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LisaW
Time for me to FLY!
Member since 5/05 13199 total posts
Name:
Did I ever tell you that I hate people?
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Making Homes Affordable refinance program
has anyone done this?
What kind of rate did you get?
I was told one rate and then was called today and told that underwriting raised my rate 1/8 of a point because of the possibility of us drawing from our HELOC and losing more equity...
I told him we received a letter months ago, along with G-d knows how many other people, that we can't draw on our HELOC anymore so that kind of negates that reason...
The guy said he would speak to his manager about it and get back to me...buy I felt that I was totally getting a sales pitch
Anyone have this problem?
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Posted 4/22/10 1:34 PM  |
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Prudential Douglas Elliman Real Estate
Long Island's Largest Bridal Resource | Long Island Weddings |
drewsgirl
My loves
Member since 5/05 3221 total posts
Name:
Amanda
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Re: Making Homes Affordable refinance program
I just did this - we closed about 2 weeks ago - started back in January the process...when we bought the house we had a 6.25% rate, with this they lowered it to 5.3%...i wasnt able to buy any points to make it any lower only bc we were in the house only a year but i was still happy with that - saving about $300 a month now...we had to do it through Bank of America since that is where our loan is through
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| Posted 4/22/10 1:46 PM |
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LeShellem
A new beginning
Member since 2/07 3600 total posts
Name:
LeShelle
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Re: Making Homes Affordable refinance program
We did this as well. Went from 6 3/8% to 5.25%. We are saving about $273 and we skiped a month and a half payments this year.
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| Posted 4/22/10 3:36 PM |
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LisaW
Time for me to FLY!
Member since 5/05 13199 total posts
Name:
Did I ever tell you that I hate people?
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Re: Making Homes Affordable refinance program
thanks
sounds like you both had good experiences
I'm just annoyed they raised our rate 1/8 of a point
We're still saving a good amt each month
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| Posted 4/23/10 2:32 PM |
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lulugrrl
My 3 Blessings
Member since 3/06 6551 total posts
Name:
L
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Re: Making Homes Affordable refinance program
what is this program, I would be interested in trying to lower my interest rate, but do not want to skip payments to make it possible?
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| Posted 4/23/10 2:38 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: Making Homes Affordable refinance program
Posted by lulugrrl
what is this program, I would be interested in trying to lower my interest rate, but do not want to skip payments to make it possible?
it's not skipping as in late
it's as if you closed on the house again- so you always have that even with a regular refi
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| Posted 4/23/10 3:18 PM |
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JennasMom
?**?
Member since 11/05 3463 total posts
Name:
does it matter
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Re: Making Homes Affordable refinance program
Do you need to meet certain criteria and does you loan term start at 30 years all over again?
We currently have 6.125% but want to move in 6 years so not sure if this is worth it. We have been in our home for 7 years
Message edited 4/23/2010 3:29:41 PM.
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| Posted 4/23/10 3:29 PM |
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LisaW
Time for me to FLY!
Member since 5/05 13199 total posts
Name:
Did I ever tell you that I hate people?
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Re: Making Homes Affordable refinance program
Home Affordable Refinance Program (HARP)
4. I'm current on my mortgage. Will a refinance under the Home Affordable Refinance Program (HARP) help me?
Eligible homeowners who are current on their mortgages but have been unable to take advantage of today's lower interest rates because their homes have decreased in value, may now have the opportunity to refinance. Through a refinance under HARP, Fannie Mae and Freddie Mac will allow the refinancing of mortgage loans that they own or that they guaranteed in mortgage backed securities.
5. How do I know if I am eligible for a refinance under HARP?
You may be eligible if:
* You are the owner-occupant of a one- to four-unit home.
* The loan on your property is owned or guaranteed by Fannie Mae or Freddie Mac (See “How do I know if my loan is owned or has been guaranteed by Fannie Mae or Freddie Mac?").
* At the time you apply, you are current on your mortgage payments ("Current" generally means that you have not been more than 30 days late on your mortgage payment in the last 12 months; or, if you have had the loan for less than 12 months, you have never missed a payment).
* The amount you owe on your first lien mortgage does not exceed 125% of the current market value of your property.
* You have a reasonable ability to pay the new mortgage payments.
* The refinance improves the long term affordability or stability of your loan. (See “Will refinancing lower my payments? How might HARP benefit me?”)
