Harp program

Without seeing the complete offer it's hard to say... is the 4.6 the "Note Rate" or the "APR"?? to be sure, contact a local mortgage broker, not a bank, and ask them to quote you as well.. with their vast network of lenders, they can find the lowest rate/costs for your particular scenario, and it gives you something to compare to... Also, like Bennett said.. you will have a 4 to 6 month closing time with Wells. WilliamAcres.com

Depending on your current scenario you should be able to do much better than that. I am closing one this week with a rate still in the 3's using HARP 1. Wholesale guidelines will be out in about a week for HARP 2.0. They want to close you as quickly as possible before the program hits the open market.

Is it a good offer? Sure, but is it the best? Probably not. I have friends inside two of the big banks who are telling me they are looking at 4-6 month lead time before they will be able to close escrow. You shouldn't have to wait. Your local or regional Mortgage Banker/Broker is better equipped to handle the volume. We tend to be much more nimble in adding or moving personnel to accommodate a spike in volume. The big guys don't want to hire more people, so instead you wait and wait and wait. Another benefit is that your local Mortgage Banker has access to all the lending sources, allowing for an easier fit into the lender or program that makes the most sense. Whoever you choose, make sure you check them out at the National Mortgage Licensing System at www.NMLSConsumerAccess.org ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com