Yeah, agreed—HARP wrapped up a few years back. But honestly, lenders still have some decent refi programs floating around. I'd shop a bit...sometimes smaller banks or credit unions offer better deals, especially if your appraisal's borderline. Worth a shot anyway.
"sometimes smaller banks or credit unions offer better deals, especially if your appraisal's borderline."
That's a solid point. When we refinanced a couple years ago, our appraisal was right on the edge, and it was actually a local credit union that came through with the best rate and terms. It took some legwork comparing offers, but it definitely paid off in the end. Don't get discouraged if the first few lenders aren't promising—there's usually something out there if you're patient and thorough enough.
Good insights here. I've noticed credit unions tend to be more flexible, especially if you're right on the edge with appraisal values or debt-to-income ratios. A friend of mine recently refinanced through a smaller community bank after getting turned down by a big lender because their appraisal was just barely under. Makes me wonder though, with HARP officially expired now, are there still similar options out there these days for people underwater or close to it?
We refinanced about a year ago and ran into something similar. Our appraisal came in lower than expected, and the big bank we'd been with for years basically shrugged us off. Ended up talking to a local credit union, and they were way more willing to look at our overall financial picture rather than just ticking boxes. As far as HARP alternatives go, I think Fannie Mae and Freddie Mac still have some streamlined refinance options for underwater homeowners—might be worth checking into those programs if you're close to the line...
- Have you checked if your loan is actually backed by Freddie or Fannie? Sometimes people assume theirs is eligible but it's not.
- Also curious, did the credit union offer anything close to those streamlined refis? Big banks can be a pain... understatement of the year.
