SQUEE! I AM REFINANCING AT 3.725%!

[CloudBee]

!!!

[rex]

This makes me want to buy a house.

[heygrey]

oh awesome!

[glynn2009]

We are also.

[FishChicks]

Wow, that's amazing! Are you paying closing costs or points for that rate?

[WOT?*]

phhhhbbbbt. (says the one who can't refi because we did at 5.25 when rates had dropped from 7 and appeared to be heading up again - dammit.)

Great news for you. Congrats. To all of you that are getting such great rates. And phhhhhhbbbbt until HARP3.0 can be modified to allow refis of refis. grrr.

[EmilieMadison]

That is AWESOME!! :Y:
I'm so jealous! We're at 6.25% and cant refi because it's now a rental.

[lizrd7579]

Awesome!!

[whitepicketfence]

Wow. That's awesome :Y:

We refi'd in December and our rate is at 4.125% but I'm still jealous of yours, LOL.

[tigress]

May 17, 2012 20:55:11 GMT -5 EmilieMadison said:

That is AWESOME!!
I'm so jealous! We're at 6.25% and cant refi because it's now a rental.

We have the same problem with our townhouse (except is 6.125%). But the house we're living in is at 3.5%, but that's on a 15 year mortgage.

[Becca]

We are debating a streamline at 4%, and I think you just convinced me to look further.

Our current rate just adjusted to 3.25%, but I know it won't stay that low forever, and we are really torn on if it is worth upping our rate to lock-in, or if we should wait awhile.

[protozoa]

Nice!!

[NachoProblem]

May 17, 2012 20:55:11 GMT -5 EmilieMadison said:

That is AWESOME!!
I'm so jealous! We're at 6.25% and cant refi because it's now a rental.

We have a rental that's also at 6.25%, and we looked into it and we can refi it because of some loophole. MH is the one that's been handling it, so I don't know all the details on why it qualifies. I think at a 30-yr fixed we can get 4.75. Not as awesome as 3.725 (jealous!) but enough to save us like $200 a month. Anyways, you might want to look into it anyway.

[thedutchgirl]

Congrats!!

You probably aren't eligible for the settlement because your servicer doesn't own the loan. We are current on payments and are eligible, and they wrote down our interest rate to 4.25%. We were at 6.375% and underwater so refi was impossible. They just lowered the rate. But the settlement only addressed loans owned by the servicers, which is actually a relatively small percentage.

[FishChicks]

May 18, 2012 7:52:26 GMT -5 tigress said:

May 17, 2012 20:55:11 GMT -5 EmilieMadison said:

That is AWESOME!!
I'm so jealous! We're at 6.25% and cant refi because it's now a rental.

We have the same problem with our townhouse (except is 6.125%). But the house we're living in is at 3.5%, but that's on a 15 year mortgage.

We are currently doing a HARP 2 refi of our rental. LTV is around 120%, and we're currently locked at 4.5. It is possible to do these refis, but you have to search for a bank that will fund them.

[EmilieMadison]

May 18, 2012 8:11:50 GMT -5 NachoProblem said:

May 17, 2012 20:55:11 GMT -5 EmilieMadison said:

That is AWESOME!!
I'm so jealous! We're at 6.25% and cant refi because it's now a rental.

We have a rental that's also at 6.25%, and we looked into it and we can refi it because of some loophole. MH is the one that's been handling it, so I don't know all the details on why it qualifies. I think at a 30-yr fixed we can get 4.75. Not as awesome as 3.725 (jealous!) but enough to save us like $200 a month. Anyways, you might want to look into it anyway.

We've been looking into it for a few years. Since we are underwater, we dont qualify for a traditional refinance, so HARP programs are the only ones that would work. The first HARP program excluded investment properties. HARP 2.0 *will* refi rentals, but they have to be backed by freddie/fannie. Ours is not.
So at this point, we're sort of stuck.

Unless your husband found something completely different? If you wouldn't mind, could you ask him about it? Thanks!

[EmilieMadison]

May 18, 2012 8:21:14 GMT -5 FishChicks said:

May 18, 2012 7:52:26 GMT -5 tigress said:

We have the same problem with our townhouse (except is 6.125%). But the house we're living in is at 3.5%, but that's on a 15 year mortgage.

We are currently doing a HARP 2 refi of our rental. LTV is around 120%, and we're currently locked at 4.5. It is possible to do these refis, but you have to search for a bank that will fund them.

That's awesome! We dont qualify for HARP 2.0 because our loan is not owned by Freddie Mac or Fannie Mae

[vanillacourage]

May 17, 2012 20:45:46 GMT -5 WOT?* said:

And phhhhhhbbbbt until HARP3.0 can be modified to allow refis of refis. grrr.

Mmmmhm. We refi'd two months too early apparently.

Congrats to the OP.

[Deleted]

:Y:

[EmilieMadison]

Oooooh, looks like HARP 3.0 will allow refis even if the loan isnt owned/backed by Fannie/Freddie!

[monpetitchou]

May 18, 2012 8:35:12 GMT -5 EmilieMadison said:

Oooooh, looks like HARP 3.0 will allow refis even if the loan isnt owned/backed by Fannie/Freddie!

What is this HARP 3.0 you speak of?? I am in the exact same situation - my rental house is underwater and not a fannie/freddie loan so I don't qualify for anything. Although it is Bank of America so I'll be looking into that settlement that came out recently. homeloanhelp.bankofamerica.com/en/principal-reduction-announcement.html

[octwed07]

May 18, 2012 10:45:56 GMT -5 monpetitchou said:

May 18, 2012 8:35:12 GMT -5 EmilieMadison said:

Oooooh, looks like HARP 3.0 will allow refis even if the loan isnt owned/backed by Fannie/Freddie!

What is this HARP 3.0 you speak of?? I am in the exact same situation - my rental house is underwater and not a fannie/freddie loan so I don't qualify for anything. Although it is Bank of America so I'll be looking into that settlement that came out recently. homeloanhelp.bankofamerica.com/en/principal-reduction-announcement.html

This is us also -- except on our primary house. OUrs isn't FHA, Fannie Mae, Freddie Mac and a jumbo loan. Sigh.. and to qualify for any modification our mortage payment has to be greater than 30% of our net income, which it isn't. I'm jealous of those of you with great rates!!!