Harp2.0

For conventional loans, your value at the time you request to have MI removed has to be 80% LTV or lower.. Under HARP if you have MI now, you will have it on your new loan.. if you didn't have it on your existing loan, you wouldn't have it on the new one.. Those are the rules... I will say this though.. You should really get a quote from a mortgage broker rather than your current servicer Wells Fargo.. Their turn times are horrific, and the broker will get you a much better deal... The best advice I can give you is to contact a LOCAL mortgage broker, not the local "Big" bank, and certainly not one of those 50 states internet lenders...By applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with numerous lenders, seeking out the best loan terms for your particular scenario. Because he has lower overhead, he can offer you lower rates and lower fees than most of the larger lenders.. 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

they are probably not doing a harp, they may be doing a wells to wells without a appraisal, and if the loan officer states it is a harp, run, and get a new loan officer.

If you want to get rid of the MI, you will need to lower your new loan amount down to $320k, 80% of the purchase price. This early into a loan, the new loan is going to be based on the original purchase price or current appraised value, whichever is less. If Wells is willing to do a no-appraisal streamline, then they are going to use the purchase price/appraisal of the original loan. You are not going to be able to negotiate better MI terms unless you get to 80%, period. Further, it is extremely unlikely that they are giving the best deal you deserve. You MUT do yourself justice and have a local Mortgage Banker/Broker review your situation. You will probably find that in the end, you are being gouged in either pricing or fees. Finally, if they are telling you this is a HARP refinance, this just proves what William and I have been preaching. They don't know what they are doing. Remember, in order to be a Loan Originator for one of the big banks, you only need to be an employee and have the bank register them with the National Mortgage Loan System (NMLS). They are just order takers. A Mortgage Banker/Broker is required to take 20+ hours of classroom training, pass not one , but two tests, and pass an extensive background check before they are allowed to receive their license. Who would you rather use? Someone who is Licensed or someone who is just registered? Get their NMLS number and check out your selected Mortgage Originator at the National Mortgage Licensing System at www.NMLSConsumerAccess.org ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com 888-889-9950