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HARP Refinance through Wells Fargo

Profile picture for cherishzm7
Hello All,

I have a 30-year mortgage with lender paid PMI at 5.25%.  I've confirmed this mortgage is owned by Fannie Mae so it's eligible for HARP refinance.  I have $188,900 balance on it and Fannie Mae's estimated value of my house is $201,300.

I'm trying to get it refinanced with 15-year term and get lowest possible rate, but when I checked with someone at Wells Fargo, the best rate they can do is 4.00% with waived $650 origination fee with no point.  When I checked the Wells Fargo website, the 15-year rate was 3.375% with 1 point.  I have a 700+ credit and no late payments at all.  I was told the rate is higher because I have a built-in PMI and LTV rate is high.  Is 4.00% reasonable with my situation?  Any advices will be appreciated!  

If you are a mortgage consultant, please feel free to e-mail me at cherishzm@gmail.com.  

Thanks! 
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October 20 2011 - High Point
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Answers (1)

Profile picture for Bucks County Banker
Wells Fargo is well aware that a loan with LPMI can only be refinanced through the existing mortgage servicer as they are the only entity that can transfer the MI policy from one loan to another.  Since you are not eligible for the HARP Open Access program and they know that they take the opportunity to make yours a very profitable refinance transaction. 

In your case it is Wells Fargo or no one, so you have no leverage to negotiate a better rate. 
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October 20 2011
 

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