Our bank contact us about refinancing our mortgage under a HARP loan. Has anyone done this? What were the pros and cons? Our understanding is that our bank will be paid up front for the current amount of our loan and then will be servicing the loan on behalf of FannieMae. So we get why they called us as they get their $$ up front plus continue to manage the mortgage and collect fees.

A co-worker told DH that he was concerned that it could affect our credit score. We have not been able to find anything on-line to suggest that it would affect our credit. The co-woker did not have any specifics only that he was concerned for us.