Refinance Program HARP 3.0?

The buzz on Capitol Hill is that Congress is considering a bill dubbed “Responsible Homeowner Refinancing Act of 2012” – HARP 3.0. The bill is designed to streamline the refinancing process for underwater homeowners on mortgages held by Fannie Mae and Freddie Mac. HARP 3.0 may never pass but at least “faster and less expensive” refinances for stressed homeowners are still on the radar screen. The notion that "every responsible homeowner" should be able to refinance to today’s low rates is gaining traction. The current version of HARP has a "cutoff date" of May 31st 2009 and we are hoping that date will be moved forward helping those who originated mortgages after 2009. Rumored changes:

  • Eliminate some upfront fees etc making it cheaper to refinance
  • Limited verification of income and employment
  • If an appraisal is required the lender will have to absorb the cost
  • Penalties will be levied on those 2nd lien holders & Mortgage Insurance Companies who refuse to subordinate 2nd liens and transfer mortgage insurance premiums    

For more information on the current HARP 2.0 and FHA’s popular streamline refinance program, please click on the link below and visit my blog

Mortgage Rates:
Rates moved higher last week after markets received additional indications that the European Central Bank is intent on doing something to control the Euro Zone crisis. That said, rates still remain at historically low levels where it’s starting to make more sense to lock in a low rate.

Give us a call if you are still thinking of refinancing or are looking at purchasing a home or investment property, We will provide you a no obligation free quote. Please visit our testimonial section to see what our customers are saying:

Current Conforming Rates (Pmyts based on a average loan amount of $250,000) for a historical perspective on rates please visit my blog on our website
Loan Program Monthly Pmyt Rate APR Points
30YF $1105 3.375% 3.625% 0
20YF $1417 3.25% 3.87% 0
10YF $2385 2.75% 3.00% 0
15YF $1696 2.75% 3.125% 0
5/1 ARM $1020 2.75% 3.125% 0
7/1 ARM $1037 2.875% 3.375% 0
FHA 30YF $1105 3.375% 3.87% 0
FHA 15YF $1696 2.75% 3.00% 0


Current High Balance Rates – Max Loan Amount $625,500 (Pmyts based on a avg loan amount of $550,000)
30YF $2896 3.75% 4.00% 0
15YF $4319 3.00% 3.87% 0
5/1 ARM $2512 2.625% 3.00% 0
7/1 ARM $2595 2.875% 3.25% 0
FHA 30YF $2808 3.50% 4.00% 0

Disclosure: These are our current conforming and High Balance rates based on primary residences only, your actual rate could be higher depending on several "Risk Factors" such as credit score, LTV, Cash-out, Investment prop, 2nd home, zero cost etc. Please call us for an accurate custom quote including jumbo loans up to $2 million and beyond

The cornerstone of Trulending Mortgage is a fierce commitment to integrity, service and expertise and these core values have, thankfully, resulted in client relationships for life. We appreciate the opportunity to work with you on your next refinance or home purchase transaction. Please pass this along if you think we can help any of your close friends or family.


Lalin De Soyza | Senior Vice President | Mortgage Lending

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