Mortgage Company Called Offering Re-Fi (HARP?)

[Tommy Barone]

Hey guys, need help since it's the weekend and need to figure stuff out by opening tomorrow am...

My lender (PNC) called to let me know I can streamline refi my existing mortgage based on, I believe, some kind of expiring HARP option. They said my mortgage PITI would go down about $100/mo based on refi as an investment property (in case something else pops up that I want to buy) and the approx $1200 closing costs would be rolled in, still saving $100/mo PITI.

What is this all about?

Is it legit or a marketing thing?

Will that $1200 CC cover all the attorney/title fees?

Will I be marked as a modified/delinquent loan?  

Will this affect my ability to get a loan soon after for another [investment] property?  

Sounds like one of those credit card or refinance flyers you get in the mail.  Every month.  I was told that we need to hurry because the program ends right around when the closing would happen since it takes about 2 months they said.  I should also note that 10 years ago I had my mortgage modified due to hardship.  That's "off my record" now.  

[Quan Nguyen]

@Tommy Barone the loan mod you did in 2007 should be at a lower rate.   If not and it being that long ago,  you can apply for a regular refinance.   You do not need HARP.   HARP is mainly used if your house will not appraise above your loan amount.   

If you plan on buying another property.  You should refi to get the lowest payment so you can easier qualify for the next loan.   ( unless your income is high)  In my opinion you should always refi for the longest term to make your monthly obligation as low as possible in case of rainy days.   You can always pay more monthly to shorten the term, if you have excess $.  

You can also find loan programs with very little closing cost but the rate will be higher.   

compare loans with just PI not PITI some lenders might miss quote because of your property tax and insurance. The refinance will only change the PI taxes and insurance will be the same with whichever lender you choose.