HARP Refi Housing Progam

[Mulligan]

FYI for anyone considering refinancing: I am nearing the end of a 10 yr fixed adjustable loan (amoritized over 30 yrs). I called my loan originator which was Wells Fargo, just to see what the rates were as I am concerned about going to an adjustable into retirement (effective end of this month!) and they told me I qualified for the HARP (Home Affordable Refinance Program). I didnt even know what they were talking about at first. Basically it allows anyone who has less than 20% equity up to I believe 125% loan to value qualify for refinancing. It is supposed to be a "bailout" for people who always make their payments, and have adequate income, but cant get the refinance rates becasue their home has dropped in value. Closing costs are real cheap (mine was only $1200) and they do not appraise your house. I got a 30 year fixed at 5% (no points). It was done on the phone in 5 minutes, they are UPS'ing me a few documents to sign, then close in a couple of weeks. Most of you are probably winding done your mortgage payments and dont need this info, but if the above situation applies to you, you may want to check it out. Just google Obama HARP program and you wil get lots of info. I dont post on forum because you all provide way more incite than I can on things, but I have learned alot from you all and read several times a week! A couple other thoughts-1) It had no PMI 2) loan has to be owned or gauraneed by Freddie Mac or Fannie May.