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We are planning to refinance and our current lender BB&T is offering HARP with $300 off if we apply online. Does HARP rate differ among lenders or is it pretty much set in stone. Are we making a mistake to consider BB&T since they hold our mortgage and we are considering using them for a new mortgage or new construction in about a year? How much discretion does a mortage banker have with fees and costs if we decide to give him all our business?
Some HARP loans only qualify if they go back to the same servicer. Did you have Mortgage Insurance when you got your existing loan? BB&T is a good lender. I personally wouldn't quibble over pennies if it meant keeping everything with the same bank. They can likely streamline the process a bit more than a new one. That said, maybe price out the deal with another bank for peace of mind.
Lenders seldom have identical pricing, even on HARP loans. And depending on the pricing structure and baked-in margin, the degree to which lenders can "give" on rates and fees also varies quite a bit.
I wouldn't take BB&T's first offer. Get a quote from another lender, on their letterhead, and dig your heels in, and I'm guessing they will play ball.
We are planning to refinance and our current lender BB&T is offering HARP with $300 off if we apply online. Does HARP rate differ among lenders or is it pretty much set in stone. Are we making a mistake to consider BB&T since they hold our mortgage and we are considering using them for a new mortgage or new construction in about a year? How much discretion does a mortage banker have with fees and costs if we decide to give him all our business?
Thank you.
are you going to keep the current home after building a new one in a year?
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