Current Interest Rates
PRODUCT +/- Rate Last week
30 year fixed Graph Icon Arrow 4.09% 4.16%
15 year fixed Graph Icon Arrow 3.25% 3.30%
5/1 ARM Graph Icon Arrow 3.28% 3.36%

 Rate disclaimer

PRODUCT +/- Rate Last week
30 year fixed refi Graph Icon Arrow 4.09% 4.17%
15 year fixed refi Graph Icon Arrow 3.25% 3.34%
10 year fixed refi Graph Icon Arrow 3.15% 3.18%
PRODUCT +/- Rate Last week
60 month used car loan Graph Icon Arrow 3.20% 3.20%
48 month used car loan Graph Icon Arrow 3.18% 3.19%
60 month new car loan Graph Icon Arrow 3.44% 3.44%
PRODUCT +/- Yield Last week
6 Month CD Graph Icon Arrow 0.75% 0.71%
1 Year CD Graph Icon Arrow 1.24% 1.24%
2 Year CD Graph Icon Arrow 1.41% 1.41%
MMA and SAVINGS 0.58%
$10k MMA 0.57%
Interest Checking 0.43%
Compare Mortgage Rates
Type of Loan:
Home Description:
Your Credit Profile:

Mortgage Brokers & Lenders Directory

You can search our directory or Mortage Brokers & Lenders and get a current quote on 30 year fixed mortgage rates as well as current mortgage interest rate for other loan programs.

Mortgage Brokers:

Underwater Mortgages Insured by United Guaranty - Some Loans Not Eligible for HARP

Written By:
March 07, 2012 at 1:52 AM

Some borrowers who planed to refinance their mortgages under the Home Affordable Refinance Program (HARP 2.0) program might not be able to take advantage of the benefits of taking on a low interest rate loan because of a provision contained in their original mortgage documents.

Homeowners with mortgages insured by United Guaranty Corp. might have their mortgage application denied because United Guaranty did not agree to the new streamlined procedures, which required mortgage insures to waive certain clause in the original mortgage paperwork.

Usually, mortgage lenders must repurchase loans with faulty underwriting, or loans in need of additional documentation. If United Guaranty refuses change its position, as many as 15% of borrowers with underwater mortgages, and otherwise eligible to participate in HARP 2.O, may miss the chance to move into low interest rate loans.

United Guaranty sent out a press release expressing its support for the HARP program. According to the statement, the company believes its decision will affect only a small “minority” of the mortgages it insures.

HARP 2.0 Rolls Out in a Few Weeks

The new and improved version of the Home Affordable Refinance Program (HARP) should enter full operation by April 2012. Originally introduced in April 2009, the HARP program has the mission of helping homeowners who have underwater mortgages gain financial relief by refinancing form high interest rate mortgages to low– interest rate mortgages.

With an average decline in home prices of more than 30 percent, since the housing market peaked in 2006, many homeowners have properties that appraise at less than what they owe on their mortgages.

Many of these homeowners were already financially struggling have had problems sleeping loan modifications under normal circumstances. Now, homeowners, who hold mortgages with Fannie Mae or Freddie Mac, will be able to reapply, and hopefully many of them will receive new mortgages under the reduced underwriting criteria.

The new program eliminates most appraisals. It also got rid of the cap on the loan –to-value ratio, which excluded many homeowners from participating in the first HARP program. Now, no matter the amount homeowners owe on their mortgages, compared to the value of their homes, they can still qualify to refinance their properties at low interest rates.

By reducing or eliminating the fees they charge on mortgages, Fannie and Freddie rid the program of a major obstacle to borrowers refinancing their mortgages.

Home Borrowers Can Qualify for Refinance

Fannie and Freddie should have the required automation technology in place. In the meantime, borrowers should call their mortgage lenders to obtain information about the lender’s application process for mortgage refinancing. Borrowers should also ask when they could start submitting loan applications.

