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Ian&EmmesMommy23
My family is complete!
Member since 11/08 12970 total posts
Name:
Diana
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Can you guys look at this for me?? re: HARP UPDATE!
I just spoke with someone from Chase...we currently have:
30 year fixed loan
5.875%
we're upside down by 103%
We are eligible for HARP and were offered:
20 year fixed loan
4.875%
$4300 in closing costs rolled in
saves us $300 a month
doesnt that sound too good to be true? (Kristen...I'm still waiting to hear from your guy and won't decide until I do)
I feel like some of the closing cost fees can be waved...what do you guys think?
Appraisal - 350
Title Search - 650
Title Insurance - 780
NY Attorney Fee - 800
Title Attendace Fee - 300
Filing Fee - 550
Lien Certificate - 274
Chase said because I'm part of a union their $600 fee becomes $100.
Thanks for your help!!
UPDATE: TOO GOOD TO BE TRUE!!!
He "made a mistake" and quoted us on keeping at 30 year loan. moving to 20 only saves us $174 a month. and he low balled our taxes. ugh!!!!!!!
Message edited 6/16/2011 4:25:14 PM.
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Posted 6/15/11 1:03 PM  |
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Hofstra26
Love to Bake!
Member since 7/06 27915 total posts
Name:
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Re: Can you guys look at this for me?? re: HARP
That sounds pretty good to me!  I actually went from a 30yr back into another 30yr mortgage. We went from 6.375% to 5.375% and we ended up saving $370/month.
My closing costs *technically* were about $3700 but because the loan closed as my taxes were coming due we ended up owing more at closing but really, it didn't cost us anything out of pocket if you want to be technical about it because we skipped TWO full mortgage payments so I actually ended up with money in my pocket. About $2K was rolled into my principal for closing costs.
The HARP loan is processed as a CEMA loan so you will avoid the transfer taxes in NY which would normally add thousands at closing. You also don't need an appraisal so that is one fee you won't see in your closing costs. All and all it sounds pretty on target to me, hopefully Burt will get back to you and you can run it by him too. Keep me posted!
Edit - Title search and attorney fees were not waived for us. Chase assigns a title company/attorney to handle the closing, costs were built into the closing funds.
Message edited 6/15/2011 1:15:46 PM.
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| Posted 6/15/11 1:14 PM |
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Deeluvsvinny
DONE
Member since 10/08 4952 total posts
Name:
Whatever
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Re: Can you guys look at this for me?? re: HARP
Posted by IansMommy23
I just spoke with someone from Chase...we currently have:
30 year fixed loan
5.875%
we're upside down by 103%
We are eligible for HARP and were offered:
20 year fixed loan
4.875%
$4300 in closing costs rolled in
saves us $300 a month
doesnt that sound too good to be true? (Kristen...I'm still waiting to hear from your guy and won't decide until I do)
I feel like some of the closing cost fees can be waved...what do you guys think?
Appraisal - 350
Title Search - 650
Title Insurance - 780
NY Attorney Fee - 800
Title Attendace Fee - 300
Filing Fee - 550
Lien Certificate - 274
Chase said because I'm part of a union their $600 fee becomes $100.
Thanks for your help!!
You shouldn't have to pay appraisal, that's one of the features of HARP.
The other fees are outside vendor fees, not bank fees, so the bank can't really waive those. Plus, except for the ittle insurance fee (state mandated & regulated), they are all estimates- and uasually estimated higher than actual.
You will have other costs incurred at closing- but they are not fees..taxes due within 60 days of closing, tax & ins escrow accounts deposits (if you escrow), per diem interest.
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| Posted 6/15/11 2:17 PM |
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Deeluvsvinny
DONE
Member since 10/08 4952 total posts
Name:
Whatever
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Re: Can you guys look at this for me?? re: HARP
Posted by Hofstra26
That sounds pretty good to me! I actually went from a 30yr back into another 30yr mortgage. We went from 6.375% to 5.375% and we ended up saving $370/month.
My closing costs *technically* were about $3700 but because the loan closed as my taxes were coming due we ended up owing more at closing but really, it didn't cost us anything out of pocket if you want to be technical about it because we skipped TWO full mortgage payments so I actually ended up with money in my pocket. About $2K was rolled into my principal for closing costs.
The HARP loan is processed as a CEMA loan so you will avoid the transfer taxes in NY which would normally add thousands at closing. You also don't need an appraisal so that is one fee you won't see in your closing costs. All and all it sounds pretty on target to me, hopefully Burt will get back to you and you can run it by him too. Keep me posted!
