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I would like to get a Harp loan, but I don't have a mortage, I have a home equity loan instead. Can I?

I would like to refinance at a lower interest rate, but I can't .
By phyllisrackliffe842 from ME Sep 17th 2015

Hi Phyillis, you cannot qualify for a HARP loan. why not simply take that Home Equity loan and convert it to a 15 or 20 year conventional mortgage ?

Sep 17th 2015

NO.. HARP is only for Fannie/Freddie owned first position loans.. But there's noting stopping you from applying for a refinance without HARP.. the benefit to HARP was that in most cases your equity position didnt matter and appraisal would be waived.. but property values have come back and there's little need right now for HARP.. if you have any equity at all, you can refinance.. Now this is assuming you meet all other eligibility requirements.. If you want to know what you can do, try to contact a LOCAL mortgage broker and apply with them. Once they see your complete loan profile, they will be better equipped to advise you properly. Also, by applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with many lenders with each one offering a different type of lending program. This is unlike the local bank which typically only has a few lending programs. The more lenders, the more lending options, and the more likely your scenario will be accepted.. Plus, the broker is experienced in seeking out the best loan terms for your particular scenario, and he has lower overhead which typically results in lower rates and fees than most of the larger lenders.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com NMLS# 226347

Sep 17th 2015

Hi Phyllis: I am in Auburn and would love to speak with you about your question and what your options are. Brendan Fontaine Primary Residential Mortgage, Inc. iPhone: (207) 272-9949Email: bfontaine@primeres.comApply: www.bestmainehomeloans.com NMLS # 102571 | NM Bar # 24042

Sep 17th 2015

You cannot get a Harp Loan with just a HELOC.

Sep 17th 2015

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