HARP refi or hold off?

Ahhh GreenTree... The old mobile home only lender now playing with the big boys... The biggest problem with big banks and places like GreenTree has little to do with the actual company. It has to do with the fact that their Loan Officers are really just unlicensed application clerks. They never take the time to fully analyze a client. They do not look out for your best interests, They simply take loan applications. Almost without fail, most people are much better off NOT working with their existing company. There is no deal there that you can't get 100 other places. www.HARP-Refinance-MN.com

Don't worry about GreenTree, as they like almost all other lenders, will sell your loan off to the secondary market. Look at your long term costs and payments, for as long as you plan to keep your home. The lower fees may be a reflection of lower wholesale mortgage rates.

I am not a big fan of Green Tree, i have had issues dealing with them myself. I do not like to talk bad about companies, so i will leave it at that. I think the best thing for you would be to look around at what other options there are. The rate they are quoting is not extraordinary. the reason they are saying no costs, is that you are paying it through a higher interest rate. I am not sure about your PMI. depending on the loan type, determines how long it will stay. HARP loans may not need it if the value estimate now is above an 80% ltv. If you have a minute, please call me at 888-720-9095 or email me at mbosworth@emeryfs.com and we can discuss.That way i can give you a more educated answer.thanksMichael Bosworth

If you are able to lower your monthly mortgage payment with a lower rate and have no costs to do so, I would say go for it. As far as your PMI is concerned, until your LTV reaches 78 percent or lower you will likely have to keep it.

Completing a HARP refi with not lengthen your MI period or decrease it for that matter. The presence of MI is based on on the Loan-to-Value you currently have. If you have a LTV over 80% and you plan on staying in your home, do the HARP. If you have 80% or lower LTV you don't have to do the HARP so do a conventional refi without MI. You will probably get a slightly lower rate than what GT offered. Keep in mind that refinancing(doing the HARP is easiest when done with your current servicer.) As far as Gree Tree? I'm not going to smack talk them as they have to live by the same rules other servicers do.Hope that helps. Ken Baltes. American Security Mortgage. 704-684-2117

Refi now.. but you can probably get the same deal or better elsewhere.. shop with a local mortgage broker, since brokers have access to numerous lenders, vs the local bank who will most likely be no better than GreenTree... .. 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