Question by Anabela: What I have to be careful if I use HARP through my bank to refinance my house?
By the way, all my previous answer were really great and helpfull. I want to do a nice research before I refinance. My fixed rate is until next year and I want to reduce my monthly mortgage of $ 1,870.00. Basically all my pay check goes to mortgage and I can’t sell it. The price of the house went down 100,000.00. Thank you
Answer by Jef
Well, you still need to qualify for the loan. While HARP has looser qualifying thresholds than most conventional refinace options, it does have guidelines for income and debt ratios. If your liabilities eat most of your income, you might now qualify.
However, starting an application is usually cheap — $ 10-$ 50 for a lender to grab your credit score and at least look at what might be going on.
Add your own answer in the comments!