OT: Another home mortgage thread

[ckDOG]

I've had two messages this week from my bank (SunTrust) from different offices asking me to refinance under the HARP program. My question - what's in it for them and why do they want me to refinance under that program so badly? If the numbers and stipulations makes sense, I'll do it, but since I'm generally skeptical of any transaction with banks, I'm wondering what's in it for them? I doubt it's out of kindness...

 

[imissplatinumplus]

HARP is mainly for borrowers who are under water. A majority of the mortgages cannot take advantage of the low rates due to the decline of values. Due to the loss the banks / lenders have really really tightened the guidelines. Harp allows for a much higher LTV ( loan to values) If you qualify take it. You will more than likely get a lower rate, the bank is in a better position and of course they make a little money off fees etc....
PM me and I can give you a quote.

 

[vicious]

in other words for the most part, minorities only.