To refinance or not? Is there a better deal or this a good one?

I'm pretty sure you can do better... You should contact a LOCAL mortgage broker, not a bank, not a 50 states or internet lender, and certainly not your current lender... Wells is taking about 4 to 5 months to close a refinance right now.. who knows what will happen to rates in the next 5 months... the LOCAL mortgage broker has access to numerous lenders and can find the best rate and lowest fees for your particular scenario.. WilliamAcres.com

Yes, that is a very good offer. In fact when ever somebody is up over 125% loan to value, the only real option is to return to your current servicer, in this case Wells Fargo, since they already service the loan, they should be able to approve you with minimum documentation.m and that 4.50% rate can also be done as a 25 or 20 year term. Have them crunch the numbers with you to see if you can do a shorter term so not to start all over again at 30 years . Best wishes..

My advice is to contact a local Mortgage Banker /Broker. DON'T use one of the big banks, DON'T use one of the big national Mortgage factories, and DON'T use the people you are currently making payments to. We have heard that the big banks are already advising their customers that it could be a 4-6 month lead time before they will be able to close escrow. You shouldn't have to wait that long. As more and more lenders jump into the HARP pool, pricing is going to get better. Right now your bank and the other big banks are only dealing with their current borrowers. They are not being competitive, because they don't think you are smart enough to shop them. They're betting on you being suckered into their program. The 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

Correct me if I'm wrong here fellow brokers...The HARP guidelines I have read say it is for 1st liens only and 2nds must subordinate. With that being said, how are they rolling in his line of credit? Are they doing that? It is unclear in "souls".. question. I think he should confirm that first.Steve Verrier, thefloridamortgagecenter.com

I agree with Bert. Shop around with a local broker. I've heard nothing but nightmare stories about a refinance with Wells. Personally I think you can do better on the rate. I am just about finished with a HARP at 4.875% on a property that is no longer owner occupied. With that said, if this is your primary residence, you should be able to get a better deal and a better close time with someone local and small.

I agree with most of what the others are saying, refinancing through Wells will probably take a very long time and many people are not having good experiences with them. The only way to refinance will be if the lender that has your line of credit agrees to suborinate it to the new mortgage - and some are only willing to subordinate to new financing if they handle the new mortgage. So, depending on what lender currently has the line of credit you may be limited in your options. On the other hand, you may get a better rate by shopping around but it will depend on your credit score and other factors in your application, such as how long it takes to obtain approval from the holder of the line of credit to agree to the subordination. It doesn't hurt to check around with other lenders - just don't have each of them check your credit, only 1-2 that you are seriously considering using. Wells should be able to tell you what your credit score it which will give their competitors an idea of your qualifications and how to price your loan. Many of us responding here could help you with the financing assuming the details work out.Good luck!

Wells should still subordinate even if you use a different lender. I would start with a brokerage company to compare the deals. I broker can usually beat the big banks.I only lend in Florida!