Well’s Fargo is offering me HARP 3 Step. Is it wise to take it?

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I am scheduled to pay off my loan in the year 2021. It appears the offer is asking me to refinance my current loan with a new 15 year mortgage at a reduced interest rate? If that is the case, just to save $ 31 per month. I would be spending $ 78,592 more over the life of the new 15 year loan. If, however, they are offering a reduced interest refinance loan that would continue on my current path of a maturity date in 2021 it might be a good deal?

1 Comment
  1. Reply
    Patrick M Leon
    June 11, 2012 at 12:50 pm

    We currently have a 5 year sub prime load at Chase that has expired. We are looking to see if we qualify for the Harp 3 program because we are not under Freddie Mac or Fannie Mae. Our home is valued between $380,000 to $400,000 and we owe on it approx. $329,000.

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