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Answers (2)
- Doug deBruyn, "loanpilot"
- Contributions:34
You probably have LPMI. There is no seperate monthly fee you are paying for mortage insurance. It is part of your overall monthly payment. Your 5.5% rate was probably higher than market rates at the time.
Under HARP the new loan must also have LPMI if refinanced through the existing servicer and have new mortgage insurance equal to the level of coverage if refinancing with a new servicer. This will be very difficult to go through a new servicer with new mortgage insurance.
If you don't have LPMI (Wells may have had some type of loan to 90% with no mortgage insurance at the time, but if they were able to sell it to Fannie Mae it probably has LPMI) then you should be able to refinance with anyone who can do HARP loans.
I can take a look next week it you want. Just click on my contact info and shoot me an e-mail.
Doug
Under HARP the new loan must also have LPMI if refinanced through the existing servicer and have new mortgage insurance equal to the level of coverage if refinancing with a new servicer. This will be very difficult to go through a new servicer with new mortgage insurance.
If you don't have LPMI (Wells may have had some type of loan to 90% with no mortgage insurance at the time, but if they were able to sell it to Fannie Mae it probably has LPMI) then you should be able to refinance with anyone who can do HARP loans.
I can take a look next week it you want. Just click on my contact info and shoot me an e-mail.
Doug
- Michelle1
- Contributions:19
I went through this same runaround with WF last year. Did they say the loan you had, had LPMI? That is lender paid PMI and they won't let you refi with those, really.
In my case I asked up front if I had LPMI and I kept getting responses back from Wells like "your loan doesn't have PMI"- WELL I KNEW THAT, because I used to have it and paid it down so it is gone. But I asked about LPMI!
You can try other lenders for Harp but from what I hear, that LPMI restriction is still there.
In my case I asked up front if I had LPMI and I kept getting responses back from Wells like "your loan doesn't have PMI"- WELL I KNEW THAT, because I used to have it and paid it down so it is gone. But I asked about LPMI!
You can try other lenders for Harp but from what I hear, that LPMI restriction is still there.
HARP Refinancing Options
We called WF to talk about our HARP refinancing options. Our current interest rate is 5.5% and they quoted a new rate at 4.375% with $2K in closing costs. That would have been a savings of $200/month allowing us to recuperate our investment within 10 months. Good enough deal to act on.
Here's where it gets stupid. We are now ready to move forward, we start paying the fees, and then they tell us that because of the type of loan we initially got (something about us not paying PMI) that they will not give us a rate under 4.8%. This no longer makes refinancing financially viable.
My questions are: 1. What does my current loan type (as opposed to value) have to do with anything? 2. Can I refinance with somebody else and completely cut WF out of the equation since they have always made me feel like I'm being jerked around?
Thanks!
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