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Old 08-19-2013, 06:28 PM
 
2 posts, read 3,873 times
Reputation: 10

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Received a call from Nationstar Mortgage about Harp Refi...can anyone advise me if this is a good deal or should I shop around further

Payoff amount of current loan (26 years left on 30 year term at 6.25%)
$191,121

New loan amount (20 year term at 4.5%)
$192,300

Per Good Faith Estimate

Adjusted Origination Charge
(-1595.00)
Charges for Settlement Services
$115 (credit report, flood certification, tax related services)
Title services and lenders title insurance
$1425
Government recording charge
$55
Transfer taxes
$8.60
Initial Deposit for escrow account
$1919.13
Daily Interest Charge until settlement
$260.79

Total Settlement Charges = $2188.52

This is what confuses me...
Details of Transaction
Refinance $191121.27
Estimated prepaid items $2023.26
Estimated closing cost $1603.60
Lender paid fees ($1595.00)
NSM Refi Escrow Transfer (1050.10)
Loan amount $192,300
Cash from/to Borrower ($196.97)

What happen to this will not cost you any money in closing cost? They said it was streamlined so no out of pocket cost and minimal fees at closing. Should I shop around or is this a good deal? Credit score is low to mid 700's due to debt to income ratio.

THANKS IN ADVANCE FOR ADVICE
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Old 08-19-2013, 09:14 PM
 
3,323 posts, read 7,271,657 times
Reputation: 4106
That is a strong offer. Nationstar is a great company.
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Old 08-20-2013, 10:41 AM
 
2 posts, read 3,873 times
Reputation: 10
Thank you for the comment PfhTex.
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Old 08-20-2013, 02:21 PM
 
Location: New York
2,251 posts, read 4,168,870 times
Reputation: 1607
Agree Nationstar is a strong lender.

Have you considered a streamline or an in-house refinance with your existing lender?

Staying with your lender your possibly looking at no escrows fees, no title fees, no recording fees, no origination charges or junk fees.

Talk with your current lender to see what options they may have.



..
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Old 08-21-2013, 09:58 AM
 
Location: Maple Grove, MN
6 posts, read 6,835 times
Reputation: 11
It looks like they hiked up your interest rate to pay for your closing costs, the -$1595 adjusted origination charge. You should keep in mind that you are going to get whatever you have in your escrow account back about 3 weeks after closing, around $1900, and you are also going to skip a mortgage payment.

You may want to see if you can lower your interest rate, keep your mortgage balance the same and come in with a little bit of cash. An eight of a point can save you thousands over the life of the loan.
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