U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Real Estate > Mortgages
 [Register]
Please register to participate in our discussions with 1.5 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Jump to a detailed profile or search
site with Google Custom Search

Search Forums  (Advanced)
Business Search - 14 Million verified businesses
Search for:  near: 
Reply Start New Thread
 
Old 02-24-2012, 10:00 AM
 
Location: Arizona
180 posts, read 413,647 times
Reputation: 40

Advertisements

I am getting quoted for 5.25% mortgage rate 30 yr fixed. This is for a HARP 2.0 load. Is this too high? It is refi with my current lender and I can't seem to get any one else to consider the loan.

Basic info

Location Phx Az - Load 328k Home value 230-240k est
Good, but not fantastic credit 650. No other loans/debts.

Closting costs are like 5k, but that includeds one month's payment as well.

So is my only real option my current lender? Or should I wait? I fear waiting will put me too far in the back of the line.

The driving force behing my refi is 10 year interest only portion on a 30 year loan. I am 5 years into the 10 interest only part and when I got the load I figured that since I put 20% down at the time I would be insulated from minor price drops and could refi at good time. Well that did not work So looking to refi now and not have spike in payments in a 5 years.
Reply With Quote Quick reply to this message

 
Old 02-24-2012, 02:58 PM
 
Location: New York
1,117 posts, read 2,189,223 times
Reputation: 741
My $00.02

That does appear kind of high. We don't know your total situation. HARP 2.0 is available for home owners who have a that was securitized by Fannie Mae or Freddie Mac prior to June 1, 2009.

Your mentioned your preivous loan was a I/O loan - I'm willing the bet it wasn't a Fanny or Freddy backed loan... Just my assumption... I think some loan officer is doing some fast talking....

Closing costs 5k staying with the same lender - somebody has their thumb on the scale!!!!

You do not want to do a full refinance, because your staying with the same lender. There are no title charges because there is no change of title, minimal taxes if any, and no legal fees.

You need to contact your lender directly and ask for a Stream-Line Refinance to restructure your loan. They have a record of your on time payments, the interest rate isn't only determined by your credit score....

I've done two stream lines with Wells Fargo - total closing cost approx $900 each (including appraisal).



.
Reply With Quote Quick reply to this message
 
Old 02-24-2012, 03:20 PM
 
74 posts, read 118,930 times
Reputation: 53
Yeah, on a related note I'm due to close on Wednesday on a harp plan, and they want to charge me 3500 bucks for title related fees. I guess they are generating a new title for this refi?

My total refi costs are going to be about 7000 with everything included, including what we have to pay at closing (1600 for interest payments) plus the 455 for appraisal and other stuff.

Last edited by Arkham1010; 02-24-2012 at 03:21 PM.. Reason: added info
Reply With Quote Quick reply to this message
 
Old 02-24-2012, 04:02 PM
 
Location: Arizona
180 posts, read 413,647 times
Reputation: 40
My loan is a Freddie loan. I looked it up myself. 30 fixed rate with I/O for the first 10 years. 2500 in Title fees and 700 load cost. Plust one months payment comes to around the 5200 they want for costs.

I did some additional checks and I belive that rate is too high. I think I will stand down on that one and I am looking at a different company. Good news is I have signe nothing yet.
Reply With Quote Quick reply to this message
 
Old 02-24-2012, 04:43 PM
 
Location: Richardson, TX
6,627 posts, read 10,278,580 times
Reputation: 13302
650 is not a "good" score.. it's below average. You're definitely paying extra in the rate for it.

Also you're pretty far underwater to get another bank interested in taking your loan, but it does not hurt to shop around, of course.
Reply With Quote Quick reply to this message
 
Old 02-24-2012, 04:45 PM
 
Location: Richardson, TX
6,627 posts, read 10,278,580 times
Reputation: 13302
Quote:
Originally Posted by Modification Specialist View Post
Closing costs 5k staying with the same lender - somebody has their thumb on the scale!!!!

You do not want to do a full refinance, because your staying with the same lender. There are no title charges because there is no change of title, minimal taxes if any, and no legal fees.

You need to contact your lender directly and ask for a Stream-Line Refinance to restructure your loan. They have a record of your on time payments, the interest rate isn't only determined by your credit score....

.
Streamline refinance with LTV of 140?? Most refi's have closing costs of a few grand.
Reply With Quote Quick reply to this message
 
Old 02-24-2012, 06:14 PM
 
658 posts, read 1,774,152 times
Reputation: 785
just refi'd this week at 4.25 on a 30 yr fixed. Elected to take the higher rate, as opposed to par of 3.75-4%, with no closing costs or increase in loan amount.

Obviously the cash comes out of the back end on the YSP but still, not planning to be in the house long enough to make paying the refi costs worth the lower rate...

Seems to me like you could do better, but my/our FICO is 800+
Reply With Quote Quick reply to this message
 
Old 02-25-2012, 06:01 AM
 
Location: Wake Forest, NC
834 posts, read 2,383,097 times
Reputation: 615
All HARP loans have caps on adjustments so 5.25% with closing costs is high at any score.
Reply With Quote Quick reply to this message
 
Old 03-03-2012, 06:30 AM
 
1 posts, read 6,783 times
Reputation: 11
Question Wells Fargo HARP - please help: Lender and PMI

If possible could you please help me with the following questions:

I called WellsFargo and asked if my mortgage is eligible for HARP and they've told me it is and then we went through preliminary discussions on refinance rates, etc.

- They're telling me I cannot remove my PMI unless I make a huge down payment: $107,000; to get my balance to 80% of the current market value. My current balance is $215,000 and approximate current value is $135,000. I was expecting for refinance to allow me to make a down payment of 20% of the loan, $43,000, and remove the PMI. Are they correct?

- I cannot get the refinance mortgage from another lender because my mortgage is backed by Freddy Mac and only Fennie Mae allows this.

- Also, I heard from other people of the forum that paying for an appraisal should not be required. Could you please confirm?

- They are telling me the closing cost will be $4000, should it be lower?

Thank you very much,
Daniel
Reply With Quote Quick reply to this message
 
Old 03-09-2012, 10:12 PM
chs
 
28 posts, read 71,307 times
Reputation: 44
Sux bigtime Daniel but you may be a little screwed.
I have loan with WF and it is backed by Freddie MAc and WF tells me I cannot go with another lender and at least one other lender has concurred.
I am getting quotes of 4.25 for 30 yr fixed and 3.25 for 15 yr but the closing costs are about $7000 including $1900 for lender title (the jerks already have a less than 5 yr old title and a reissue is really this much?) My loan amt is $525,000, LTV is about 95%, have a 2nd/HELOC that they will not wrap in (8.375%!!!). Cresit score >740. They are requiring appraisal (I am to pay the $475 ply $11 for credit report on application). I do save a lot in interest but I think they are still hosing me. I have, of course, paid everything on time (autodeduct for the past nearly 5 yrs)
Where are the no appraisal, lower fee, streamlined HARP 2.0 features? I'll probably still refi though since this is a 2nd home, LTV is high though not underwater and I'd be dropping the rate from 5.625
Still, it makes me growl...
You would have more options if you were Fannie Mae and lenders are
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $84,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Real Estate > Mortgages

All times are GMT -6.

2005-2014, Advameg, Inc.

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25 - Top