Fair Rate from Chase?

**TurtleGrrl** · 08-04-2012, 04:34 AM

Good Morning,

I called Chase, our services, last week about a refi under HARP.

We are working on paying off debts, and I accepted the mortgage where it was, then I ran some numbers and decided to call. We have 20 years left on a 93k mortgage, with about 79k left. The rate is 6.875.

Credit scores me, 700, him 740. DTI together is 45. Tried to qualify with him alone, but that didn't work, my income is higher, but I also have student loans. I am not currently on the mortgage.

We were offered 3.65 to move to a 15 year. It would save us 40k, and make moving in or renting in a few years more realistic. We couldn't rent for what we pay, and we have done a fair amount of work.

Anyway, is that a bad rate? There are about 2k in fees. Not happy, but at the end of year one I will be in the exact same place principal wise, year 2 I will be 6 k further.

**TurtleGrrl** · 08-21-2012, 10:46 AM

Anyone have a higher ltv than me? Got the appraisal back, we are at 360%.

I could scream. Every comp was a foreclosure. My city is in bad shape, but that seems low.

**Erik Sandstrom** · 08-21-2012, 12:03 PM

Hi TurtleGrrl,
Welcome to the Forum, I'm sure you will find answers to all your questions in regards to Real Estate here.

In regards to what you've been quoted for a 15 year/fixed - that interest rate sounds great for your size loan. I would say take it! I personally have not funded a HARP transaction at 360% LTV however I have done one at 300%. If you obtain an approval through automated underwriting and all the information submitted in the system is accurate you should be able to get the HARP refinance without any troubles.

**TurtleGrrl** · 08-22-2012, 10:05 AM

Thanks Erik for your answer. I hope you are doing better. Your insight had been invaluable on this journey.

**Erik Sandstrom** · 08-22-2012, 02:15 PM

Thank you very much for recognizing that, it really does mean the world to me.

I'm really lucky i'm alive, my angels have been watching out for me. It must not have been my time to go and I'm very thankful for that. If you ever at any time have a question, please don't hesitate to ask.