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HARP 2 Refi almost $8500 to close

I am just wondering if the closing cost fees seem to be legit or not.My current rate is 6.5%, 30 year fixedLoan Amount: $170,700Home Value: $110,575=LTV of 145%Credit Score: 756Quicken Loans is offering me under HARP2: 3.875% at 2.625% points, 30 Year Fixed$1,124 Orig fee$4,541.25 Discount Fee (points)$2,748 = Title insurance, endorsements, title search, state taxes, etc by sterli_702_641 from Apalachicola, Florida. Jun 13th 2012 Reply


Ron Sadaka (Ron Sadaka)
#8 ranked lender in Florida - 8 contributions

No No No!!! Go back to your original lender and get a quote there first. Then try someone local. Those coasts are INSANE!

Jun 13th 2012
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Melvin List (melvinlist)
#143 ranked lender in Florida - 124 contributions

You will do much better as far as cost go with a broker. I only lend in Florida!

Jun 13th 2012
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Ron, our mortgage is currently with Seterus and they do not originate loans so they gave our information to Quicken Loans which is why we were dealing with them. We tried calling a few of the larger names that we thought would be legit but they do not do Harp 2 in the LTV we are at now and suggested we'd only be able to do something through our current mortgage company.

Jun 13th 2012
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Luis Yero (lou_946_106)
#152 ranked lender in Florida - 3 contributions

Those fees are very high because they are charging you to buy the rate down, most folks today are getting 4.25% rate and fees are a lot lower.We are a Direct Lender here in Central Florida, I will be happy to send you a quote with no obligation, just fill out my on line app atwww.fidelityfundingmortgage.com/luis

Jun 13th 2012
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Mark Simon (mark.simon)
#9 ranked lender in Delaware - 83 contributions

Those fees are high and we can identify for you how to capture lower fees and capture the best rates available. Give me a call and we can have the answers and place the loan for you. Mark 800-485-1387 Extension 107

Jun 13th 2012
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Michelle Curtis Loan Originator NMLS 401173 (EmbassyFundingLLC)
#76 ranked lender in Florida - 2,240 contributions

Hello. These fees are way too high. We are in Florida. Please give us a call. We do not charge origination fees or points and our discount fee for the same rate is $401.00. This is based on the above info. All the best. 201-962-3555 Michelle

Jun 13th 2012
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Linda Wintersteen (Linda123)
#63 ranked lender in Arizona - 1,256 contributions

I do harps without any bank overlays... My underwriting processing fee is $895, your escrow and title fees all rolled into the loan.. I could charge more, but why?? Harp is not to make money, it is to keep people in their homes... linda yourloanpartnerforlife@live.com is my email ... I had been in this industry for over 25 yrs.. and yes, I can do Florida..

Jun 13th 2012
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Bert Carpenter (BertCarpenter)
#38 ranked lender in Arizona - 1,821 contributions

Run, Run, Run. 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 national Mortgage factories, and DON'T use the people you are currently making payments to. The horror stories we have been hearing about how they are gouging their applicants is appalling. I had an AZ client that went back to their current bank (you know, the stage coach guys) and was quoted $9,600 to HARP a $110K loan. I'm guessing that it is either these guys are greedy, or they just think the customer is too stupid to know they are being hosed. Maybe they are both. The local or regional Mortgage Banker/Broker is not only better equipped to handle the volume, but because of the training we are required to take in order to receive our license, we tend to be more ethical when it comes to treating our clients. 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. 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 88-889-9950.

Jun 13th 2012
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Enter your answer hereIf you die, refinance, or get divorced and sell you lose the benefit of the points. I would ask for a quote with no points. Points generally are favorable for the lender and not the borrower.

Jun 13th 2012
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Brett Pehrson (brettpehrson)
#19 ranked lender in Utah - 227 contributions

I agree with the others here. The fees sound too high to make this deal "make sense" for you. You're unnecessarily buying down the rate and you'll likely never recover your costs. I was actually solicited (i.e. harassed) by Quicken myself and it didn't take too many questions to realize that most of the people you talk to are "in training" and don't actually understand how this stuff works. I guarantee you'll find a better deal elsewhere. There are only a couple lenders actually lending on your kind of scenario, but a good broker has access to the right sources to help you without paying so much. Find a local broker to help you out; you'll be much happier.

Jun 13th 2012
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145% LTV HARP Loan in FLA.. seems perfectly appropriate. Not many lenders go over %125.

Oct 22nd 2012
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You may have to buy down the rate if you have PMI. There are APR thresholds that lenders cannot exceed. That may be the reason to buy the rate down.

Oct 22nd 2012
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