LTV of 75%, conforming, cash to more than cover the mortgage amount - refi question
I am just beginning to generate income after two years w/o any. I didn't bother to refi as income verifcation was an issue - or so I thought. I have money and top credit, no other debt, own/live in home. I called WF who holds my FM loan and they said no prob refinancing using HARP - so no income verif needed especially as I have a lot of cash. Question: the rates seem a bit high (4% for 30, same for 25, 3.87 for 20yr, 3.125 for 15 yr, closing costs about $3500). So should I shop? Am I stuck with these decent rates bec my income is low and that's more imp than cash/ltv/credit? Please advise. by mysafe_940_914 from Stamford, Connecticut. Aug 16th 2012
Travis Torcoletti (travis.torcoletti)
#0 ranked lender in South Carolina - 372 contributions
That isn't a bad rate really, rates have really gone up over the last 2 weeks. That said, you should shop it with a local mortgage broker to see what they can offer you.
William J Acres (William_Acres)
#74 ranked lender in Arizona - 8,728 contributions
I think you will be in for a surprise when they ask you for tax returns, w2's and paystubs.. Since I have yet to find a lender willing to do a HARP without verifying income.. That being said, if they truly are doing a HARP refi without income verification.. You better stay put.. 4% isn't a bad rate, and $3500 is within the range of standard costs.. 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
Linda Wintersteen (Linda123)
#63 ranked lender in Arizona - 1,256 contributions
Harp is based off of your mortgage history, your income.. so , when they ask for your tax returns , W2'S, AND one month paystubs, how is that going to be handled? You might have a newbie loan officer.. check around. linda
Thanks everyone for your thoughts. I will double check with the lender to make sure as he also said we can close in less than 90 days. I wonder if it is bec I have enough cash in various places, including ira's to pay off the mortgage, and my credit is unblemished/high number, so I'm not a risk? I've never not paid a debt and never missed a payment for any reason, credit cards/loans, etc. I still am surprised that all he wants is an estimate of what I think I'll earn this year, which at least isn't zip. I did call quicken and a few mortgage companies that do harp loans but all said the same thing, stick with wf bec we have to do income verification and I just wouldn't qualify (which politically, I agree with).
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