Profile picture for the.gray.shoes

Can I refinance under Making Home Affordable Refinance with a different lender?

I qualify for refinancing under the new Making Home Affordable program.  Can I refinance my mortgage with a different lender from my current lender?
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
March 27 2009 - US
We think we've answered this question for you!
 
 

Replies (25)

For Fannie Mae backed loans, you can use any lender who uses Fannie's Desktop Underwriter for underwriting. This means you don't have to go through your current servicer. Here is Fannie's definition of a servicer.
Find out if you have a Fannie Mae-backed mortgage.

For Freddie Mac backed loans, the loan has to be refinanced by the same company that currently services your loan, or an affiliate of that company.
Find out if you have a Freddie Mac-backed mortgage.

The government has created a Making Home Affordable Web site that can help lead you through a series of questions to see if you're eligible for the Home Affordable Refinance option or the Home Affordable Modification option.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
March 30 2009
Profile picture for TCMW
  • TCMW
  • Contributions:46
Of course we're still waiting for the PMI companies to play ball...  
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
March 31 2009
Simple Answer - Yes! Any Broker/Bank/Lender is able to refinance your loan under the new Home Affordable Refi. If in Florida, I'd be happy to assist you. If not, contact me for a reputable Broker in your area. 
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
April 07 2009
Absolutely!  Many lenders are overwhelmed right now with the number of loan refinance applicantions.  Be sure to select a lender who is familiar with the programs, and who is able to provide the service you deserve.  If you're in California, it would be my pleasure to assist you.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
April 08 2009
Profile picture for fmlflorida

With Fannie Mae loans, yes, but there are some exeptions worth noting.  For instance, if you need to remove a borrower on the current loan (due to death or divorce) you're stuck with your original lender.   The borrowers can't change if you use a different lender. 

For Freddie Mac loans I think you're stuck with your current lender as the first post stated, despite the following answers that didn't clarify this point.

BTW Zillow, it would sure be nice to have subforum just for the MHA discussions.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
April 08 2009
Profile picture for dabrooks
I am going through the FHA refi process right now for my mortgage in MA.  I am quite surprised to learn about the upfront FHA MIP fees, which my current mortgage provider has quoted at 1.75% of the loan value.  This is very expensive and I cant seem to find much on the web decribing this MIP fee and any guidelines.  I called the FHA toll-free number and was told that there are no guidelines as to what the mortgage lender (in my case Countrywide) can charge for MIP. THis just doesnt make sense to me because it is my understanding the FHA MIP upfront fee is sent to the FHA, so how could guidelines for setting this fee be up to the mortgage lender?  I saw on a FHA site that MIP fees shoudl be 1.50% however this site appeared to be very outdated (found it on the the FHA wiki).
Any help on this would be greatly appreciated because as of right now the upfront FHA MIP is about $4,500, which is a huge chunk of change!
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
April 08 2009
Profile picture for sundaze00
  Fannie Mae is WAY undervaluing the properties, so very few can qualify.  My mortgage counselor said they've been getting complaints all day that Fannie Mae's home values are way under what homes are selling for.  So I guess our government's plan is to say they will help us out, but not really!  My mortgage counselor said she is going to call me back after checking what's going on.  She said the value Bank of America has for my home is $30,000 more than Fannie Mae's and we would more than qualify, by their standards.  I am so frustrated with our government's games!  Heads up to any out there looking to refi or modify--don't get your hopes up too much:(  I'll keep you posted as to the outcome.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
April 08 2009

dabrooks,

FHA streamline UFMIP should be 1.5% and depending on when you originally closed you should be getting a refund of the original MIP.

  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
April 08 2009
Profile picture for dabrooks
Thank you, so the amount 1.50% is mandated by the FHA?  I havent actually closed yet...hoping to get this done soon.
Dave Brooks
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
April 08 2009
It is, as is the refund.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
April 08 2009
Profile picture for JamesTrotter
Don't listen to the people who broadly claim you can do a HARP refinance with any lender.  It's not true.  If you have a Freddie backed mortgage you have to refinance with your current lender.  That may change, but for now that's the way it works.  There are many lenders who will tell you otherwise and then waste your time trying to make it happen.  Don't do it.  They are either ignorant or liars.  I'm speaking from experience.  
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
April 12 2012
" Don't listen to the people who broadly claim you can do a HARP refinance with any lender.  It's not true. "
----
Don't listen to people who don't know what they are talking about because they had a bad experience with an obviously incompetent loan officer.

