“HARP Lender Does My Massachusetts Borrowers a Favor”
I wish I could truly understand how decisions are made, as to which property has to be appraised verses an appraisal not being required.
My borrowers felt their property was worth $240,000 and their debt was $231,000, so doing a HARP loan was the right choice. The current rate that these folks had was 6.75%.
In any case the lender required an appraisal be done, so we really didn’t have an option. What a blessing, the appraisal came in at $280,000. After some discussion with the borrowers, it was decided that they come up with the difference from savings, so they could avoid mortgage insurance. The monthly savings is $512.
Sometimes it is better to be lucky.
image courtesy of renjith krishnan/freedigitalphotos.net
Joe Petrowsky, NMLS #6869
Right Trac Financial Group, Inc. NMLS #2709
110 Main St.
Manchester, Ct. 06042
Office: 860 647-7701 x116
Fax: 860 647-8940
Cell: 860 836-9294
Joe Petrowsky does not guarantee nor is in any way responsible for the accuracy of the information provided herein, and provides said information without warranties of any kind, either expressed or implied.
Equal Housing Statement: We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. We encourage and support an affirmative advertising and marketing program in which there are no barriers to obtaining housing becuase of race, color, religion, sex, handicap, familial status, or national origin.