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However, HARP 2.0 refinancing of investment properties by Fannie Mae and Freddie Mac has higher mortgage rates than for owner-occupied properties. appraisal waiver Reasons to refinance your investment property mortgage interest rates have been creeping upward this year but so far hover well below the 5% mark.
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However, HARP 2.0 refinancing of investment properties by Fannie Mae and Freddie Mac has higher mortgage rates than for owner-occupied properties. Appraisal waiver. Another feature of HARP is that applicants can forgo a home appraisal if a reliable automated valuation model is available in the area.
HARP 2 is basically unlimited unless there are bank overlays. They do also allow investment properties now where HARP 1 had issues with them. The other thing going on right now is the deal that some of the large banks reached. B of A, JPMorgan, Chase, Wells Fargo, Citigroup and AllyFianancial/GMAC all have a new program being released.
The HARP process for investment properties is similar to that of any refinance. The homeowner finds a lender with a good rate and fee combination. The lender need not be the same one that originally opened the loan. Lenders may impose their own rules when it comes to refinancing a rental with HARP.
This loan product will be of interest if you are a real estate investor with more than 10 financed properties. harp loan program: Refinance help for underwater homes – Property types that are eligible for a HARP loan include primary residences, second homes and residential investment properties.
The Same-Servicer HARP loan is a version of HARP that can only be obtained through a borrower’s current lender, while the Open-Access HARP loan allows borrowers to refinance their investment property through HARP with any lender, regardless of whether or not they currently service the mortgage.
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This means that investment property loans often come with higher interest rates – 0.5 percent more is typical, though this varies from lender to lender – than loans for a primary residence. This higher interest rate may mean that it doesn’t make sense to refinance your investment property.
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