Citi refinance HARP, min LTV.?

Posted on Mar 19, 2013 in HARP Refinance

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Question by ask8697: What is the subprime mortgage crisis?
What is subprime mortage crisis?
How did it happen, search who is responsible?
How did the players justify their actions?
How did this effect the US and world economies?
What did you learn?

i’m writing a paper on this…help me get started with anything you might know on this topic. Thank you. I am now going to do research on my own, i just thought i would post a question here because the more time it’s up the more answers, i’m not asking you to do my homework, just what you want or can help with. All right thank you.

Best answer:

Answer by Aiza
Hmm that is a loaded question but here we go. The subprime mortgage crisis started when Clinton was pushing for everyone to have a chance at achieving home ownership. Then banks became very relaxed in their underwriting, loan approval processes. Exotic or stupid loans in which people did NOT have to prove their income became rampant, and as the real estate market prices soared everyone would buy a house w/o income documentation and after 6 months they would sell that very same house for hefty profits. But then when the market slowed down, many banks had to close down. The government chose to blame mortgage brokers for this crisis.. HOWEVER, the reality is that the banks themselves were doing these loans, otherwise brokers would not have had buyers to sell the paper to. Countrywide had a SISA loan at 100% financing.. this means stated income and stated assets, imagine you could be a taxi driver and on the application you simply stated that you were the manager of the taxi station and you stated your income at $ 100k per year, and then you stated that you had $ 30k in savings all without every producing any proof.

Then there were 100% NINA loans obviously at a higher rate, in which you provided NO income declarations and NO asset declarations. People rushed to do these loans expecting to be able to quickly flip these properties for thousands of dollars in profits.

The players have NOT justified their actions, the big bankers knew what was happening and they were making money by selling these toxic MBS “Mortgage Backed Securities” to wall street hedge funds and even China.

Well think about it, unemployment is sky high, foreclosures are up, property value is down. The us economy has taken a huge hit. And world economies have also taken a beating as they rely on the US for trading power.

Give your answer to this question below!
Question by Pebbles: Citi refinance HARP, cialis 40mg min LTV.?
We got a letter from citimortgage (we have our current mortgage through them) that as a thank you for paying on time for the last 4 years, pharm they are offering us a free refinance at a rate of 3.5% interest, no fees whatsoever. The paperwork says it is through the Home Affordable Refinance Program. So this is kind of a too good to be true situation, why wouldn’t we take a rate almost 2 percentage points lower than our current mortgage? However our LTV is only about 60% and I am reading online that for HARP, a LTV of at least 80 is needed.

I’m guessing it is a bait and switch and next week they will tell me, sorry, you don’t qualify but here is this other option with lots of fees!! Am I right that we don’t qualify for HARP because we have already paid too much on our house?

Best answer:

Answer by Silly Goose
Opinion: I would not go through Harp.
I would re-finance with a conventional loan to take advantage of the low interest rates.
Re-finance for a shorter term of time to pay off your mortgage faster (if you can).

What do you think? Answer below!

4avg.rating 26 votes.

One Comment

  1. The program they are referring too is HARP’s DU Refi plus program which helps people who are underwater on they’re mortgage and yes theres a min of 80% LTV amongst other things needed to qualify. But still refinance to a lower term if you can rates are historically low (and you dont have to go with Citi). onwards and upwards good luck!!