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My wife and I have owned our home since 04/01/04. Retirement is in sight. We have been looking to refinance recently to shorten the term of our 30 year loan to 15 years. According our mortgage holder, our mortgage qualifies for a HARP refinance pending income verification. Our mortgage is with Wells Fargo. We both have credit scores in the 730 area.
Current Mortgage info:
• We currently have a 30-year fixed rate mortgage at 6.375%.
• We owe $294,780.20 on our loan.
• Appraised house value is $283,000 according to city tax assessment.
• Current monthly payments (including escrow) are $2,333.72.
• LTV ~ 104%
Wells Fargo GFE: My GFE PDF GFE .My Truth in Lending disclosure pdf Truth in Lending .
What do you guys think about this offer?
Can I shop around for a refinance even if my home is worth about $10,000 less than my current loan balance?
Do you guys have any tips in dealing with a loan officers or loan processors?
Sorry for the amount of questions, my wife and I just want to make sure that refinancing would be worthwhile for us. Thanks in advance for any help that can be provided!
Since you are staying with your same Lender - Do Not Mention Refinance- tell them you want to do an in-house Stream-Line Refi. This will by pass the $5733 in closing costs.
Wife and I did this last year - had 23yrs left going to a 20yr term, rate to 4.5%. Paid $450 for appraisal, there was a processing fee around $500 included in the loan.
Since you are staying with your same Lender - Do Not Mention Refinance- tell them you want to do an in-house Stream-Line Refi. This will by pass the $5733 in closing costs.
Wife and I did this last year - had 23yrs left going to a 20yr term, rate to 4.5%. Paid $450 for appraisal, there was a processing fee around $500 included in the loan.
Hmmm. Very interesting . I will give it a shot. I am assume it will be shot down due my 104% LTV. Thanks for the advice!
Quote:
Originally Posted by ShanetheMortgageMan
Looks like a solid offer to me.
You can also shop around with other lenders who offer the same HARP loan program.
However does your loan have mortgage insurance? If so, then that will limit the lenders who can do it to just a few.
That's good to know, thanks. I do not have mortgage insurance but I do have hazard insurance.
I tried doing that about a year ago, and I believe that it had to be an FHA or VA loan. Since mine is conventional, I didn't qualify for the "free" streamline. However, if you DO, it looked like a great deal.
Since you are staying with your same Lender - Do Not Mention Refinance- tell them you want to do an in-house Stream-Line Refi. This will by pass the $5733 in closing costs.
Wife and I did this last year - had 23yrs left going to a 20yr term, rate to 4.5%. Paid $450 for appraisal, there was a processing fee around $500 included in the loan.
This did not work. I was told by two different loan counselors that my loan does not qualify for an FHA stream line refinance, But it does qualify for a HARP refinance if I can prove I have a 45% DTI. A 15 yr @ 4.75% , A 30 yr @ 5.25%. Both have closing costs at ~ $3200.
Whenever you refinance, you should ask for a discount on title insurance. The lower re-issue rate is supposed to be automatic, but lots of closing agents seem to overlook that. (Whether inadvertently or on purpose is up for debate.) So make sure you loan officer has asked the closing attorney or closing agent for the discounted re-issue rate on title insurance. Could save you a hundred bucks or more.
I am working with my current servicer, Wells Fargo, for a refinance. I would like to shop around. Should I worry about my credit being pulled again by another mortgage company? Would that reduce my credit score?
I am working with my current servicer, Wells Fargo, for a refinance. I would like to shop around. Should I worry about my credit being pulled again by another mortgage company? Would that reduce my credit score?
It could, but as long as you have all mortgage inquiries within 30 days of the first inquiry it shouldn't.
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