Hi, wanted to get some feedback on these numbers being offered by my lender in Northern Virginia for a ReFi. Been watching the rate fluctuate daily and saw it go from 4.675 to 4.025. I know that your typically not going to get the lenders low advertised rates under HARP because they need to cover the risk, so I wasn't holding my breath for something under 4.0%.
Loan Amount: $261K
Market Value: $292K
Credit Score 735
5 Year ARM (interest 0nly) to a 30 year fixed (set to expiret next May)
Current rate is 5.5%
Lender is offering under HARP2:
Interest Rate/APR: 4.375 %/4.418%
Have second Lien in form of variable rate LOC which lender will subordinate (same lender for both)
According to my lender, you cannot combine first and second liens into one loan under HARP
Second Lien is about 85K .. currently paying about $235 a month @3.25% APR
Closing costs about $3700
Looking at about $1583 a month payment (not including second Lien)
How does this deal sound?