Harp 2 Refi....

One thing you didn't mention was the interest rate offered. I think all of us would better understand whether you are getting a good deal if we knew that. Also some lenders also have a supplemental worksheet that may better explain the costs and credits. I am also an Arizona lender if you would like me to provide a quote please contact me.

Unfortunately the new GFE form is not the clearest form to determine fees. With us however, our fees are constant regardless of loan amount, type of loan, FICO, etc. We have a 1% Origination fee, a $550 processing fee and a $995 underwriting fee. These all get lumped together and are called "origination fees" in the GFE form.

Since you didn't disclose all the information, it's hard to say if your deal is a good deal or a bad deal.. But in general, it's not absorbent to charge 2.5% on a $191K loan.. Especially if it's a HARP loan. HARP loans have turned out to be the most troublesome for lenders with all the rules, overlays, and red tape.. They are a nightmare, and take forever to close, that being said, your loan officer will earn every penny... If you had asked me to lower my fee, I wouldn't.. Also, the broker is getting paid Directly from the lender, so his fee will show as a charge above, and as a credit below.. Washing each other out.. And it's very hard to know what $6400 includes... Your broker should be able to show you what the rate would be without a credit, but you wouldn't like it... since all your costs would have to be paid up front, and the difference in the interest rate would be minimal.. so to save $30 more per month costs you $8K to $10K, wouldn't make sense... YSP is not offered to brokers.. YSP belongs to the borrower since GFE 2010 rules... by dealing with a broker, all the fees collected, from both the borrower, and the lender, are fully disclosed, and YOUR YSP credit will show below and offset your costs. if you were dealing with a bank, you would not see the YSP, and would have no idea how much money is channeling through the back side of the loan.. I'm here in Scottsdale, and would be happy to look at your file and explain it out in more detail.. or you could just call your broker now.. 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

We do not broker the HARP loans and are closing them within the same month if there isn't a second lien mortgage currently. Give me a call 602-820-0881 or email me at info@harp-guide.com if you want to compare. Rates are below 4% on most of the scenarios we are seeing currently.

what rate were you offered?

As already mentioned the GFE is without question, confusing. I'm also a local lender here in the west valley (Glendale) and I'd be happy to sit down with you go over in detail, line by line the costs associated and how these credits work. GIve me a call at 602-318-8885 to discuss or shoot me an email directly at erik@azpinnacle.com. I look forward to hearing from you. Thanks!