Are the HARP refi rates typically higher than normal rates?

A conventional loan takes certain factors into consideration for determining the interest rate. Loan to Value (LTV), how much equity percentage, is a big one. Consider it a sliding scale and with the more equity you have, the better the rate. Now the HARP program allows that scale to go into the negative equity. This causes higher rates overall as the negative equity is a big risk for a lender. The HARP program also included a discount to fees which brings these rates down for the borrower. The next factor is the credit score. With the minimum credit score being 620, the higher the score the lower the risk and the lower the interest rate. Overall, a borrower will see and interest rate about 0.375% to 0.500% higher than someone who has equity. If you have any additional questions, feel free to call or email. info@harp-arizona.com or 480-359-7334

In General... HARP refi's are a more risky loan product since they allow for higher Loan to Value's (LTV), with traditional conventional financing, your rate is determined by your credit score and how far below 100% LTV your loan amount is, so 70% LTV will give you a better rate than 95% LTV... On HARP refi's you can go 125%, 150% or even unlimited... so yes.. The rates are going to be higher.. How much higher will be determined by the "Overall" portfolio of the borrower.. Since HARP refi's are fully qualifying, everything will be considered.. as far as minimum fico, HARP guidelines don't say there is a minimum, but the lenders who actually lend the $$ do have minimum's... 620 is the lowest I've seen... I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

640 is the minimum score required, however, there are lenders that will go to 620. The rates are not higher than conventional rates, but there are add-ons for LTV and credit score, so it could be higher than the national average rate, which I assume you're referring to as 'normal rates".

We have programs that go down to 620 but because of the rate adjustments, yes they generally are just a tad higher for HARP loans. Not very much though, maybe an 1/8 to a 1/4 at the most. If you would like some help in AZ please let me know, we specialize in HARP loans. P: 888-320-7888 - ken@mortgagesforamerica.org - www.MortgagesforAmerica.org - Ken Burrows

Harp Rates are higher because of adjustments to the base rate. Your credit score and LTV are huge factors when it comes to adjustments. If your credit score is a concern, start with your current mortgage holder. Their guidelines will be a little more liberal. The focus will be on your mortgage history first.

The best answer is 'maybe'. Every loan is different and the secondary market investors that mortgage banks sell loans to often seem to have their own quirks. Factors like credit score, loan size, loan-to-value, combined-loan-to-value (when there is a 2nd mortgage staying in place) and others may disqualify an individual from the best rate and require the lender to sell to the investor without the restrictions but at a slightly higher rate. Without these options at our disposal many loans would be turned down, so to pay a rate that's a little higher than a non-HARP is good if it means being approved.

YES... But depending on your overall situation, it may be just slightly more (like .125%) or a lot more (like .500%). www.HARP-Refinance-MN.com

All factors are considered on each loan, but overall they are a bit higher.Call us or email us at 201-962-3555 or Team@BestMortgageOption.com for ano cost no obligation analysis of your situation.Ask for Michelle or Benny We will find the Best Mortgage Option to suit your needs!You can check us out at www.BestMortgageOption.com

They are generally in the same area as conventional rates. The reason most people use a HARP refinance, is because they have a higher loan-to-value ratio and if that's the case then you probably will qualify at a higher rate than conventional rates. So I think the best answer would be most of the time, as a lender will usually consider a conventional refinance almost always as your first option. The minimum fico score is 620.Give us a call at Pacific One Lending if you ever need any help!

Contact one or more of the lenders on this forum, to review your situation.

No, HARP rates are not higher than normal rates. In fact the base rate will start the same for all products. I have seen the Big Banks charging higher by up to .75 as they are trying to capture their servicing portfolio opportunities. You should shop away from just the bank you send your payments too. HARP is good for Primary, Secondary and Investment Properties. No minimum FICO required. Your loan officer will run DU for Fannie Mae or LP for Freddie Mac.

Depends on your credit and LTV. In some cases they can be the same and other they can be higher

The Answer Simply Is Yes.

The late payment wont affect your rate. However, it may impact your ability to qualify. You need a clean 12 month history of mortgage payments on your credit report.

As long as your pay history on mortgage(s) for the past 12 months is 0x30 you'll be ok. If 0x30 for the past 24 month it will be looked at more favorably.

Your rate will NOT be affected. You should be good to go with the HARP refinance.