Compare HARP 2 Mortgage Lender Part 1

by Homeowner in Phoenix, Arizona and by Terri in Clearwater, Florida

Ask Kate How to Compare HARP 2 Mortgage Lender Part 1: Where can I find a list of honest HARP 2 mortgage brokers in Metropolitan Phoenix, Arizona? How do I find a Clearwater, Florida lender that participates in HARP? How will my home's value be determined? Will I need a full appraisal?


Question 1: Searching for a List of Honest HARP 2 Mortgage Brokers

By "Searching" in Metropolitan Phoenix, Arizona

Kate, I qualify for a HARP 2 refinance of my Freddie Mac 30-year fixed mortgage on my personal single family residence, but I have yet to locate a broker in whom I have confidence. My current interest rate is 5.75% with Provident Funding.

Two Questions: The current Zillow estimate on my 2070 sq ft home is $146,700. The estimate is $222,233. I owe $210,900.

1. Where can I find a list of (honest) HARP 2 mortgage brokers among which I can shop for an interest rate and closing cost?

2. How will will my home's value be determined and will a full appraisal be required?

***zz-portrait-left.shtml*** Ask Kate answers: Searching for a List of Honest HARP 2 Mortgage Brokers

Hi "Searching",

How do you find and compare mortgage companies, brokers, and individual lender representatives across the US who treat homeowners in an honest and reliable manner? I'm often asked this question.

Although it would be impossible for me to offer a comprehensive list of honest mortgage lenders with all certainty, I can teach YOU how to:
  1. Compare lenders and their policies by asking qualifying questions

  2. Compare mortgage programs

  3. Compare interest rates and closing costs
In other words, I empower YOU to shop for the best mortgage professional. Go here for unique ways to: Getting referrals from trusted friends, neighbors, and co-workers is the next step. Ask them if they would use the same HARP lender again.

Will you need a full appraisal on your home?

Let's look at how the value of your home will be determined for HARP 2.

Freddie Mac and Fannie Mae use automated valuation models (AVM) to deliver estimated property values within seconds.

First, your loan is run through either Freddie Mac's or Fannie Mae's proprietary automated underwriting software, in your case Freddie's. This will determine if the estimated value will trigger an appraisal waiver or call for an appraisal.

For example, if the software cannot determine an estimated property value due to a lack of data, an appraisal is required.

Go here to read about the type of properties that are eligible for appraisal waivers: New HARP 2.0 Loan Announcement - Property.

Unfortunately, you could find that lenders are still displaying their insecurities over HARP 2 and add restrictions known as "overlays". This increases the chance that you will need to have an appraisal.

It goes without saying to question lenders in depth as you shop about their policy regarding appraisals. Don't forget to ask who pays for one, you or the lender.

Good luck in your pursuits,


Question 2: How to find HARP lender in Clearwater, Florida

By Terri in Clearwater, Florida

Kate, Hi, we need help in refinancing our home with the HARP Program. How do we go about finding out which institutes are HARP lenders in the Clearwater, FL area? Thank you! Terri

***zz-portrait-left.shtml*** Ask Kate answers: How to find HARP lender in Clearwater, Florida

Hi Terri,

Fannie Mae does not yet publish a list of mortgage companies participating in the Making Home Affordable HARP 2.0 refinance program. Finding one takes old-fashion elbow grease.

I explain how to search for and compare mortgage companies in the first answer on this page.

But should your home be financed with a Freddie Mac mortgage, there is a partial list published for homeowners, broken down by region.

Go here for the Freddie Mac HARP 2 Lender List to see if there are any near enough to you at Does Fannie or Freddie Own My Mortgage Loan.

As I pointed out earlier, don't forget to ask qualifying questions when you shop lenders. I also recommend checking with your family for referrals.

Best wishes for your HARP 2 refinance,

Now continue to Part 2 of Comparing HARP 2 Mortgage Lenders. ***zzz-link-harp-news.shtml***

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