthly payment down so you can still qualify more easily for other loans in the future instead of SMACKING your DTI with a higher "required payment" of a shorter term. Sometimes its not about just rates and fees but about how THIS particular loan is going to fit into your short and long term financial goals and your plan for Wealth Creation.Steven Brand at iLoan 612.386.5306 www.StevenBrandHomeLoans.com and www.iLoanHomeMortgage.com

Hey Frank... current rates are great, and I would recommend going 30 year fixed right now. Although the payment is lower on a 15 year mortgage, that product will not be available until June 1st. If rates go up, which is a good possibility, then any benefit you would have gained by waiting for the lower terms to be released is offset by the rise in rates.. It's possible that 20 year terms are available, however most lenders price 20 year mortgages the same as a 30. As far as LLPA's, investors will be a flat 2%, unless your under 80% LTV, then it could be 1.5%, but this depends on the lender and very few have released their HARP 2.0 rate sheets. Best advice I can give you is to contact a local mortgage broker, not a bank, and start your application.. With a broker, he will have many lenders he can tap into to find the best loan for your particular scenario.. WilliamAcres.com

I agree with William's logic regarding not waiting. I would not be the least bit surprised to see lenders creep rates up to slow volumes because they are expecting to be slammed. I have friends at two of the biggest banks hinting strongly that high volume and long turn times are expected shortly after the launch.On an investment property, you could easily lose the rate benefit by waiting. As far as LLPA's, What I am hearing is that ALL lenders will have to accept the LLPA as mandated by FNMA/FHMC under HARP or they cannot play. This would mean that there shouldn't be any variations in LLPA from one participating lender vs another. Don't forget to check out your selected Mortgage Originator at the National Mortgage Licensing System at www.NMLSConsumerAccess.org ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com