Open Access HARP
(Baltimore, Maryland USA)
Ask Kate about Open Access and HARP: Hi Kate, We have a loan that is being refinanced through the HARP program. Does it have to be refinanced through our current loan servicer?
Or can that loan be shopped to other servicers?
Kate Answers: Open Access and HARP
Dear Matt, Good news!
The Open Access HARP program under Freddie Mac no longer requires homeowners to return to their loan servicers for the mortgage refinance.
Fannie Mae has already been giving the choice to borrowers to use a lender other than their existing servicer for the HARP program.
But be sure to compare HARP offers. Just because you are not required to use your current servicer does not necessarily mean a better deal elsewhere. Go here for help comparing mortgage closing costs
and good faith estimates.
Anyone considering Freddie Mac's Open Access HARP program or the Home Affordable Refinance Program for Fannie Mae loans should not dilly-dally. The door to the HARP program is scheduled to close June 2011.
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