MORE INFO
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| Posted 4/23/10 3:46 PM |
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mom2b
LIF Adult
Member since 5/09 1072 total posts
Name:
x
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Re: Making Homes Affordable refinance program
Do you have to try to refinance your home through another lender before applying to this? Or have your home appraised?
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| Posted 4/23/10 5:11 PM |
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LisaW
Time for me to FLY!
Member since 5/05 13199 total posts
Name:
Did I ever tell you that I hate people?
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Re: Making Homes Affordable refinance program
Posted by mom2b
Do you have to try to refinance your home through another lender before applying to this? Or have your home appraised?
no appraisal- they go by a number given to them by the government which seemed more than fair considering the comps in my area
and there no need to try elsewhere first
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| Posted 4/23/10 5:19 PM |
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mom2b
LIF Adult
Member since 5/09 1072 total posts
Name:
x
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Re: Making Homes Affordable refinance program
Posted by LisaW
Posted by mom2b
Do you have to try to refinance your home through another lender before applying to this? Or have your home appraised?
no appraisal- they go by a number given to them by the government which seemed more than fair considering the comps in my area
and there no need to try elsewhere first
I'm on the phone with my mortgage companys HARP rep and they said they would have to do a walk thru appraisal on my home. If my house appraises higher than I would get a 6% interest rate and PMI removed. But my interest rate is 6.5% now. If it appraises low its still only 6% rate. Doesn't seem worth it to me but he did say its dependent upon my credit score.
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| Posted 4/23/10 5:55 PM |
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LisaW
Time for me to FLY!
Member since 5/05 13199 total posts
Name:
Did I ever tell you that I hate people?
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Re: Making Homes Affordable refinance program
Posted by mom2b
Posted by LisaW
Posted by mom2b
Do you have to try to refinance your home through another lender before applying to this? Or have your home appraised?
no appraisal- they go by a number given to them by the government which seemed more than fair considering the comps in my area
and there no need to try elsewhere first
I'm on the phone with my mortgage companys HARP rep and they said they would have to do a walk thru appraisal on my home. If my house appraises higher than I would get a 6% interest rate and PMI removed. But my interest rate is 6.5% now. If it appraises low its still only 6% rate. Doesn't seem worth it to me but he did say its dependent upon my credit score.
Hmmm, that is strange
I wonder if each bank does it differently
I was told 5.25 and no appraisal
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| Posted 4/23/10 5:58 PM |
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cjb88
Little Brother
Member since 5/05 3540 total posts
Name:
C
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Re: Making Homes Affordable refinance program
I know this is an old post, but I was wondering if anyone's bank had them pay any closing fees or title costs... my mortgage company is telling me that title fees will be $4-$5,000... but when I spoke to a making homes affordable person he said I can shop around at other places for mortgages... anyone have any advice on how to go about doing this?
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| Posted 12/9/10 8:17 PM |
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Mommy2Boys
My Boys!!!!
Member since 6/06 14437 total posts
Name:
C
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Re: Making Homes Affordable refinance program
Posted by cjb88
I know this is an old post, but I was wondering if anyone's bank had them pay any closing fees or title costs... my mortgage company is telling me that title fees will be $4-$5,000... but when I spoke to a making homes affordable person he said I can shop around at other places for mortgages... anyone have any advice on how to go about doing this?
You still have to pay closing costs. They will be more if you go with another bank because you will have to pay a transfer tax or the stamp tax again (I think that's what it's called).
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| Posted 12/9/10 8:50 PM |
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SweetTooth
I'm a tired mommy!
Member since 12/05 20105 total posts
Name:
Lauren
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Re: Making Homes Affordable refinance program
Posted by cjb88
I know this is an old post, but I was wondering if anyone's bank had them pay any closing fees or title costs... my mortgage company is telling me that title fees will be $4-$5,000... but when I spoke to a making homes affordable person he said I can shop around at other places for mortgages... anyone have any advice on how to go about doing this?
We just did a refi through the bank we have our mortgate (Wells Fargo) and there were no fees at all.
