Can you refinance with a different lender?

You don’t have to refinance with your current lender. If you choose a different lender, that new lender pays off your current loan, ending your relationship with your old lender. Don’t be afraid to shop around and compare each lender’s current rates, availability and client satisfaction scores.

Can a HARP loan be refinanced?

Yes, you can refinance your mortgage via HARP 2.0 if your current loan has lender-paid mortgage insurance (LPMI).

Can you refinance 2 loans?

The challenge lies in home equity. Most lenders require that borrowers have at least 20% equity in their homes to refinance their mortgage. Borrowers, then, will need enough equity to reach that percentage even though they are refinancing two mortgages. It’s also possible to refinance only your second mortgage.

How do I refinance with another bank?

Apply for a refinance loan in-person or online with the bank that you’ve selected. Provide details about your current mortgage, income, assets, liabilities and other bank-requested information. Follow up with your banker every week to get updates about your refinance loan.

What happens to escrow when you refinance with a different lender?

If you are refinancing with your current home lender, your escrow account may remain intact. However, if you are refinancing with another lender, your current escrow account will be closed, and you should receive a check for the remaining balance within 30 days of paying off your former lender.

What are the requirements for HARP refinance?

People who qualify for a HARP mortgage all meet a certain set of requirements:

  • They are current on their mortgage.
  • Their home is a primary residence, 1-unit second home, or 1-to-4 unit investment property.
  • They got their loan on or before May 31, 2009.
  • Their mortgages are backed by Fannie Mae or Freddie Mac.

Can you refinance a HARP loan twice?

You can use this Freddie Mac program to refinance your mortgage as many times as you want, whereas with HARP, you were limited to only one time. Unfortunately, though, if you were a beneficiary of HARP, you aren’t able to refinance again through the Freddie Mac Enhanced Relief Refinance.

Can you roll one mortgage into another?

It is possible to combine the mortgages from two properties into one mortgage. To achieve this, you would need to refinance by taking out a larger loan on one home, and using the money to pay off the mortgage on the second home, reveals Refinance Mortgage Rates.

What is a silent 2nd mortgage?

A second mortgage is an additional mortgage on one piece of property. It is considered “silent” if that second mortgage or loan is used to secure down payment funds and then not disclosed to the original mortgage lender prior to closing.