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Does LTV and loan balance change the rate you are offered to refinance HARP 2.0?

by friend_419_875 from Chino Hills, California. Aug 6th 2012 Reply


Crestico Funding (CresticoFunding)
#302 ranked lender in California - 336 contributions

Short answer is Yes!

Aug 6th 2012
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I was qualified for HARP 2.0 at level 1 and got offered 3.875% with 1970 credit (listed in Block A on Good Faith Estimate) for a 30 year fixed loan on 396000 (however, I'm asking that to be lowered since I want to pay for my impounds and not add it to the loan). Will lowering my initial loan amount change the amounts listed in block 1 and 2 on GFE? In addition, they estimated my property value as being 122%. However, I think my LTV might come out to being 105% or less. I need to get an appraisal, so I will find this out. Should I be offered a better deal if my appraisal shows that my LTV is 105% or less?

Aug 6th 2012
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Nicholas Moss (DirectorsFinancialGroup)
#179 ranked lender in California - 2 contributions

Well there are two ways to answer this. Most do not know how to do the HARP 2.0 loan. You should get an appraisal waiver meaning no appraisal. And if you do pay down the mortgage to below 105% your rate should get better. Please call me at 949-200-5820 and I will help you get the best rate before you spend money with the other guy for an appraisalNick949-200-5820or 714-400-8430

Aug 6th 2012
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Jesse Olson (jesseolson)
#641 ranked lender in California - 37 contributions

Hello, 3.875% is too high even with a high LTV of 105%+, please contact me as we are a direct lender in CA and we run your situation through DU in order to get an appraisal waiver. There is no obligation and to find out what we can do is FREE for you. Please feel free to contact us at jolson@afnmortgagelenders.com or 949.491.8607, thank you.

Aug 6th 2012
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American Financial Network: 3.875% is better than any deal I was able to find on my own considering I have LPMI. Even my credit union, offered 3.875% with .5 points....with the broker I got this rate, it's closing in 30 days, and I got a rebate of 1975. I saw your review on yelp of 1 star, unorganized and take too long to process loans.....

Aug 6th 2012
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Larry Gray (lgray_312_247)
#3 ranked lender in California - 1,137 contributions

"...taking too long to Process loans..." sounds like the HARP 2.0 if people are brokering onesthat most banks will not do unless they are their own serviced loans. Or sounds like most big banks becausethey have alot of loans now (low, low rates) and they generally get in line to be underwritten at centralized locations.I agree...you have someone who gave you a rate you were content with, but now you simply wantjustification to negotiate, correct? These types of loans take to long almost everywhere as it is to do.However, it is never foolish to shop for the best rate if you can.As to YELP...alot of people do look to it...it certainly comes up high up on google searches for companies.I would still use it as one factor, and with a grain of salt. Some people are pretty sophisticated at encouraging clients to write stuff andnot have the reviewers censor any of the reviews. Sometimes, if it is someone with one review on record andthey send a negative review, it could have been made up. I use it as one factor...for a new auto mechanic...restaurant andother entertainment venue. I value people I know's recommendation much more, however.A couple of clients wanted to do something for me and reviewed me on YELP. The reviews got hidden apparently because they are both onetime reviewers. I disagree that because alot of people like to seem themselves cast as reviewers being "published" on YELP theyshould always be the reviews saved for people to see. I chose a Dentist inspite of one negative review on YELP and no postiveones. I am glad I did. His customer base is huge and they schedule well in advance due to his popularity. Neveruse YELP as a sole criteria for choosing. They do sell advertising!!!!! Most of my clients are older and do not put themselves on PUBLICssocial websites like YELP to review people. I would agree that some people could be motivated to go on with a review because theyare angry at someone. YELP seems to be more inclined to keep one time reviewer negative reviews and not positive reviews.

Aug 6th 2012
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