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Rates are flat today. Today’s rates with no lender fees are 4.0% APR on a 30 year, 3.125% APR on a 15 year and 3.0% APR on a 10 year. (click here for details)


So once in awhile I like to answer a question on video. Today’s question comes from Doug in New Jersey.

Check it out in today’s video:


Doug has a pretty long question so let me sum it up for you. It has two parts:

The first part – Well it was more of a statement due to the fact he is really frustrated that his appraisal came in $100,000 less than what he bought the property for five years ago.

Doug stated he is taking the appraisal to the New Jersey Board of Appraisals and representing the appraiser was not competent, and then he listed several reasons why.

Doug, I am on your side, but let me be honest. That is a waste of your time. The appraiser’s job is to give the lender an opinion of value based on the parameters put in place – like distance or dates of comparable sales.

So based on that – you aren’t going to win. That is his opinion of value. But – there is definitely something you should be doing with that appraisal. I know what you want to do with it – but I think that would hurt.

You should be using that appraisal to lower your property taxes instead. Hey – What is the worst that can come from it? You already paid for an appraisal that shows your value reduced by over $100,000. Use it to your advantage. Fight to lower your taxes rather than go through a process that will get you nowhere.

OK – So the second part was the actual question: “What is the hold up with Harp 2.0? My lender said I qualify for this program, but we aren’t moving forward. What is the delay?”

Good question, Doug, and there are many people just like you out there. The Harp 2.0 guidelines are in place, but the structure to actually do those loans is not.

On March 17, there will be an update to the automated underwriting systems that lenders use to run your loan scenario. This update is the hold up along with the release of some lender overlays – if any. These issues and unknowns should be taken care of in the next two weeks.

So your lender is correct. It’s a waiting game as of today. But the nice thing is that your file is already with your lender, and it sounds like you know that you qualify. This is a great thing. Your file should be at the top of his pile.

So my advice today is to be like Doug.

Here is what you do. Contact your lender who you carefully selected based on rates, costs and experience, and get your file moving forward today. Don’t wait! If you need help finding a lender for the HARP 2.0 loan, just fill that form out and a Rates in Motion approved lender will contact you.

Thanks for your question, Doug!

If you thought this was good information or worth discussing, help me bring transparency to mortgage lending by sharing today’s episode on Facebook or Twitter.

Let’s change the way people shop for a mortgageā€¦forever!

– Mike

PS. To ask a question, get advice, or find out if you’re getting the best deal possible on your loan, just post a comment below. Daily comparison rates, calculators, and other cool features are available in the free Rates in Motion LoanApp by going to your smart phone and clicking on this link, activation code is 9203780002

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