Edit - Title search and attorney fees were not waived for us. Chase assigns a title company/attorney to handle the closing, costs were built into the closing funds.
You know you didn't really skip any mortgage payments, right?
I'm curious to hear how the bank or broker you're using explains that you can skip two mortgage payments?
Not trying to be snarky..just curious, because it's not true.
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| Posted 6/15/11 2:19 PM |
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Ophelia
she's baaccckkkk ;)
Member since 5/06 23378 total posts
Name:
remember, when Gulliver traveled....
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Re: Can you guys look at this for me?? re: HARP
it's so funny how they are offering diffect loans and rates to each person.
they didn't even offer us the option of a 20yr.
they offered us a 30 yr at 5.25%.
interesting. very interesting.
we don't have an appraisal fee either and Chase is "subsidizing" a big chunk of our closing costs.
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| Posted 6/15/11 2:50 PM |
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Deeluvsvinny
DONE
Member since 10/08 4952 total posts
Name:
Whatever
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Re: Can you guys look at this for me?? re: HARP
Posted by Ophelia
it's so funny how they are offering diffect loans and rates to each person.
they didn't even offer us the option of a 20yr.
they offered us a 30 yr at 5.25%.
interesting. very interesting.
we don't have an appraisal fee either and Chase is "subsidizing" a big chunk of our closing costs.
Hmmm, weird that they didn't offer the option to you. If you can afford it- the rate would be lower on a 20 than a 30...you should call them and inquire.
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| Posted 6/15/11 3:13 PM |
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Ian&EmmesMommy23
My family is complete!
Member since 11/08 12970 total posts
Name:
Diana
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Re: Can you guys look at this for me?? re: HARP
thanks guys! i sent it to my accountant to talk a look at before i decide.
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| Posted 6/15/11 4:02 PM |
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Ian&EmmesMommy23
My family is complete!
Member since 11/08 12970 total posts
Name:
Diana
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Re: Can you guys look at this for me?? re: HARP
Posted by Hofstra26
Edit - Title search and attorney fees were not waived for us. Chase assigns a title company/attorney to handle the closing, costs were built into the closing funds.
but why do we have to pay for their attorney??
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| Posted 6/15/11 4:14 PM |
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Hofstra26
Love to Bake!
Member since 7/06 27915 total posts
Name:
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Re: Can you guys look at this for me?? re: HARP
Posted by IansMommy23
Posted by Hofstra26
Edit - Title search and attorney fees were not waived for us. Chase assigns a title company/attorney to handle the closing, costs were built into the closing funds.
but why do we have to pay for their attorney??
It was just part of the fees in the closing.......a few hundred dollars I think.
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| Posted 6/15/11 4:24 PM |
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Ian&EmmesMommy23
My family is complete!
Member since 11/08 12970 total posts
Name:
Diana
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Re: Can you guys look at this for me?? re: HARP
Posted by Hofstra26
Posted by IansMommy23
Posted by Hofstra26
Edit - Title search and attorney fees were not waived for us. Chase assigns a title company/attorney to handle the closing, costs were built into the closing funds.
but why do we have to pay for their attorney??
It was just part of the fees in the closing.......a few hundred dollars I think.
they have it for $800. i dont get why i'm paying for their attorney tho.
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| Posted 6/15/11 4:27 PM |
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Hofstra26
Love to Bake!
Member since 7/06 27915 total posts
Name:
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Re: Can you guys look at this for me?? re: HARP
Posted by Deeluvsvinny
Posted by Hofstra26
That sounds pretty good to me! I actually went from a 30yr back into another 30yr mortgage. We went from 6.375% to 5.375% and we ended up saving $370/month.
My closing costs *technically* were about $3700 but because the loan closed as my taxes were coming due we ended up owing more at closing but really, it didn't cost us anything out of pocket if you want to be technical about it because we skipped TWO full mortgage payments so I actually ended up with money in my pocket. About $2K was rolled into my principal for closing costs.
The HARP loan is processed as a CEMA loan so you will avoid the transfer taxes in NY which would normally add thousands at closing. You also don't need an appraisal so that is one fee you won't see in your closing costs. All and all it sounds pretty on target to me, hopefully Burt will get back to you and you can run it by him too. Keep me posted!
Edit - Title search and attorney fees were not waived for us. Chase assigns a title company/attorney to handle the closing, costs were built into the closing funds.
You know you didn't really skip any mortgage payments, right?
I'm curious to hear how the bank or broker you're using explains that you can skip two mortgage payments?
Not trying to be snarky..just curious, because it's not true.
