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Compare HARP Refinance Rates

Compare HARP Refinance Rates

The Best HARP Rates

HARP refinances are deemed riskier than other mortgage loans. But HARP refinance rates are still very low. In fact, in many instances, HARP rates are equal to or better than the average market rates for conventional loans.

This means that it is possible for a homeowner to borrower more than the value of their home with a HARP refinance for the same low rate as someone who has more than 20% equity in their home.

Beware of Banks Charging Higher HARP Rates

Banks and Lenders have always offered varying rates and fees on all loan products. But the degree to which some lenders have increased their HARP refinance rates is puzzling. We have seen plenty of examples where banks offer their existing clients HARP rates that are significantly higher than the average market rate. It is as if they think that these homeowners cannot go elsewhere.

Homeowners should know that their existing lender is typically not their only option when it comes to HARP refinancing. Homeowners should always get another quote to compare to their existing lender’s HARP rates.

HARP Refinance Rates Can Fluctuate

There are legitimate reasons why HARP refinance rates may exceed the market average.

First, Fannie Mae offers expanded level HARP approvals. If a loan is HARP eligible but is deemed too risky for a regular HARP approval it may still qualify for an expanded approval (EA). Each EA level represents a higher risk. HARP refinance rates increase as the EA level increases.

Many banks and lenders do not offer EA level HARP loans. They will simply turn down a homeowner who does not get a straight HARP approval. This is another reason why getting another offer is so vital.

HARP mortgage rates can also fluctuate because of lender overlays. Some lenders have pricing hits for loans over a certain loan-to-value (LTV), debt-to-income ratio (DTI), or under a certain credit score. These pricing hits can result in higher HARP refinance rates.

Each bank that you apply with should get the same approval level when they run your application through an automated underwriting system (AUS). And while rates may vary slightly due to lender overlays, they should never be too far apart. But all too often, homeowners are being quoted inflated rates by their existing lenders.

Always Shop Your Current Lender

Homeowners should always shop their existing mortgage lender in order to obtain the best HARP rates. This cannot be understated. Many big mortgage services, banks and credit unions simply do not offer the best HARP refinance rates. Some may simply charge higher rates due to the higher perceived risk. Others see an opportunity to collect more interest on homeowners who might think they have nowhere else to turn.

Meridian Home Mortgage is proud to offer these homeowners a legitimate alternative. We continually beat other banks and lenders with lower HARP rates and fees. We offer all HARP approval levels and pride ourselves in educating homeowners on all of their HARP options.

Call today to speak with one of our Loan Officers.

(877)878-0100

Mortgages

VA Streamline Refinance

VA Streamline Refinance

IRRRL (Interest Rate Reduction Refinance Loan)

A VA IRRRL streamline mortgage refinancing is reserved for veterans whose existing mortgage is insured by the U.S. Department of Veterans Affairs (VA).

The entire loan refinancing process is “streamlined” – making it easier to get approved, easier to close and less expensive than other home mortgage loans.

The VA Streamline Advantage

Meridian is proud to take it a step further by covering the up-front cost of the appraisal if one is needed. Thank you for your Service!

Who’s Eligible?

  • Veterans whose existing mortgage is insured by the VA
  • Must be current on their existing VA Mortgage
  • New rate must be lower than existing rate unless existing loan is an Adjustable Rate Mortgage (ARM)
  • New payment must be less than existing payment unless existing loan is an ARM or the new loan has a shorter term
  • Primary mortgage refinancing only/No cash out

Unsure if you have a VA mortgage? Call us today to find out.



“The whole process was pretty effortless for me and I appreciate that.”


Why Now?

  • Fixed rates have never been lower
  • With this program, refinancing home loans has never been easier
  • Lock in now for the lowest payment
  • Homeowners can save hundreds per month
  • Not every home mortgage company offers this program
  • Apply today

FHA Streamline Refinance

FHA Streamline Refinance

No Appraisal/No Income Verification

Streamline mortgage refinancing is reserved for borrowers whose existing mortgage is insured by the Federal Housing Administration (FHA).

The entire loan refinancing process is “streamlined” – making it one of the easiest home mortgage loans to get approved and closed.

Even if you have recently been turned down, an FHA Streamline Refinance may be your answer.

The FHA Streamline Advantage

  • Unlimited loan-to-value (LTV) – Even if you owe more than the value
  • No Appraisal – Typically, no appraisal is required
  • No Income – Typically, no income verification is required
  • No Cost – Typically zero points, and no fees rolled into loan
  • Lower FHA fees – Dramatically reduced monthly mortgage insurance (MIP) and Up-front Mortgage Insurance (UFMIP)
  • Quicker Process – Less documentation, faster closings
  • Same low rates and pricing as other conventional and FHA mortgages

“We found the process to be very simple and smooth…We couldn’t have been happier.”


Who’s Eligible?

  • Homeowners whose existing mortgage is insured by the FHA
  • Must be current on their existing Mortgage
  • Must have no more than one 30-day mortgage late payment in last 6 months
  • New payment must be reduced by at least 5% to qualify
  • Mortgage refinance only/no cash out

Unsure if you have an FHA mortgage? Call us today to find out.

Why Now?

  • With this program, refinancing home loans has never been easier
  • Fixed rates have never been lower
  • Lock in now for the lowest payment
  • Homeowners can save hundreds per month
  • Not every home mortgage company offers this program
  • Apply today

HARP Refinance

I was able to wipe out the rest of my credit cards, get money to fix up my house, lower my interest rate, and knock 10 years off my house. Meridian was great.

Kenneth L., Oxon Hill, MD.

HARP Refinance

Home Affordable Refinance Program

HARP is a government mortgage refinance program created to help homeowners with little or no equity.

You may qualify even if:

  • You owe MORE than the value of your home (underwater)
  • You have little or no equity
  • You have been turned down for home mortgage loans in the past by home mortgage companies because of POOR CREDIT or HIGH DEBT RATIO

NO APPRAISAL NECESSARY – if you qualify for an APPRAISAL WAIVER

Finding it difficult to find refinancing home loans because of a declining home value? HARP aims to eliminate this obstacle. And with the roll out of HARP-2, even more homeowners will be able to qualify for loan refinancing.

Even if you have been recently turned down, the new enhanced HARP-2 program may be your answer

The HARP 2 Advantage

  • Unlimited loan-to-value (LTV) – even if you owe more than the value
  • Appraisal Waiver – An appraisal may not be required
  • No Mortgage Insurance – Mortgage insurance may not be required
  • Same low rates and pricing as other conventional loans (not true with every home mortgage company)

Who’s Eligible?

  • Homeowners whose existing loans are owned or guaranteed by Fannie Mae or Freddie Mac
  • Existing loan must have been originated prior to June 1st, 2009
  • Must be current on the mortgage at the time of refinance
  • No 30-day or more mortgage late payments in the past six months
  • No more than one 30-day late payment in the past 12 months

Unsure if Fannie or Freddie owns your mortgage? Call us today to find out


“Meridian Home Mortgage Company made the process on the refinance of my property very simple and easy.”


Why Act Now?

  • The program is only available for a limited time
  • Today’s rates are at or near historic lows
  • Unlike other home mortgage companies, we charge no out-of-pocket costs or upfront fees
  • Typically the loan refinancing process is shorter (especially with an appraisal waiver)