HARP 2.0 Out of Pocket Expenses

HARP is a standard loan in terms of costs. You can pay out of pocket, roll it in the new loan, buy points. You can have little or no closing costs, or something in between. Talked to a licensed loan officer (not a bank), and they can give you all your interest rate and closing cost options. Only hitch is if you have a Freddie Mac HARP. Those you can only roll in $5000 above your current balance. Visit www.HARP-Refinance-MN.com for HARP loans in MN or WI.

HARP is no different in any other type of loan when it comes to costs.. They are pretty much the same.. and you have so many options, it impossible to quote without knowing the details of your scenario. But in general, you have the option to pay for the costs out of pocket, add the costs to the loan, or choose a higher interest rate, and have the lender pay the costs.. 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

For the most part you can "roll-in" the costs with your new loan and not have to be out of pocket at all or very little. In the event you do need to bring money to the table, we typically try to keep the amount equal to or less than your current monthly payment since you will skip at least one month of payments when refinancing. It will also depend on whether your current loan is owned by Fannie Mae or Freddie Mac as their guidelines slightly differ, especially concerning this question. Freddie Mac is a bit more restrictive and only allows you to add $5000 or 4% (whichever is less) above your payoff amount. No 2 situations are the same, so a personalized approval and Good Faith Estimate will make sure you are informed upfront of what will be required.

I have not had anyone having to bring in monies, especially if they are a fannie mae loan.. With freedie, , I have noticed that if they require some cash to close, it is mostly the escrows, since we have to start over with the impounds of your taxes and home insurance, which you get a refund from your old lender within a month . If someone is stating that you have to bring in a lot to close, run, i only charge the borrower underwriting and processing fee of $895 and what ever your title fees are,,, all rolled into the loan, so my customers do not have to bring in cash to close, and I do not charge for the credit report .. email me your adresss , and I will pull comps to make sure your home with work, and I do not have the bank overlays .. linda my email is your loanpartnerforlife@live.com I have over 25 yrs experience in this industry

I recently had a harp loan in MARYLAND , and their lender was goting to charge them approx $9,000 to redo their loan,, so I could redo their loan, at the same rate $895 underwriting fee and their title fees...

Be glad to help you pursue this with no out of pocket expense. Give me a call and we can review the details today. Mark 800-485-1387 Extension 107