Subject*REFINANCE HRP

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Curent loan with Chase(held by Fanie mae), 220K -Ist 21K IInd, 240K(appraisal) 6.25 %,Escrow waived, loan self serviced by chase , 760+, 72k ( per year). Refinance offer by CHase 4.25 with 1/2 point + 2.8k closing cost under HARP, IInd loan Heloc to be subortinated only after reducing limit to 10k. Should I accept it in current market when rates are falling. Can any one help with it for better rates or should accept it as the best.

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Answer #1

Thank you for your inquiry. Based on the info you provided, the proposal seems to be a fairly good one. Today, the bond market closed in the wrong direction (i.e increasing rates), so you may wish to take advantage if the rate still exists.
Thanks,
Stu Hall

Answered By: Stuart Hall Level Rating

10points

Answer #2

Thanks for inquiring on the site and the live chat today. Rates did rise as I mentioned so if you like I recommend calling or emailing one of us to compare apples to apples on Monday.
If the rate is locked you may wish to stay with Chase. They are generally a little more plodding than smaller banks like us but if you have gone a certain distance it could make sense. Either way happy to look and make sure you have the best deal possible.

Thanks,
Brent Mendelson
Monarch Mortgage
nmlsr#111407

Answered By: Level Rating

97points

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