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Real Estate
Reply to "Harp Refi?"
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[quote=Anonymous]A little late on the bandwagon for this, but we just found out we may be eligible for a Harp refi (loan backed by Fannie Mae, 105% LTV according to Zillow estimate, meet all the other basic criteria listed on Fannie's webpage). Current rate is over 6% (don't remember the details but it was something like take a slightly higher rate for no separate PMI), we are current and don't have trouble paying it but would like to reduce the length of the loan and lower payments a bit. Joint HHI around $170K; we have a fair amount in easily accessible savings but as we consider it our loss-of-income/emergency fund, don't want to burn it all, and even if we did, it wouldn't quite get the loan down below 80%. Haven't called our lender yet, just thought I'd see if it is even worth it. Think it's doable?[/quote]
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