HARP Refinancing with a Second Mortgage – If you have a mortgage owned by Freddie Mac or Fannie Mae, you may be approved for low rate refinancing even if your mortgage is underwater. If you have a credit line or equity loan you will need to get it subordinated.
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Two new programs for refinancing underwater and low-equity mortgages are due to launch Oct. 1. That means homeowners who owe more on their mortgage than the property is worth should have an easier time getting their mortgage refinanced into a better home loan.. The new programs, one each from Fannie Mae and Freddie Mac, will eventually replace HARP, the Home Affordable Refinance Program.
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Refinancing a Second Mortgage – Budgeting Money – The amount of a second mortgage usually is equal to or less than the difference between what you owe on your first mortgage and the market value of the property. Refinancing a second mortgage can save you a significant amount in interest. sample pre approval letter mortgage
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The main way to refinance your mortgage if you’re underwater is through a government program called the Home Affordable Refinance Program, or HARP. Most lenders offer this program through Fannie.
Refinancing your second mortgage will take some effort and may include additional fees, so make sure that the refinance will be financially advantageous. If your main goal for refinancing is to pay off other debt, use BankRate’s mortgage debt consolidation calculator to find out if a refinance is a good option.
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Steps to refinancing a second mortgage. Determine if refinancing the second mortgage is right for you. While rates vary, it’s not unusual for lenders to charge 3% or more of the total mortgage as the refinance fee (on a $100,000 loan, that’s $3,000).