Rates are flat today. Today’s comparison mortgage rates with no lender fees are 4% on a 30 year, 3.25% on a 15 year and 2.875% on a 5/1 ARM. (click here for details)

Today is another HARP 2.0 update! I wanted to just keep everyone posted about the progress of the new Home Affordable Refinance Program that will be released soon.

Check it out in today’s video:


(Watch it on your mobile phone or email reader here)

Fannie and Freddie plan to issue some guidance with additional details about the program mid-November. This is just around the corner. I do want to point out that participation in the HARP program is not mandatory. So the mortgage entities that are willing to participate will need some additional time to implement any changes they feel necessary to incorporate this program into their operations.

This means we will not actually see the new and improved HARP program helping anyone until, at the very earliest, sometime in December. That does not mean you shouldn’t be talking to a lender to make sure you wouldn’t qualify once the program is set for release.

There are a bunch of eligibility requirements on this loan like all loans. So don’t just sit there waiting to see if you might qualify. Talk to your lender today or contact me. I would be happy to go through your situation to see if this program is going to be the one to help you out.

Here are some of the guidelines so far.

Your loan must be currently guaranteed by Fannie Mae or Freddie Mac. If you don’t know you can go directly to their websites to find out or click on one of these links. Freddie Mac or Fannie Mae

The mortgage must have been sold to Fannie or Freddie on or before May 31st, 2009. You also can’t refinance under the new HARP program if you already did it once. Unless, it was a Fannie Mae loan and refinanced from March to May of 2009.

Your current LTV must be over 80% You must have made all your payments on time within the last six months and only 1×30 in the last 12 months.

These are the guidelines we know as of today, with more to come. The truth is that mortgages are complicated. Instead of trying to figure it out on your own, contact a trusted lender in your area or contact me for help. Don’t wait. Do it today. If you are eligible for the new HARP program you will want to be on the list to get your loan done first.

If you don’t need the HARP refinance program and you think it won’t effect you – think again. Once this bad boy is released you could see some big delays in the mortgage process. If you are looking to refinance today, you might want to get it done before this is released. You will be glad you did.

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 mortgage…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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