The National Mortgage Refinancing Dilemna
Stock market drops, more unemployment claims, housing prices dropping - this "economic recovery" we are supposed to be having does not look like much of an economic recovery! One way our buddies in Washington have thought of helping the economy is to widen the HARP and HAMP programs to become more widespread so more people can use them (since not very many people did!) I know I recently received yet another letter in the mail from Quicken Loans saying that I might be eligible for the HARP program. But when I went through their program requirements I did not meet the proper criteria for the special HARP program and would only qualify for a more standard loan refinancing. It seems like anyone with 5% equity in their home must go through a standard refinancing, and for us that is simply not worth the closing costs since our rate is already reasonably low (4.910%) and our loan amount is small (under $100K.) So now I am curious what particulars are in the latest Washington pl...