I didn't pay May or June's payment as I normally would have but in closing I had to give most of those "skipped payments" back to refund escrow because our taxes came due as we were closing. That is why I said that I *technically* didn't pay anything out of pocket at closing.........I gave like 90% of what I would've paid in mortgage payments anyway had I not refinanced back to Chase. Once I refunded the escrow acct. at closing with the 2 mortgage payments that were not made we ended up with about $800-900 leftover so to close didn't really cost us anything that we wouldn't have ordinarily paid had we just made our regular mortgage payments.
The actual closing costs that was rolled into our mortgage amounted to about $2K.
The specific details of how the money worked out is a little complicated because we closed the loan within 30 days of my homeowners and taxes coming due so it made things a little more difficult. Had we closed earlier than we did it would've actually changed things considerably.
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| Posted 6/15/11 4:33 PM |
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Cheeks24
Living a dream
Member since 1/08 8589 total posts
Name:
Cheeks
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Re: Can you guys look at this for me?? re: HARP
Posted by IansMommy23
Posted by Hofstra26
Posted by IansMommy23
Posted by Hofstra26
Edit - Title search and attorney fees were not waived for us. Chase assigns a title company/attorney to handle the closing, costs were built into the closing funds.
but why do we have to pay for their attorney??
It was just part of the fees in the closing.......a few hundred dollars I think.
they have it for $800. i dont get why i'm paying for their attorney tho.
It's not a Chase attorney. It's an outside vendor fee. If you have someone that will do it for less, tell them.
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| Posted 6/15/11 8:20 PM |
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Ian&EmmesMommy23
My family is complete!
Member since 11/08 12970 total posts
Name:
Diana
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Re: Can you guys look at this for me?? re: HARP
i got him to wave the appraisal fee!
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| Posted 6/16/11 9:08 AM |
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Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Re: Can you guys look at this for me?? re: HARP
i have a mortgage with wells fargo that's upside down and I would like to refi. Does wells have a program. The property is in AZ.
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| Posted 6/16/11 9:10 AM |
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Ian&EmmesMommy23
My family is complete!
Member since 11/08 12970 total posts
Name:
Diana
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Re: Can you guys look at this for me?? re: HARP
Posted by Blu-ize
i have a mortgage with wells fargo that's upside down and I would like to refi. Does wells have a program. The property is in AZ.
im not sure. i'm using chase. but i think this is a nationwide program. you should call and ask.
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| Posted 6/16/11 9:14 AM |
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Hofstra26
Love to Bake!
Member since 7/06 27915 total posts
Name:
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Re: Can you guys look at this for me?? re: HARP
Posted by Blu-ize
i have a mortgage with wells fargo that's upside down and I would like to refi. Does wells have a program. The property is in AZ.
Call and ask about the Making Homes Affordable Program, HARP loans fall under that. Also, check their website. Most banks have a link to the program through their website.
Here is the Federal Gov't website which has a ton of info.
Making Homes Affordable
Message edited 6/16/2011 9:28:02 AM.
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| Posted 6/16/11 9:25 AM |
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Deeluvsvinny
DONE
Member since 10/08 4952 total posts
Name:
Whatever
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Re: Can you guys look at this for me?? re: HARP
Posted by Blu-ize
i have a mortgage with wells fargo that's upside down and I would like to refi. Does wells have a program. The property is in AZ.
I know for a fact that wells does have the program. HTH
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| Posted 6/16/11 1:50 PM |
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MeNBobs
*****
Member since 4/07 3765 total posts
Name:
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Re: Can you guys look at this for me?? re: HARP
Posted by Blu-ize
i have a mortgage with wells fargo that's upside down and I would like to refi. Does wells have a program. The property is in AZ.
I believe this program can only help you if your loan is a Mac or a Mae. MY WF mortgage isn't but yours could be.
I also looked into a regular refi or a mod with them. The refi wan't worth it and they told me I was too poor for the mod   umm yeah that is why I'm calling. She told me that since I was current and always on time with all payments they couldn't help me and legally she is not permitted to tell me to miss payments.
Good luck!!
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| Posted 6/16/11 2:34 PM |
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Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Re: Can you guys look at this for me?? re: HARP UPDATE!
I tried the loan mod. no go. I am current and my income at the time I tried to do the mod was just over by $170. Yep..so I couldn't do it.
Is it based on your income at all? Hope not.
I have a interest only and who knows how long I would have to keep the condo so I would like to get into a conventional loan and save some money. Currently my rate is 6.375. 5 and under would be great.
I will call Wells. My loan is with Freddie Mac.
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| Posted 6/16/11 9:17 PM |
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