Harp Closing Costs and Interest Rate
by Cassie from Georgia
Ask Kate: Who determines HARP closing costs and interest rate?
Hello Kate, We are getting ready to refinance and are waiting on the GFE (good faith estimate) from my current mortgage lender.
We are (and have always been) current on our mortgage and are using the HARP program to refinance because the values have dropped drastically in our neighborhood. Our goal is to lower our monthly house payments with a better interest rate.
Here are my questions about the HARP closing costs and interest rate...
Should I have to pay closing costs and if so should they be less or more than a regular refinance?
How do I find out what mortgage rate to expect with great credit?
I know I could shop the loan but would really like to use our current lender so thought there might be a way to check the rate he gives us on the GFE without having to "shop the loan". Thanks for your help!
Kate Answers: Who determines HARP closing costs and interest rate?
Hi Cassie, HARP closing costs and interest rate are not set by the government. In fact here is what the Making Home Affordable website says:
"The rate will be based on market rates in effect at the time of the refinance and any associated points and fees quoted by your lender. Interest rates may vary across lenders and over time as market rates adjust. The refinanced loans must have no prepayment penalties or balloon payments."
How to Shop Your HARP Mortgage Closing Costs
Even though the Making Home Affordable Program
is intended to get the housing market back on track, your HARP closing costs and interest rate needs to shopped just as you would any refinance.
But hey you're in luck! Let's take a look at my Mortgage Turbo Tips
. You'll be glad to discover they're packed with powerful help regarding closing costs, locking interest rates, mortgage pre approval and more tips for shopping your refinance.
In addition, by visiting Refinancing FAQs
you'll discover solutions based on inquiries from other homeowners pursuing refinancing.
Cassie, please come back and visit often. Help me spread the word by sharing my website with your friends. Remember, all of my information is free!
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The information you obtain at this site is made available to you as a self-help tool and is not, nor is it intended to be, a substitute for personalized professional advice. All numbers are estimated and are for illustrative purposes. Rates are published for convenience only, vary with no advance warning, are not guaranteed, and should not be relied upon. You are encouraged to consult a lender for a current rate quote and seek advice from qualified professionals, for example, attorneys, accountants, financial planners, housing counselors, mortgage lenders, and/or real estate agents, regarding your individual situation. Comments and opinions found here are not necessarily those of Get-Your-Best-Mortgage-Rate.com and its owners.