Q&A: The Lender is denying refinance under HARP seems unfair. Who can help?
Check out these condominium photos: Fotoloco The Alexandra Condominium Halloween Celebration by Ortigas and Firm 045 Image by FOTOLOCO! Fotoloco photo booth photographs @ The Alexandra Condominium Halloween Party | Ortigas & Business | Viridian in Greenhills | All-you-want photo prints from Fotoloco photo booth If you would like to see a lot more homes click right here… Fotoloco The Alexandra Condominium Halloween Celebration by Ortigas and Company 068 Image by FOTOLOCO! Fotoloco photo booth pictures @ The Alexandra Condominium Halloween Celebration | Ortigas & Business | Viridian in Greenhills | All-you-want photo prints from Fotoloco photo booth If you would like to see a lot more homes click here… Question by Monkey dust: what are some government programs to help refinance a house? I live in Pennsylvania Best answer: Answer by JudyThis isn’t help to re-fi, more about but it is help to prevent foreclosure and re-negotiate your loan. This may not be what you need- but you look into it. Hopenow.com – set up by the feds (HUD). Heard about it in Oprah a couple of years ago – still going strong. (not oprah – the program) This service will help you prevent foreclosure – just in case you are in trouble. / What do you think? Answer below! Question by Rachel H: Refinancing – am I getting a good deal? I’ll try to be as brief as possible. I started trying to refinance my FHA mortgage at the beginning of April, view through the original lender. Our payoff value is currently at 120,500 and the appraisal value is 137,000. We have excellent credit (747 and 729). Our original closing date was 4/30. We were willing to put up to $ 1000 at closing, but were told it would not be necessary. With all the closing cost refinanced back into the new loan we were looking at a new figure of $ 126,000. Over $ 6000 in closing cost sounded high, but it did inclue $ 2600 of PMI, so we accepted. Our interest rate would go from 7.25% to 5.00%. Appraisal was done, then it took me 2 weeks to get up with the loan officer. Closing date came and went. Which brings me to our new closing date of 5/20…today. It’s been very difficult to get a direct answer of whether or not we would be closing today. Found out at noon that we are now required to hire a plumber to “certify” our septic system, which is another $ 200 that we did not know about. Does this all sound like normal procedure? Are we getting a good deal? I’m also worried that it has been nearly 60 days since we originally locked in our rate. Can they raise the rate at the last minute? If I have left out any important details please let me know, I will be happy to add them. Thanks for the helpful info. I’m not really concerned about having to get the septic certification. Just seems like that’s something they should have already had done instead of delaying the closing again at the last minute. Best answer: Answer by Paul in San Diego$ 6000 in closing costs sounds about right, especially with the PMI factored in. And, consider that this might include a prorated month’s worth of interest, too, and possibly points on the loan to buy down the rate (discount points). This should all be listed on a form they call the good faith estimate. Ask your realtor to see that (although you should have seen it when you signed all the loan papers). The FHA has...
Read MoreHow can I take advantage of the HARP program if my mortgage is not owned by FANNIE MAE?
