HARP Refinance Rates
by Lynette L
(Middletown, Connecticut USA)
Ask Kate who determines HARP refinance rates: Hi Kate, We are considering a HARP refinance with our current lender. We were told that the finance rate was set by Fannie Mae and the current rate is 4.375 percent.
Is that true? I believe I just read in one of your articles that the interest rate is not set by Fannie Mae, so now I am confused.
Kate Answers: Who Sets HARP Refinance Rates
Thank you for writing! I am so happy to know if, when and where there's confusion. In fact, I depend on letters like yours to know what to address.
And yes, you are right. There is a lot of confusion over the Making Home Affordable - Help For America's Homeowners program.
To clear up confusion, I am directly quoting the Making Home Affordable Government Website, specifically FAQ 12.
Determining HARP Refinance Rates Question: What are the interest rate and other terms of a refinance under HARP?Answer: The rate will be based on market rates in effect at the time of the refinance and the homeowner will be subject to 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.
You can read Borrower FAQs on the government website: Home Affordable Refinance Program (HARP) Question and Answer 12 regarding interest rate and other terms of a refinance under HARP
You can also read other homeowner's questions with my answers about Loan Modification, Home Affordable HARP and HAMP, Strategic Default, Real Estate Short Sale, and FHA Short Refinance
Lynette, one more thing. I'd like to hear back from you. I understand there are offshoots of the HARP program that could have different guidelines. So please let me know if this page was helpful to you or if you have more questions. Comment here
on HARP Refinance Rates. Or Ask Kate
another question here.
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