Quote:
Originally Posted by Vegas_Dave
So this pobably means that you are upside down in the loan to value...
We recently refinanced our house because of the HARP programs through Quicken. We bought our house, new, in Vegas (worst market now) in 2006. The rate back then was 6%. We never were behind and refused to allow the house to go delinquent just to qualify for other government backed refinance programs.
The HARP program allows people who are not late to refinance to take advantage of the current lower rates, even if they are upside down in their home - as long as it is within certain criteria.
In the end, we refinanced at 4% fixed.
We checked alot of banks and lenders and the best one to work with was Quicken Loans.
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The value of my house is currently about 90% of what it was when I bought it, and I owe 83% of it's
current valuation. I'm worried I might have to pay PMI because it's dropped in value. But the loan is less than its appraised value.