Our HARP refi through Quicken is asking us for an extra $1000 to closing for subordinating fees this is high right?

Would have saved a lot of confusion is there was a professional loan officer involved....

It depends on who is actually charging the Fee.. typically, if you have a 2nd that needs to be re subordinated, then that lender has a fee for doing such... typically, it's around $200-$350, so yes.. $1000 is high, but it's not a "Quicken" fee, it's your existing 2nd mortgage who charges the fee.. Now, if your talking about Quicken charging you $1000 more because you have a 2nd mortgage, then that would be a fee charged by them, and it is high.. because of some the way Quicken prices their loans, we hardly use them for HARP refi's even though we're signed up with them.. depending on how far along you are with them, you might want to consider changing lenders.. that would blow out any rate lock you have currently (assuming your rate is locked), so without knowing how far along you are, it's hard to advise you properly.. .. 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

First off for Quicken. 4.75% is not a good HARP rate right now. You are locked until mid August? Good grief. Why? 45 days is enough for a HARP deal with a subordination. The longer you lock the higher your rate will be. (Calculated by yield spread) Someone did their math wrong when they were reviewing the HUD. Quicken will have 6 different people working on your loan. With a 760 FICO do you want your information in the hands of 6 different people that are slamming it through with no personal connection? Do yourself a favor and next time get a professional to handle your loan. It is the biggest liability you will own but can become your best investment. Don't play around with it going with your big box lenders. Cannot answer your question completely without more information. It just sounds like a typical mistake by a big box L.O. Fees can be wrapped into the HARP loan but only up to certain amount. So they may have hit the limit and have to have you come in with more cash to close. Bottom line is whoever is handling the loan doesn't have their grasp on it. (From what it sounds)

It depends on who is actually charging the Fee.. typically, if you have a 2nd that needs to be re subordinated, then that lender has a fee for doing such... typically, it's around $200-$350, so yes.. $1000 is high, but it's not a "Quicken" fee, it's your existing 2nd mortgage who charges the fee.. Now, if your talking about Quicken charging you $1000 more because you have a 2nd mortgage, then that would be a fee charged by them, and it is high.. because of some the way Quicken prices their loans, we hardly use them for HARP refi's even though we're signed up with them.. depending on how far along you are with them, you might want to consider changing lenders.. that would blow out any rate lock you have currently (assuming your rate is locked), so without knowing how far along you are, it's hard to advise you properly.. .. 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

This question may need some clarification. If you are doing a new second mortgage and buying down the rate that may be ok. If you are subordinating an existing second a lot of some companies will not charge a subordination fee and most that do will charge $200 to $400 at the very highest. If your new loan is thru Quicken and your old first loan is thru Green Tree and your old second is thru Citi then Green Tree cannot charge you new fees for having a second mortgage. Greentree may be charging you fax/ payoff fees but those are usually around $30 and then interest on top of your principal balance which depending on your per a diem interest could be $1000. The best thing for you to do is ask for a copy of the subordination requirements from Citi and copies of payoffs for your loan then an itemization of the fees that Quicken is charging you. They may have some points they added in there without telling you from the time they quoted you to the time they locked in your loan. I hope this helps. I am in Texas and do not service Colorado currently. Brad Cahoone - NMLS ID 184176 - Global Home Finance Inc. - NMLS ID 316441 - bcahoone@globalhomefinance.com

Lenders are not allowed to upsell or upcharge third party fees. If the 2ndf mortgage company is asking for a $1000 subordination fee, simply contact the second mortgage company to verify their fee. That would be the most expensive subordination fee I have ever seen. Usually it is less than $300. As for Quicken, I am not a giant fan of anyone working with a bunch of unlicensed young kids in a call center to handle my largest financial transaction. Are you?

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It is starting to sound like Greentree is charging you a Per-payment penalty for early payoff. I think you better be on the phone with Greentree to get to the heart of the matter.

It depends on several things, but two major are, who is subordinating? Is it Fannie or Freddie HarpCall us or email us at 201-962-3555 or Team@BestMortgageOption.com for ano cost no obligation analysis of your situation ask for Michelle or Benny. We will find the Best Mortgage Option to suit your needs! Check us out at www.BestMortgageOption.comAsk us about the awesome discounts we offer heroes as a Homes for Heroes affiliate!

That seems high so call Greentree and ask them what they are charging. If it isn't that amount then I'd change lenders if I were you to a Lender411 Loan Officer. If it's here in Utah I'd be glad to help you.

Your welcome and good luck!

1000.00 for subordinating fees seems high- if you need to pay the 1000.00 to lower your overall combined loan to value ( CLTV) to get a DU approval, that is another story- if that is the case, make sure that the payoff is 1000.00 less as you are bringing those funds to closing-

See David's comments. He is right on.

Did you find this out at the end of the loan process?

If you're ready to refinance again, we can always look at a 15 year rate and see if we can't shave some years off that loan and help you build equity faster! www.phmc.com/coreyvandenberg I would be glad to help you...