Check out these condominium photos: Fotoloco The Alexandra Condominium Halloween Celebration by Ortigas and Firm 045 Image by FOTOLOCO! Fotoloco photo booth photographs @ The Alexandra Condominium Halloween Party | Ortigas & Business | Viridian in Greenhills | All-you-want photo prints from Fotoloco photo booth If you would like to see a lot more homes click right here… Fotoloco The Alexandra Condominium Halloween Celebration by Ortigas and Company 068 Image by FOTOLOCO! Fotoloco photo booth pictures @ The Alexandra Condominium Halloween Celebration | Ortigas & Business | Viridian in Greenhills | All-you-want photo prints from Fotoloco photo booth If you would like to see a lot more homes click here… Question by Monkey dust: what are some government programs to help refinance a house? I live in Pennsylvania Best answer: Answer by JudyThis isn’t help to re-fi, more about but it is help to prevent foreclosure and re-negotiate your loan. This may not be what you need- but you look into it. Hopenow.com – set up by the feds (HUD). Heard about it in Oprah a couple of years ago – still going strong. (not oprah – the program) This service will help you prevent foreclosure – just in case you are in trouble. / What do you think? Answer below! Question by Rachel H: Refinancing – am I getting a good deal? I’ll try to be as brief as possible. I started trying to refinance my FHA mortgage at the beginning of April, view through the original lender. Our payoff value is currently at 120,500 and the appraisal value is 137,000. We have excellent credit (747 and 729). Our original closing date was 4/30. We were willing to put up to $ 1000 at closing, but were told it would not be necessary. With all the closing cost refinanced back into the new loan we were looking at a new figure of $ 126,000. Over $ 6000 in closing cost sounded high, but it did inclue $ 2600 of PMI, so we accepted. Our interest rate would go from 7.25% to 5.00%. Appraisal was done, then it took me 2 weeks to get up with the loan officer. Closing date came and went. Which brings me to our new closing date of 5/20…today. It’s been very difficult to get a direct answer of whether or not we would be closing today. Found out at noon that we are now required to hire a plumber to “certify” our septic system, which is another $ 200 that we did not know about. Does this all sound like normal procedure? Are we getting a good deal? I’m also worried that it has been nearly 60 days since we originally locked in our rate. Can they raise the rate at the last minute? If I have left out any important details please let me know, I will be happy to add them. Thanks for the helpful info. I’m not really concerned about having to get the septic certification. Just seems like that’s something they should have already had done instead of delaying the closing again at the last minute. Best answer: Answer by Paul in San Diego$ 6000 in closing costs sounds about right, especially with the PMI factored in. And, consider that this might include a prorated month’s worth of interest, too, and possibly points on the loan to buy down the rate (discount points). This should all be listed on a form they call the good faith estimate. Ask your realtor to see that (although you should have seen it when you signed all the loan papers). The FHA has...
Read MoreHARP now available for second homes, income properties
Check out these condominium photos: Fotoloco The Alexandra Condominium Halloween Celebration by Ortigas and Firm 045 Image by FOTOLOCO! Fotoloco photo booth photographs @ The Alexandra Condominium Halloween Party | Ortigas & Business | Viridian in Greenhills | All-you-want photo prints from Fotoloco photo booth If you would like to see a lot more homes click right here… Fotoloco The Alexandra Condominium Halloween Celebration by Ortigas and Company 068 Image by FOTOLOCO! Fotoloco photo booth pictures @ The Alexandra Condominium Halloween Celebration | Ortigas & Business | Viridian in Greenhills | All-you-want photo prints from Fotoloco photo booth If you would like to see a lot more homes click here… Question by Monkey dust: what are some government programs to help refinance a house? I live in Pennsylvania Best answer: Answer by JudyThis isn’t help to re-fi, more about but it is help to prevent foreclosure and re-negotiate your loan. This may not be what you need- but you look into it. Hopenow.com – set up by the feds (HUD). Heard about it in Oprah a couple of years ago – still going strong. (not oprah – the program) This service will help you prevent foreclosure – just in case you are in trouble. / What do you think? Answer below! Question by Rachel H: Refinancing – am I getting a good deal? I’ll try to be as brief as possible. I started trying to refinance my FHA mortgage at the beginning of April, view through the original lender. Our payoff value is currently at 120,500 and the appraisal value is 137,000. We have excellent credit (747 and 729). Our original closing date was 4/30. We were willing to put up to $ 1000 at closing, but were told it would not be necessary. With all the closing cost refinanced back into the new loan we were looking at a new figure of $ 126,000. Over $ 6000 in closing cost sounded high, but it did inclue $ 2600 of PMI, so we accepted. Our interest rate would go from 7.25% to 5.00%. Appraisal was done, then it took me 2 weeks to get up with the loan officer. Closing date came and went. Which brings me to our new closing date of 5/20…today. It’s been very difficult to get a direct answer of whether or not we would be closing today. Found out at noon that we are now required to hire a plumber to “certify” our septic system, which is another $ 200 that we did not know about. Does this all sound like normal procedure? Are we getting a good deal? I’m also worried that it has been nearly 60 days since we originally locked in our rate. Can they raise the rate at the last minute? If I have left out any important details please let me know, I will be happy to add them. Thanks for the helpful info. I’m not really concerned about having to get the septic certification. Just seems like that’s something they should have already had done instead of delaying the closing again at the last minute. Best answer: Answer by Paul in San Diego$ 6000 in closing costs sounds about right, especially with the PMI factored in. And, consider that this might include a prorated month’s worth of interest, too, and possibly points on the loan to buy down the rate (discount points). This should all be listed on a form they call the good faith estimate. Ask your realtor to see that (although you should have seen it when you signed all the loan papers). The FHA has...
