question about fannie refi?
HSBC sent me an application for refi. They won't do HARP they do HASP which is suppose to be there version of HARP.I have a question regarding closing costs. They gave me an estimate of $4,543.08 isn't that high for a fannie refi? I have tried to have them lower it but they are not willing to. by mousemi2 from Tulsa, Oklahoma. Jun 21st 2011
Chris Gummerson (cgummerson11)
#397 ranked lender in California - 648 contributions
It depends on your loan amount and what is included. You will have lender fees, title, escrow, notary, interest, impound account, and possible mortgage insurance. You should look at the savings you will get on your monthly payment and divide the closing costs by the monthly savings. If you save 150 a month, and your closing is 4500, it will take you 30 months to recover the money spent. If you sold or refied within 3 years, you would lose money. Break even point is more important than the cost, and or rate you might get.
Geoffrey Tirabassi (geoffrey.tirabassi)
#67 ranked lender in New Jersey - 34 contributions
There are many variables like loan amount and exactly what is included in that total cost. The best thing I can do is review it for you and give you an explanation of what each cost is and let you know if it is a reasonable fee structure. Feel free to reach out to me today if you would like me to take a look at it. 732-713-5591
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