All borrowers must meet the following criteria to qualify for the revised home refinance program:

  • Loans insured or owned by Fannie Mae or Freddie Mac (GSEs)
  • The GSEs purchased or securitized the mortgages by May 31, 2009
  • Homes with a loan-to-value ratio above 80%
  • Homeowners current on their mortgages
  • Borrowers cannot have a late payment during the last six months, prior to submitting an application.
  • Homeowner cannot have more than one late payment within the last year.

A borrower can go to the Fannie Mae or Freddie Mac websites to find out what agency own mortgage on their home, if applicable. Borrowers should gather all the necessary paperwork now, and submit the application once their lender opens the process.

Homeowners with mortgage owned or insured by the Veterans Administration or Federal Housing Agency (FHA) or Department of Agriculture do not quality for the Home Affordable Refinance Program.

Borrowers with mortgages owned or guaranteed by these programs should contact the agency that administers their particular mortgage program. The Obama administration has given a directive to all federal agencies with homeownership programs to work with homeowners having financial difficulties.





More Mortgage News
Please sign-in with Facebook.
  • May 29, 2012 at 2:30 PM PST
    If you live in Arizona or New Mexico, our company can transfer MI with United Guaranty. Call Jill at Arizona Wholesale Mortgage Inc. 602-358-8717.
  • May 29, 2012 at 2:29 PM PST
  • May 02, 2012 at 7:34 AM PST
    I am in the same boat, I have called many lenders and nobody wants to participate. Let me know if you came across anyone, my broker couldn't help me. It is unfortunate with rates so low, it is so frustrating.
  • April 27, 2012 at 7:18 AM PST
    I am currently in this situation. Our mortgage is a Freddie Mac loan and PMI is with United Guaranty. I'm working with a mortgage broker who has spoken to numerous lenders who are willing to take over our loan under the HARP program (we meet all qualifications), unless the PMI is with United Guaranty. In fact he has TWO families trying to refi with the HARP program but can't because the PMI is with United Guaranty. Does anyone know of a mortgage company who's participating in the HARP program AND will work with United Guaranty??? This is much needed information!!

Mortgage Refinance by State
Alabama Mortgage Refinance Illinois Mortgage Refinance Montana Mortgage Refinance Rhode Island Mortgage Refinance
Alaska Mortgage Refinance Indiana Mortgage Refinance Nebraska Mortgage Refinance South Carolina Mortgage Refinance
Arizona Mortgage Refinance Iowa Mortgage Refinance Nevada Mortgage Refinance South Dakota Mortgage Refinance
Arkansas Mortgage Refinance Kansas Mortgage Refinance New Hampshire Mortgage Refinance Tennessee Mortgage Refinance
California Mortgage Refinance Kentucky Mortgage Refinance New Jersey Mortgage Refinance Texas Mortgage Refinance
Colorado Mortgage Refinance Louisiana Mortgage Refinance New Mexico Mortgage Refinance Utah Mortgage Refinance
Connecticut Mortgage Refinance Maine Mortgage Refinance New York Mortgage Refinance Vermont Mortgage Refinance
Delaware Mortgage Refinance Maryland Mortgage Refinance North Carolina Mortgage Refinance Virginia Mortgage Refinance
District of Columbia Mortgage Refinance Massachusetts Mortgage Refinance North Dakota Mortgage Refinance Washington Mortgage Refinance
Florida Mortgage Refinance Michigan Mortgage Refinance Ohio Mortgage Refinance West Virginia Mortgage Refinance
Georgia Mortgage Refinance Minnesota Mortgage Refinance Oklahoma Mortgage Refinance Wisconsin Mortgage Refinance
Hawaii Mortgage Refinance Mississippi Mortgage Refinance Oregon Mortgage Refinance Wyoming Mortgage Refinance
Idaho Mortgage Refinance Missouri Mortgage Refinance Pennsylvania Mortgage Refinance