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Any suggestions on what I should do?

AIM Loan is quoting me 4.125% with about 3600$ in closing cost for the harp 2.0 program. Then I would have to come to the table with money to re-establish the escrow account. They are trying to talk me in to locking in, but after reading more and more about them, I don't know if I will. For one, I don't even know who will be servicing my mortgage, since as soon as they buy it they sell it off. Any suggestions on what I should do?

by michel_447_280 from Fort Wayne, Indiana. Mar 21st 2012 Reply


James Barath (JamesBarath)
#1 ranked lender in Indiana - 352 contributions

Hi Michel. 4.125% on a 30 year fixed mortgage is a great rate considering what the mortgage bond market has done the past several days. Do not be concerned about who services the loan as there is a high probability that the servicing rights will be sold. Be comfortable about the terms that you have received and if it works within your budget, then go for it. Otherwise, work with someone more local and make sure to ask questions. Hope your enjoying this summer-like weather and good luck on your HARP 2.0 refinance.

Mar 21st 2012
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Eddie Sexton (esexton)
#7 ranked lender in Kentucky - 54 contributions

Only do business with someone you are comfortable with. You should get one or two more quotes to make sure you are getting the best terms available.

Mar 21st 2012
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Scott Swinford (scott@nwiloanguy.com)
#17 ranked lender in Indiana - 21 contributions

I agree with the answer above. It is always best to do business with someone you are able to reach out to and that you feel you can trust. I don't know anything about AIM, but I do get clients who have tried other internet lenders in the past. As far as costs and fee, that all depends on the lender, and your existing escrow account funds will be sent back to you when you refinance which may help a little.

Mar 21st 2012
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William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,726 contributions

I cringe ever time I hear about someone using a "50 States" lender or an "Internet" lender.. you should contact a LOCAL mortgage broker, not a bank and not a 50 states or internet company... the local broker is familiar with the guidelines and quirks of the area and because they are local, if you have any questions or issues, you can walk into their office... plus because of the network of lenders they deal with, they can find the right loan product for your particular scenario, and almost always have lower rates and costs.. No broker, internet, 50 states or the local guy can say for sure who is going to service your loan... Loans are sold on the open market, and they all do it.. One might tell you it's going to a certain bank, but that doesn't mean in 6 months it won't be sold.. But no matter who buys the loan, all servicers in the country have internet banking and auto pay... WilliamAcres.com

Mar 21st 2012
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Larry Lechel (Larry@GenevaFi.com)
#16 ranked lender in Indiana - 38 contributions

Hi Michel! The HARP program permits for you to finance your escrows into the loan - along with the standard closing costs. You should not have to come to the table with any money. The market is has been up -BUT pricing seems to be have improved slightly today! You ae welcome to give me a call at: 260 221 0030. I am a mortgage broker here in fort wayne - for Lechel Mortgage. I'd be happy to answer any additional questions that you may have.

Mar 21st 2012
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Bert Carpenter (BertCarpenter)
#37 ranked lender in Arizona - 1,823 contributions

This is what you need to do. Contact a local Mortgage Banker /Broker. DON'T use one of the big banks, DON'T use one of the big nationwide mortgage firms, and DON'T use the people you are currently making payments to. We have heard that the big banks are already advising their customers that it could be a 4-6 month lead time before they will be able to close escrow. You shouldn't have to wait. The local or regional Mortgage Banker/Broker is better equipped to handle the volume. We tend to be much more nimble in adding or moving personnel to accommodate a spike in volume. The big guys don't want to hire more people, so instead you wait and wait and wait. Another benefit is that your local Mortgage Banker has access to all the lending sources, allowing for an easier fit into the lender or program that makes the most sense. Ultimately, your loan is going to be owned by someone other than the original lender, and the servicing rights will transfer as well. You should be more concerned with the pricing and service levels of the firm getting you to the Close of Escrow. Whoever you choose, make sure you check them out at the National Mortgage Licensing System at www.NMLSConsumerAccess.org ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com

Mar 21st 2012
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