" If you have a Freddie backed mortgage you have to refinance with your current lender."
----
That's absolutely, 100% untrue!


" There are many lenders who will tell you otherwise and then waste your time trying to make it happen.  Don't do it.  They are either ignorant or liars.  I'm speaking from experience. "
----
Ignorance is defined as a lack of knowledge, information or education and you fail on all 3 points with your comments. Before you go throwing that word around, you may want to research the subject matter better.

  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
April 12 2012
Profile picture for JamesTrotter
I've tried refinancing with at least 10 lenders.  Some told me up front that I was approved for HARP but they could not do it because it was backed by Freddie which can only be done through my current lender.  Others have tried to do it, wasting my time, and then realizing that they too were unable to process it. I'm now refinancing with my current lender who has in fact confirmed that they are the only lender that is currently able to refinance me through HARP.  I'd be glad to look at your evidence if you had provided any.  

And I used the word "ignorant" correctly.  Certain lenders I spoke with lacked the knowledge that they were unable to process my refinance.  They were enlighten after attempting it.  I too was ignorant on the matter, which is why I was speaking to those who I assumed were knowledgeable on the matter.  After a couple years of correspondences with many lenders, and many hours of research, I'm sharing the information that I've collected.  It's entirely possible that there is a way around this that none of the lenders I spoke with know about, but that's unlikely.  
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
April 12 2012
If anyone told you they could not do it because it was backed by Freddie, they didn't know what they were talking about. Repeating the misinformation of unqualified numskulls doesn't make it into a fact. What you are spreading is UNTRUE and could be damaging to those that read it in the future who are steered away from refinancing their Freddie owned mortgages. 

Frankly, you don't know what are are taking about. There are certain reasons why one may need to go back to their servicer for a HARP refinance but your blanket statement that all Freddie backed mortgages must be done by their current servicer is what is ignorant. No one questions whether you used the word correctly, I question that you didn't include yourself. 

A few years ago I tried several times to water ski. I kept falling. Unlike you, I didn't come to the conclusion that water skiing was impossible. 

There may be reasons why YOUR mortgage must be done with your servicer, but this statement:

"  If you have a Freddie backed mortgage you have to refinance with your current lender."

Is false, false, false!

As for me not providing any evidence; What evidence did you provide? All one needs to do is Google "Freddie Mac OPEN ACCESS". It's called OPEN access for a reason. 
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
April 12 2012
Profile picture for JamesTrotter
I said if you have a Freddie backed loan and you want to do a HARP (emphasis on HARP) refinance.  You will (at this time) refinance with your current lender.  Call any major bank, and ask right off the bat.  Most will tell you this.  I don't know why this is such an inflammatory comment.  I just got off the phone with wells-fargo.  Yet another lender confirming my claim.   
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
April 12 2012
" I said if you have a Freddie backed loan and you want to do a HARP (emphasis on HARP) refinance.  You will (at this time) refinance with your current lender. "
---
I read quite well and saw that you said that. Now read what I am saying. YOU ARE WRONG!

At this time, you DO NOT have go to your current lender to do a Freddie Mac HARP refinance. Once again, it's called Open Access. If you are just going to repeat what uneducated Wells Fargo phone officers tell you, then that explains a lot about why your previous 10 attempts failed. 

PS, it's not inflammatory, it's just wrong. A surprising number of people actual get their mortgage information from forums like this one and random  people, posting uneducated "advice" is very damaging.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
April 12 2012
Profile picture for JamesTrotter
It wasn't just wells-fargo.  there were about 10 others.  I had submitted all the paperwork for a couple.  They could not be done.  It really doesn't matter if you believe me or not.  People can try on their own.  I was hoping to save people the trouble and numerous credit hits, but that's up to them. Someone asked a question, and I provided my information.  People can take it for what it's worth.  But you seem to be an authoritative source, because you told me in all caps that I'm wrong.   
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
April 12 2012
From Freddie Mac

Read line #1:

"The Freddie Mac Relief Refinance MortgageSM – Open Access helps borrowers refinance even if you are not currently servicing their mortgage. "

"But you seem to be an authoritative source, because you told me in all caps that I'm wrong.   "
----
And apparently people should believe you because you failed at something 10 times thus it's now a fact even though a simple inquiry with a licensed loan officer would educate you to the contrary. 

