I just got approved for a Harp II refi on a 2-family investment property in Florida. I owed 188k plus 99k 2nd on a property worth 170k. 1 point and the local mortgage transfer taxes pushed closing costs just over 6k. Rate is 4.5% 30 year fixed, no PMI. I had it at 6.5%, so this was a no brainer. I'll be saving 2% on 188k or a bit under 3760 the first year, so I'll get my money back in 2 years. This particular one was a same-servicer refi and I got a notice from my servicer, Seterus. There is less underwriting in that special case (no income or debt level issues). I thought this would be interesting to the forum.
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I just got approved for a Harp II refi on a 2-family investment property in Florida. I owed 188k plus 99k 2nd on a property worth 170k. 1 point and the local mortgage transfer taxes pushed closing costs just over 6k. Rate is 4.5% 30 year fixed, no PMI. I had it at 6.5%, so this was a no brainer. I'll be saving 2% on 188k or a bit under 3760 the first year, so I'll get my money back in 2 years. This particular one was a same-servicer refi and I got a notice from my servicer, Seterus. There is less underwriting in that special case (no income or debt level issues). I thought this would be interesting to the forum.
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