Harp 2.0 Closing Fees - am i paying too much? (insurance, loan, interest rate)

[RoninGT]

HARP 2.0 Closing Fees - Loan amount $120,000, good credit (790+), Tampa/St Peterburg area

- Origination charge $1600.00
- Services (Appraisal, Tax Service, Appraisal Mgmt Co Fee, Credit Report, Flood Cert) $570.00
- Title services/ Lenders Title Insurance $1320.00
- Government recording charge $100.00
- Transfer Tax $1030.00
- Escrow $2393.28 (most will be returned to me)

Is it normal to have a Transfer Tax on a Harp 2.0 refinance when i stay with the same bank? Is it normal to pay an appraisal fee and an Appraisal Mgmt Co fee?

Thank you!

[RoninGT]

Almost forgot, the interest rate is 3.99%

[AdotAllen]

The origination fee looks off, but the other fees look about right. I'm not sure what the transfer tax is, I would ask your processor about that.

[jenny1951]

Originally Posted by RoninGT

HARP 2.0 Closing Fees - Loan amount $120,000, good credit (790+), Tampa/St Peterburg area

- Origination charge $1600.00
- Services (Appraisal, Tax Service, Appraisal Mgmt Co Fee, Credit Report, Flood Cert) $570.00
- Title services/ Lenders Title Insurance $1320.00
- Government recording charge $100.00
- Transfer Tax $1030.00
- Escrow $2393.28 (most will be returned to me)

Is it normal to have a Transfer Tax on a Harp 2.0 refinance when i stay with the same bank? Is it normal to pay an appraisal fee and an Appraisal Mgmt Co fee?

Thank you!

I am doing a HARP 2.0 as well. The loan is a 30 year fixed at 4.1, for $113,000. Vermont. My credit scores were 791, 800 and 777 for the three bureaus. My breakdown is as follows:

Origination few: $1275
Title services: $978
Recording charges: $300
Escrow deposit: $1794

There is also a $400 appraisal fee that is supposed to come off the GFE, since HARP 2.0 loans do not require an appraisal. I am waiting for that to happen.

[Bette]

Originally Posted by RoninGT

HARP 2.0 Closing Fees - Loan amount $120,000, good credit (790+), Tampa/St Peterburg area

- Origination charge $1600.00
- Services (Appraisal, Tax Service, Appraisal Mgmt Co Fee, Credit Report, Flood Cert) $570.00
- Title services/ Lenders Title Insurance $1320.00
- Government recording charge $100.00
- Transfer Tax $1030.00
- Escrow $2393.28 (most will be returned to me)

Is it normal to have a Transfer Tax on a Harp 2.0 refinance when i stay with the same bank? Is it normal to pay an appraisal fee and an Appraisal Mgmt Co fee?

Thank you!

Ronin,
I'm a mortgage broker in Florida. Usually, on HARP 2's, you do not need an appraisal - I'm usually seeing $75on that. You would have lender's title (around $600 but ask about reissue credit) plus settlement/closing fee, transfer taxes are your city/county tax stamps & intangible tax ($240 plus $420) which is $660 so I don't know where $1030 is coming from. Government recording is around $202 (16 pages estimate); email me for more info. Who is the end lender?

[RoninGT]

Well i contacted my broker, and he said he is not sure about the numbers. He did not see the latest of the 3 GFE (all from same bank) i received.
I faxed him a copy, and he said he will look into it.

Just from talking to him on the phone ... i will get the appraisel back at closing, there is no transfer tax, and he thinks the origination fee includes some items from the title services and other services.

I've actually thought about switching to a 7 year ARM. Since i can not refinance my 2nd mortgage, and it is a pretty high interest mortgage, i thought about using the lower interest rate from the ARM and using the difference and use it to pay down my 2nd mortgage, i really don't think i will be a problem to get it paid of in 7 years.

I will post an update when i'm done with the refinance.