The difference between your information and my information is that I'm correct and you are not. It's that simple.  I assumed that since you seem to have problems reading in plain text the caps would help. I assumed wrong. Your continued ignorance is now by choice.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
April 12 2012
Profile picture for JamesTrotter
That's great that freddie mac states that on their website.  But the only way to truly validate anything is empirically.  Call banks lender, search the internet, etc. Since the new HARP guidlines came out, you'll not see a single example of someone doing a HARP refinance with a different lender if they have a Freddie Mac backed loan, and the lenders will tell you that you can't.  If you can point me to a lender that can do this, I'd be most grateful. It sounds like you know of some that can do this.  
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
April 12 2012
" Since the new HARP guidlines came out, you'll not see a single example of someone doing a HARP refinance with a different lender if they have a Freddie Mac backed loan, and the lenders will tell you that you can't."
----
That's now the second stupidest thing you have said. Thousands have done "Open Access" refinances. You still don't understand the terminology. Freddie Mac "Relief Refinances" are done with the same servicer. Freddie Mac "Open Access refinances" are done with a different lender. Every time you see "Freddie Mac Open Access," that refers to a refinance not done with the current servicer. To say there are no examples of this is plain idiocy. 

I have chosen to continue responding to you only because this thread has received over 3000 views so I know this topic gets picked up by Google. I would hate to think that people would read your ignorant, unchallenged comments and make a major decision based on them. 

The facts are the facts and no matter how hard you want to pretend otherwise; they are still the facts. 

Open Access exists and just about any mortgage broker can do it. I also bet your bank is charging you at least .5% more than if you actually found a qualified mortgage broker to do it. Since they have you convinced they are the only one that can help you, I'd bet you will be a bit sore afterwards!
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
April 12 2012
I can evidence several "single" examples of completed Open Access loans.

jlongton - There is a difference between eligibility and approvability in Open Access and it sounds like you are eligible but not getting approval.  This is not uncommon.   Of the 10 lenders you tried with, did any give you a specific reason why they could not approve your loan?

Common reasons for decline in Open Access are...>45% Debt Ratio, <620 FICO score.

The likley reason why many are referring you back to your servicer is because the same servicer version does NOT have any credit score restrictions, debt to income restrictions, etc.   If your Open Access decision comes back "Caution" the proper advice would be to refer you back to your servicer if they originate new loans.

There are many borrowers who do fit it Open Access.    A good Loan Originator could review your file and if it doesn't approve, try to advise on areas to improve your chances.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
April 12 2012
Profile picture for JamesTrotter
several of them said that it was a company wide policy that they were no longer processing open access loans backed by freddie.  Other have told me that they are waiting for freddie to roll out their guidelines for open access, and are unable to submit prior to that.  They could all be wrong or lying to me.  I don't know.  The debt ratio, and credit score are certainly not an issue for me.  
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
April 13 2012
What state are you in? What is your LTV? Is this your primary residence? 
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
April 13 2012
Yes, you certainly can!
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
April 13 2012
Several lenders have dropped out of Open Access for a variety of reasons.   If your credit score and debt to income ratio are strong it might be you just haven't found the right lender yet.

In cases like yours, a mortgage broker well versed in HARP is often your best avenue, as they will know where your file can fit and eliminate your drustration of declines due to lenders who do not participate or only participate on a limited scale.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
April 13 2012
 
  • Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.
Related Discussions
Any luck with Hudson City Savings Bank Loan Mod?
Profile picture for cgangeri
Latest reply by cgangeri
August 11 | 30 answers
royal united mortgage, indianapolis, IN
Profile picture for jeffbrown1215
Latest reply by jeffbrown1215
August 06 | 10 answers
  • Posted by susiemargaret
  • In Refinance
  • February 10 2010
Roundpoint mortgage - DO NOT USE THIS Mortgage company
Profile picture for BobbyHill3
Latest reply by BobbyHill3
August 05 | 4 answers
  • Posted by user2236114
  • In Refinance
  • October 28 2013
What is "credit enhancement?"
Profile picture for Justin Sheftell
Latest reply by Justin Sheftell
July 18 | 24 answers
  • Posted by buckthorne
  • In Refinance
  • April 28 2010
Refinance within 2 months
Profile picture for sunnyview
Latest reply by sunnyview
June 21 | 5 answers
Mortgage Rates
 
Be A Good Neighbor

Zillow Advice depends on each member to keep it a safe, fun, and positive place. If you see abuse, flag it. More on our Good Neighbor Policy.