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| Posted 12/9/10 9:20 PM |
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csorisi
My 2 LOVES
Member since 11/05 1984 total posts
Name:
Corinne
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Re: Making Homes Affordable refinance program
We did this in march and went from 6.75 to 5.325 we were able to go from a 30 to a 20 yr mortgage and pay about 20 less a month it was great
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| Posted 12/9/10 10:39 PM |
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csorisi
My 2 LOVES
Member since 11/05 1984 total posts
Name:
Corinne
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Re: Making Homes Affordable refinance program
Posted by jellybean1420
Posted by cjb88
I know this is an old post, but I was wondering if anyone's bank had them pay any closing fees or title costs... my mortgage company is telling me that title fees will be $4-$5,000... but when I spoke to a making homes affordable person he said I can shop around at other places for mortgages... anyone have any advice on how to go about doing this?
You still have to pay closing costs. They will be more if you go with another bank because you will have to pay a transfer tax or the stamp tax again (I think that's what it's called).
No you won't you have to ask that they do it as a consolidation then you only pay taxes on the new money which is minimal.
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| Posted 12/9/10 10:41 PM |
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cjb88
Little Brother
Member since 5/05 3540 total posts
Name:
C
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Re: Making Homes Affordable refinance program
Posted by csorisi
Posted by jellybean1420
Posted by cjb88
I know this is an old post, but I was wondering if anyone's bank had them pay any closing fees or title costs... my mortgage company is telling me that title fees will be $4-$5,000... but when I spoke to a making homes affordable person he said I can shop around at other places for mortgages... anyone have any advice on how to go about doing this?
You still have to pay closing costs. They will be more if you go with another bank because you will have to pay a transfer tax or the stamp tax again (I think that's what it's called).
No you won't you have to ask that they do it as a consolidation then you only pay taxes on the new money which is minimal.
so are they pretty much rolling those fees into you the new mortgage??
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| Posted 12/10/10 6:21 AM |
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csorisi
My 2 LOVES
Member since 11/05 1984 total posts
Name:
Corinne
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Re: Making Homes Affordable refinance program
Posted by cjb88
Posted by csorisi
Posted by jellybean1420
Posted by cjb88
I know this is an old post, but I was wondering if anyone's bank had them pay any closing fees or title costs... my mortgage company is telling me that title fees will be $4-$5,000... but when I spoke to a making homes affordable person he said I can shop around at other places for mortgages... anyone have any advice on how to go about doing this?
You still have to pay closing costs. They will be more if you go with another bank because you will have to pay a transfer tax or the stamp tax again (I think that's what it's called).
No you won't you have to ask that they do it as a consolidation then you only pay taxes on the new money which is minimal.
so are they pretty much rolling those fees into you the new mortgage??
What they did was I owed say $330,000 on my mortgage when I started the process. THey may my loan for $331,000.00 They rolled the fees into my mortgage but the fees were minor--the bank fees I think were nothing I only had to pay the bank attorney and my title bill was nothing because I did not have to pay the mortgage stamps. It turned out that When the whole process was complete I owed $328,000 and the 3000 covered all my costs. YOu are only able to get back 250.00 which i said wasn't my concern I wasn't looking for money just to save money over the long run. If you want though you can probably pay the costs out of pocket but they are so little it doesn't effect the payment that much anyway.
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| Posted 12/10/10 7:23 AM |
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ThePinkGoose
In Your Hands
Member since 8/08 4706 total posts
Name:
Nunya
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Re: Making Homes Affordable refinance program
Hi, I'm so clueless about this stuff  we have an FHA mortgage but are interested, does that matter? Are we still eligible? If anyone knows. THANKS!! 
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| Posted 12/10/10 7:57 AM |
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Serendipity
Summer!
Member since 4/07 7631 total posts
Name:
PrayingWishingHopingALOT
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Re: Making Homes Affordable refinance program
Posted by SweetTooth
Posted by cjb88
I know this is an old post, but I was wondering if anyone's bank had them pay any closing fees or title costs... my mortgage company is telling me that title fees will be $4-$5,000... but when I spoke to a making homes affordable person he said I can shop around at other places for mortgages... anyone have any advice on how to go about doing this?
We just did a refi through the bank we have our mortgate (Wells Fargo) and there were no fees at all.
Hmmm really? We were 2 seconds away from doing a HARP refi with Wells (who is our current lender) and it was going to cost us like the previous posters saif about 4-5K in closing costs.
We had the option to roll it in our payments but still, there WERE fees.
Now i am confused
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| Posted 12/10/10 7:59 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: Making Homes Affordable refinance program
Don't the taxes have to be rolled in as pre-paids too? Does that increase the loan amount even further?
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| Posted 12/10/10 9:34 AM |
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