Going Outside Your Lender for HARP

Randy in Orlandoâ??s lender is saying the only way he can qualify for the HARP is to go through them as the originator. His question to Robert Palmer: is this true?

Thatâ??s absolutely not true; it is very specific in the way HARP was released that it cannot be a requirement. They can pitch that it is easier or more flexible, but at the end of the day you can save money by shopping around. If you can find another lender that will HARP in your situation based on loan to value, credit score and everything else you will probably save a lot of money. If no one else will approve you, you can fall back on your bank. This is the bankâ??s attempt to overcharge customers. As far as interest rate, with a higher loan balance and a good credit score you should be at a 4.125% or 4.25% APR based on the final loan to value calculated by the software. Also, you should pay no lender/upfront fees. Once you go outside of the realm of your lender, youâ??ll be amazed at how competitive it gets.