Refinancing under HARP 2.0 in CA....Is this a good deal?

Regarding your last post... Something smells fishy. Fannie and Freddie BOTH tell the lender if an appraisal is required or not. If your new lender is telling you an appraisal is required regardless. That's not true. Ask to see the findings to confirm that the Property Inspection Waiver has not been received before agreeing to pay for an appraisal. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com 888-889-9950

Hello Friend,We are currently offering 3.75% with no closing cost to our borrowers with similar situation as yours. if you like please feel free to contact for a free consolation. www.cresticofunding.comHoutan 310-933-4748houtan.hormozian@crestico.com

Did you let them know you were underwater by 10%-20% or have you gotten the appraisal back? Because in my experience it has been very difficult to get a refi done over 105% LTV even though HARP guidelines say that you can go up to 125%.

Sounds like a great deal. Too great for a HARP loan with negative equity. Depending on your current loan being Fannie or Freddie will drive the pricing. Freddie is likely to be higher because there are fewer investors doing them. In the end, it is likely you will be closer to 4 and don't expect the credits for closing costs to be as high. As for PMI. Unless your policy is paid-up by the lender, which is doubtful, it is likely the policy will be converted to borrower paid. Either way, you will pay for it in monthly premium or higher rate to provide $$$ for the new lender to pay it. Before you agree to continue, make sure your new Mortgage Lender confirms the pricing is for a 115% LTV HARP loan. Make sure you 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

Ya.. You got a tricky one there.. There are different types of lender paid PMI.. Some are paid up front, some are paid monthly... if the lender is truly paying a payment every month for your MI, then that fee will be added to your loan.. Because it was lender paid, it will continue to be lender paid.. So the lender would have to find out if your MI certificate can be transferred, and would the new lender accept the certificate and terms?? if the new lender does not accept the certificate, you don't have a loan with that company.. of all the different types of MI.. Yours is the most difficult to get accepted, so good luck.. 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

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Rare that they request one? An appraisal? They rarely DON'T get one...something isn't right here.

Your loan officer may not be reading the DU findings right... It will say if FANNIE mae will grant a appraisal waiver .. IT all depends on the findings on the DU... IT Might ALSO still say there is a need for a appraisal, but if the line above that reads appraisal waiver, no problem, and there is fee for that... i just got a appriasal waiver for 150% , but he has a 810 fico, and reserves..

People shopping rates need to realize (especially with HARP 2.0), you're going to spend a good deal of time in underwriting before a lender will lock your rate. So, some level of luck comes into play regarding the "correct" time to lock. Like buying/selling stocks, nobody has a crystal ball. Rates are hovering around 50 yr. lows. Find a lender who charges no loan origination fee, has reasonable third party fees and move forward. I've seen cases where borrowers time costs more than pulling the trigger on a decision. If you're looking for wholesale mortgage rates, try us at www.mortgagewholesale.com. I'll let you know rate, pricing, fees, etc.