Wednesday, June 27, 2012

The White House Goes Viral with #MyRefi

A Facebook friend posted this White House InfoGraphic on my wall with the comment:

"Hopefully this would work for all of us and at a decent (affordable) closing cost! Corri Baber Klebaum - what do you know about this?" 

My reply: 

"There ARE already programs in place to help underwater borrowers refinance under HARP. FHA just reduced the fees for Streamlines endorsed before 5/31/09. USDA Streamlines and VA Streamlines are business as usual too! Appraisals are not required in most of these cases. The "red tape" will be there but if you are working with the right people hopefully it is an easier process. We have to make up for all the loose underwriting before the bubble burst to help build a better foundation today so we stand better off in the future. The proposal is to expand HARP to include loans not already owned by Fannie or Freddie. This is where we are having to turn folks down if they are underwater.
ps. It's an election year ;)"

#MyRefi I love it... Let's get people talking about this! Not for the sake of your candidacy but for the people who have options NOW! Great let's make it easier to get a refinance but let's be realistic... I talk to people everyday who could save hundreds on their monthly payments but are too scared to make a move. Let's make sure that we aren't going to get in over our heads again and go right back to square one. Refinancing IS a great tool not only to save money but to help you leverage your equity position for future goals. Make sure you aren't acting on a whim and look at the whole picture. A sound decision will stand the test of time, a hash tag from the White House... #forgettable

To apply for these or any other mortgage program contact me today!


  1. A lot of us have been waiting for HARP 3.0 (non-government backed loans).

    1. I agree we need an option for the non GSE loans too!

      The infographic didn't touch on loans that already qualify under 2.0 so I wanted to reiterate that. Also while stressing responsible planning... is a refinance in the best interest of the borrower?

      Even with the options available to those who qualify to refi now many are scared to make a move. The challenge is going to be striking a balance between a well planned decision and a rash one, all while taking the fear out of the transaction itself.