Wednesday, May 16, 2012
My appraisal is in for my Harp 2.0 refinance and it came in at $60,000 dollars. This was much higher than I expected and I am thrilled because I am now under 125% LTV and am all set for final approval on my refinance.
Due to the good news my quoted mortgage rate is dropping from 3.875% to a new rate of 3.350%. This is over 15 years. And I am now in good financial position to have this condo paid off in the next 5 years.
Final outcome of the Harp 2.0 Program for me....
6.50% 30 year mortgage reduced to a 3.35% 15 year mortgage.
Of course, the loan is not closed yet so anything can happen. But hopefully this all goes through successfully.
My monthly payment will be roughly the same but I will now have this place paid off 10 years earlier then I thought (If no extra payments are made). And I get to refinance the house in my name only which is good from a pride standpoint.
I will keep the blog updated with further details as they occur.
Posted by Chris at 4:33 PM