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What is good rate for refinance HARP 2.0 California?

by friend_419_875 from Chino Hills, California. Aug 1st 2012 Reply


hmmm, so how do these fees sound? underwriting 895, funding fee 199, credit report 50 (I know that one is a rip off!), tax service fee 78, flood certification 10, closing/escrow 450, notary 165, lender's title 605, mortgage recording charge 100 (total $3027). I think the rebate will cover all this, but it will not cover daily interest charges, property tax, hazard insurance reserve....so does 3.875% sound like a good rate? It seems to be better than what I'm getting from the bank directly....the bank is willing to give me that same rate or even higher, but I would need to pay extra for it in addition to the closing cost.

Aug 1st 2012
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,558 contributions

That sounds like a great deal to me.. 3.875 When your refinancing more than the property is worth.. and the lender is giving you nearly a point in rebate.. And the $50 credit report fee is not a rip off.. in fact it's lower than most.. The original tri merge credit report is only $20 to $25, but in underwriting, there are credit supplements that need to be ordered, and these supplements can cost $10 to $15 each, and most lenders will re run another credit report prior to funding... the fact that your loan has lender paid MI does not disqualify you for HARP.. So long as the new lender will accept the MI certificate, you'll be ok.. (Most lenders will)... As far as your escrows.. That's not a cost of the loan, it's a cost of owning a home... and the only thing you're doing with an impound account is pre paying costs you would have to pay anyway.. The average cost to do a refinance today is about $3000, so your offer sounds spot on.. Beware of others stating they could "potentially" do better.. It's just a hook to get you to call them.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Aug 2nd 2012
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My LTV is 107-118% and I have Lender Paid Mortgage Insurance. My broker said 3.875% with .875 rebate (I believe.). The problem is that my taxes & insurance will be impounded and they weren't before, so that adds about 5400 and another 900+ for daily interest charges. Thus, the rebate will probably only cover the closing costs. I read somewhere not to add any new fees to your current loan. When people say to calculate your break even point do you include the fees for property taxes, insurance, and daily interest charges? I'm trying to figure out if this is a good deal, considering my closing cost, but I don't know if I'm supposed to include the impound charges and interest charges.

Aug 1st 2012
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Home Benefit (HomeBenefit)
#633 ranked lender in California - 4 contributions

Taxes and insurance impounds are not fees, they are charges that set aside money that you will owe for when you do owe it. The prepaid interest covers the time that you are borrowing the money before you make a payment since you are skipping at least one payment. When calculating a break even point, it doesn't make any sense to involve taxes and insurance, because they exist despite whatever kind of loan you have. Chino Hills is an interesting town because you can drive by a cow stable, then next to that is an industrial complex, then residential. Interesting zoning tactics. Anyway, contact me if you'd like my analytic two cents.

Aug 1st 2012
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Jesse Olson (jesseolson)
#656 ranked lender in California - 37 contributions

Hello, First I would have to question the "Lender Paid Mortgage Insurance" as you only qualify for HARP if you had put down 20% when the loan was taken out...If you stated this incorrectly, then we could get you a better rate and fee's depending on Credit Score & Loan Amount.Please feel free to contact me with any questions at jolson@afnmortgagelenders.com , thank you!

Aug 1st 2012
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Justin Brown (justin_900_440)
#651 ranked lender in California - 23 contributions

I could potentially get you 3.875% with 1.625% in rebate.. Feel free to contact me for a quick quote. I am in San Dimas, we have no LTV/CLTV limit, and it is ok if you have LPMI on the loan currently.

Aug 1st 2012
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Blake Kleckner (BlakeK)
#390 ranked lender in California - 257 contributions

Do you have a Fannie or Freddie loan? What is your current interest rate? A good rate for a HARP 2 (H2) loan depends a great deal upon your ability to qualify for it. Ideally, you want to be Approve/Eligible when all of your loan info is put into the Fannie or Freddie computer programs to determine your level of eligiblity. If you don't get this rating but are still eligible, the lenders that will do your loan diminishes considerably. For that matter, if you have a Freddie loan, your choices are much fewer from the get go. Interest rates and costs for H2 loans are very LTV driven. Contrary to what you may have heard and/or read about H2 loans, they are not all allowed with unlimited LTVs. This differs from lender to lender. Most lenders have different interest rates depending upon LTVs, and cap the LTVs of the H2 loans they do. Some allow up to only 105%, others to 125%, still others to 150%, and very few unlimited. To quote you a "good rate" is impossible without first finding out your eligibility level. Doing so without this info, would be purely hypothetical, and could be wildly inaccurate. Give me a call 16/7, or email me your phone number so I can call you, and I'll be happy to walk you through the process. I have done many H2 loans for my clients saving them $400 to $1,100 monthly, and believe I could do the same for you depending upon your ability to qualify for the loan. Regardless of whay you have been quoted, I'm quite certain I can structure a better H2 loan for you. To learn more about me and our mortgage brokerage, click on my picture. When the next page pops up, click on "Website" and you will be redirected to ours. We work exclusively in CA and get loans done fast, typically in less than 30 days, at low interest rates and costs. Representing 39 quality lenders that offer more than 1,000 loan programs, we definitely have something for everybody.

Aug 2nd 2012
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Michelle Curtis Loan Originator NMLS 401173 (EmbassyFundingLLC)
#2 ranked lender in Florida - 2,240 contributions

It sounds like you are getting a good deal.

Aug 2nd 2012
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Chris Mylin (chrism_408_673)
#58 ranked lender in Ohio - 32 contributions

sounds like a fair deal

Aug 2nd 2012
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Ralph Richard Guertin (ralph@absolutelowrates.com)
#1 ranked lender in Florida - 783 contributions

Sounds pretty fair to me as well

Aug 2nd 2012
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UPDATE: Now it's 3.875% with only .34 rebate....

Aug 6th 2012
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UPDATE....I got 3.875% with 1.09% rebate, so closing costs are paid for and I have about 1500 going towards my impounds. I just signed & sent in the papers. Lender promised to close this in 30 days, so I'm just hoping nothing goes wrong...

Aug 8th 2012
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