Please register to participate in our discussions with 2 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.
Has anyone done one of these? I contacted Wells Fargo because they were offering no-cost 3-step re-fi's on their website. After talking to a loan officer I was informed that my loan does not qualify for the 3-step but does qualify for the HARP program. Initially the program was for homeowners who are underwater on their home but it has now moved to 80 LTV's. My question for those of you who have done it:
- What is the advantage to doing this as opposed to any other random re-fi?
- How exhaustive was the process?
- Is there any negative connotation (when it comes to selling)to re-fi'ing a house with HARP since its typically used for underwater mortgages?
- Anyone done this with Wells Fargo?
I refinanced last year with a HARP...No hassle,no cost, took about 2 months to go to close. I refinanced with Suntrust Bank since they are my mortgage provider. The mortgage rep that did my refinance is now with Wells Fargo. I would talk to him so he can explain the whole process. Don't have his number on me but his name is Brandon Moye...
Has anyone done one of these? I contacted Wells Fargo because they were offering no-cost 3-step re-fi's on their website. After talking to a loan officer I was informed that my loan does not qualify for the 3-step but does qualify for the HARP program. Initially the program was for homeowners who are underwater on their home but it has now moved to 80 LTV's. My question for those of you who have done it:
- What is the advantage to doing this as opposed to any other random re-fi?
- How exhaustive was the process?
- Is there any negative connotation (when it comes to selling)to re-fi'ing a house with HARP since its typically used for underwater mortgages?
- Anyone done this with Wells Fargo?
Thanks!
If you are at 80% LTV there would be no reason to go HARP unless you have a large 2nd mortgage.
I think the reason the HARP was suggested is because its available for people up to 80% LTV and it doesn't require in depth income proof and you don't have to get an appraisal. So its basically (my understanding) a more simple/cheaper re-fi.
Rojas- was yours truly no cost- or were the costs just rolled into the loan?
I think the reason the HARP was suggested is because its available for people up to 80% LTV and it doesn't require in depth income proof and you don't have to get an appraisal. So its basically (my understanding) a more simple/cheaper re-fi.
Rojas- was yours truly no cost- or were the costs just rolled into the loan?
thanks!
It is true that you may not have to get an appraisal, but I beleive you will still have to go through the full income/credit qualifying that you would normally have to do.
I met with the lender yesterday- no appraisal and no income verification other than them wanting to call my employer to ensure that I am still employed with them. This may be streamlined somewhat because I'm using the same lender I used on my initial loan. Total closing costs not including escrow exchange = 1,500 . Went from 26 years remaining on a 30 year to a 15 year. Payment went up 80 bucks. Rate of 2.875%. So I cut 11 years off my mortgage and am paying less than 100 extra bucks a month for it. Incredible- over the length of the loan it will save me about 75k. Can't beat that.
I met with the lender yesterday- no appraisal and no income verification other than them wanting to call my employer to ensure that I am still employed with them. This may be streamlined somewhat because I'm using the same lender I used on my initial loan. Total closing costs not including escrow exchange = 1,500 . Went from 26 years remaining on a 30 year to a 15 year. Payment went up 80 bucks. Rate of 2.875%. So I cut 11 years off my mortgage and am paying less than 100 extra bucks a month for it. Incredible- over the length of the loan it will save me about 75k. Can't beat that.
Has anyone done one of these? I contacted Wells Fargo because they were offering no-cost 3-step re-fi's on their website. After talking to a loan officer I was informed that my loan does not qualify for the 3-step but does qualify for the HARP program. Initially the program was for homeowners who are underwater on their home but it has now moved to 80 LTV's. My question for those of you who have done it:
- What is the advantage to doing this as opposed to any other random re-fi?
- How exhaustive was the process?
- Is there any negative connotation (when it comes to selling)to re-fi'ing a house with HARP since its typically used for underwater mortgages?
- Anyone done this with Wells Fargo?
Thanks!
1. You can be over 80% loan to value and if it is Wells to Wells, I believe it can be unlimited LTV.
2. Exhaustive. Worth it in the end. Lenders are slammed and have not staffed up.
3. No.
4. Yes
You can DM me - I'm a mortgage broker but not in your state.
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.
Please register to participate in our discussions with 2 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.
Harp 2