Read Morewhat are some government programs to help refinance a house?
Check out these condominium photos: Fotoloco The Alexandra Condominium Halloween Celebration by Ortigas and Firm 045 Image by FOTOLOCO! Fotoloco photo booth photographs @ The Alexandra Condominium Halloween Party | Ortigas & Business | Viridian in Greenhills | All-you-want photo prints from Fotoloco photo booth If you would like to see a lot more homes click right here… Fotoloco The Alexandra Condominium Halloween Celebration by Ortigas and Company 068 Image by FOTOLOCO! Fotoloco photo booth pictures @ The Alexandra Condominium Halloween Celebration | Ortigas & Business | Viridian in Greenhills | All-you-want photo prints from Fotoloco photo booth If you would like to see a lot more homes click here… Question by Monkey dust: what are some government programs to help refinance a house? I live in Pennsylvania Best answer: Answer by JudyThis isn’t help to re-fi, more about but it is help to prevent foreclosure and re-negotiate your loan. This may not be what you need- but you look into it. Hopenow.com – set up by the feds (HUD). Heard about it in Oprah a couple of years ago – still going strong. (not oprah – the program) This service will help you prevent foreclosure – just in case you are in trouble. / What do you think? Answer...
Read MoreFreddy Mac or Fannie Mae for HARP 125% refinance?
by SS&SS Question by amy: what is the trend for mortgage rates in the next 5 yrs? i’m doing a project on real estates and really need the projected discount rates to make the assumption. anyone knows where can i find it?? thanks in advance =) Best answer: Answer by 60187guy1) Steady. 2) Rates could go up if there is a recovery in the market. 3) Rates could go lower if property demand dries up and practically nobody borrows. Give your answer to this question below! Question by John 927: Freddy Mac or Fannie Mae for HARP 125% refinance? I am trying to refinance and I’m asking mortgage brokers/lenders the following question: “What will happen if my home appraisal comes in ‘underwater, seek ‘ as in below the amount of my loan?” Some tell me no problem, sickness my FREDDY MAC loan is eligible for HARP refinance program. Others tell me that they wouldn’t be able to help because I’m not a Fannie Mae loan. Is this a broker/lender decision or does HARP really exclude Freddy Mac loans? In other words, information pills is HARP only applicable to Fannie Mae loans in terms of the 125% loan to value rules? So confused. Best answer: Answer by BobThe HARP program is available for both FHLMC and FNMA loans, but not every lender can do both. If your appraisal determines you require a HARP loan, since your current loan is owned by Freddy it can only be done by a lender that can do Freddy loans. It should not be hard to find one. Your current lender is probably one of them. I closed a HARP refinance loan for a friend a few months ago after his current lender had denied him based on a 90% LTV appraisal, even though that lender’s website advertises HARP loans. I was happy for the business but it never should have come that far. Apparently his loan officer was not familiar with the program. Any time human beings are involved you can’t always trust the first answer you get. Know better? Leave your own answer in the...
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