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Old 02-18-2014, 01:46 PM
 
3 posts, read 3,392 times
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Has anyone gotten a HARP 2.0 refi in Las Vegas lately? If so, what was your rate and closing costs?
Can anyone point me to a place online where I can see HARP 2.0 loan rates? It seems on lendingtree, bankrate, etc, I can only see rates for a regular refi.
I got some rates from our current bank for 15, 20, 25 and 30 year options but would like to know how they compare without having to talk to other lenders.

Thanks!
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Old 02-18-2014, 11:24 PM
 
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The rate is usually about the same as a standard refi. Are you sure you still qualify for HARP?
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Old 02-19-2014, 02:33 AM
 
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We do qualify for the HARP 2.0. We don't qualify for a regular refi.
The rate does not appear to be the same (regular 30 year refi=4.375, HARP 2.0 refi-5.375) and also only conventional 15,20,25,30 year loans are offered for HARP 2.0.
The HARP 2.0 rates for 30 yr. fixed are higher I guess due to higher risk/LTV.
What's frustrating is HARP 2.0 rates don't appear to be available online like standard rates. So you have to call and go through the whole rigamarole just to comparison shop. Seems like the rates for HARP 2.0 are somewhat arbitrary.
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Old 02-19-2014, 09:01 AM
 
Location: Paradise
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The refi rates with HARP 2.0 are higher. The lenders have the discretion to charge a higher rate because the lowest rates are for those who are not upside down. They say they are taking a bigger risk when the borrower does not have equity and the HARP regulations allow them to do this, so they do.
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Old 02-19-2014, 09:21 AM
 
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Quote:
Originally Posted by Everdeen View Post
The refi rates with HARP 2.0 are higher. The lenders have the discretion to charge a higher rate because the lowest rates are for those who are not upside down. They say they are taking a bigger risk when the borrower does not have equity and the HARP regulations allow them to do this, so they do.
I guess it has changed. When I started the process about 18 months ago my potential lender told me it was just 25 points higher and the fees were $190 higher. Makes sense though to have them higher. My HARP process ended quickly when they decided I didn't have negative equity as that was when prices just started taking off. Put me in a worse spot because it created a whole new level of qualification requirements which I didn't meet.
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