Mortgage Refinance

fmlewis · 09-10-2012, 04:58 PM

So I am thinking about paying my mortgage using pennies every month, until my bank agrees to refinance it.

We have been trying to refiance through the HARP program which is designed for responsible folks who are underwater from declining property values to enable them to take advantage of the low interest rates of today. But since my current bank / mortgage owner, Union Savings Bank, doesn't participate I get to pay them an extra ~$200 per month. (Most likely I will never do business with them again because of this, otherwise we are very pleased with the service.)

So the reason for this post is if you have refianced recently using the HARP program post up some contact info for your loan officer. Let me know if it was easy to do or a PITA. I am stricking out trying to find a bank that does open access, either people don't do them anymore or they only do FannieMae. From what I have read I am 100% eligible. For some reason since my current mortgage is a balloon loan that hasn't reached its maturity date I am not eligible for some reason but I can not find that anywhere on the FreddieMac website that states that.

Let me know.

94Dodge Truggy · 09-10-2012, 05:33 PM

River city mortgage and Harp 2.0 may help you. Nick Hunter (513) 490-4235 This process goes through our current govornment so it is a slow process. FYI

pete · 09-10-2012, 06:36 PM

I just done this last month thru citi-mortgage and it was a breeze. didnt have any issues whatsoever. took about a month though. I thought they had forgot about it and then they called me with a closing date at no cost to me. well worth looking into saved me about 150.00 a month.

fmlewis · 09-10-2012, 07:31 PM

I just heard from Nick, I already had a call into him, ge said it appears that since my balloon mortgage has not hit its maturity date I can't refinance. I still think its b.s. but I guess I am the 1% that HARP won't help. Keeping my fingers crossed that HARP 3.0 will help me. it bothers me that banks just can't just do a rate adjustment but that's their business. I wonder how big $900 looks like in pennies. We may just have to find out.

biggin69 · 09-10-2012, 07:53 PM

Quote:

Originally Posted by fmlewis

I just heard from Nick, I already had a call into him, ge said it appears that since my balloon mortgage has not hit its maturity date I can't refinance. I still think its b.s. but I guess I am the 1% that HARP won't help. Keeping my fingers crossed that HARP 3.0 will help me. it bothers me that banks just can't just do a rate adjustment but that's their business. I wonder how big $900 looks like in pennies. We may just have to find out.

About 426 lbs.!!!

gothodgie · 09-11-2012, 01:30 AM

Quote:

Originally Posted by biggin69

About 426 lbs.!!!

wtf ?....

09-10-2012, 04:58 PM	#1
fmlewis The best damn Engineer!!! Join Date: Aug 2008 Location: Fairfield Posts: 135	Mortgage Refinance So I am thinking about paying my mortgage using pennies every month, until my bank agrees to refinance it. We have been trying to refiance through the HARP program which is designed for responsible folks who are underwater from declining property values to enable them to take advantage of the low interest rates of today. But since my current bank / mortgage owner, Union Savings Bank, doesn't participate I get to pay them an extra ~$200 per month. (Most likely I will never do business with them again because of this, otherwise we are very pleased with the service.) So the reason for this post is if you have refianced recently using the HARP program post up some contact info for your loan officer. Let me know if it was easy to do or a PITA. I am stricking out trying to find a bank that does open access, either people don't do them anymore or they only do FannieMae. From what I have read I am 100% eligible. For some reason since my current mortgage is a balloon loan that hasn't reached its maturity date I am not eligible for some reason but I can not find that anywhere on the FreddieMac website that states that. Let me know.

09-10-2012, 05:33 PM	#2
94Dodge Truggy EX-Vice President Join Date: Jan 2007 Location: Fairfield, Ohio Posts: 3,048	River city mortgage and Harp 2.0 may help you. Nick Hunter (513) 490-4235 This process goes through our current govornment so it is a slow process. FYI __________________

09-10-2012, 06:36 PM	#3
pete Join Date: Mar 2008 Location: sharonville Posts: 26	I just done this last month thru citi-mortgage and it was a breeze. didnt have any issues whatsoever. took about a month though. I thought they had forgot about it and then they called me with a closing date at no cost to me. well worth looking into saved me about 150.00 a month.

09-10-2012, 07:31 PM	#4
fmlewis The best damn Engineer!!! Join Date: Aug 2008 Location: Fairfield Posts: 135	I just heard from Nick, I already had a call into him, ge said it appears that since my balloon mortgage has not hit its maturity date I can't refinance. I still think its b.s. but I guess I am the 1% that HARP won't help. Keeping my fingers crossed that HARP 3.0 will help me. it bothers me that banks just can't just do a rate adjustment but that's their business. I wonder how big $900 looks like in pennies. We may just have to find out.