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Harp 2.0 Closing Fees - am i paying too much?

HARP 2.0 Closing Fees - Loan amount $120,000, good credit (790+), Tampa/St Peterburg area

- Origination charge $1600.00
- Services (Appraisal, Tax Service, Appraisal Mgmt Co Fee, Credit Report, Flood Cert) $570.00
- Title services/ Lenders Title Insurance $1320.00
- Government recording charge $100.00
- Transfer Tax $1030.00
- Escrow $2393.28 (most will be returned to me)

Is it normal to have a Transfer Tax on a Harp 2.0 refinance when i stay with the same bank? Is it normal to pay an appraisal fee and an Appraisal Mgmt Co fee?

Thank you!
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June 18 2012 - Saint Petersburg
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Answers (9)

sometimes the property gets incorrectly coded in fannie or freddie's system, and that's why the lender may be asking for an appraisal. DU or LP will determine value or ask for an appraisal, but if its the same lender, they have the option of doing a manual underwrite.

 the origination fee is not necessarily high, but you may be able to do better based on that rate of 3.99. I would not wait too long though, rates have been creeping up lately. I am a broker right here in tampa, so I know what is customary for the area. the other fee's seem to be somewhat reasonable. are you getting a reissue credit for providing your existing owners title insurance policy? it sounds like you may qualify for a substitution rate on your title insurance, which is a lot less than regular refinance title rates. could save you hundreds - but that is only if you refi with the same lender.

as i stated earlier, you do not need to pay intangible tax if your new loan amount is equal to or less than your existing loan amount, provided you are refinancing with the same lender, which you said you were.

to answer your question, most of it seems reasonable, and I do not feel like you are being ripped off. Hopefully you will inquire about getting the discounted title insurance and tell them you are not required to pay intangible tax under the circumstances.  But you obviously do not feel too comfortable with your lender either.
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March 06 2013

I would contact a lender that knows the difference between a condo and a single family residence.  Is the house in a PUD?   

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March 06 2013
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My lender has decided I have to have an appraisal anyway, cause they are not sure if I am paying condo fees or not. My house is not a condo and there are no fees, but they do not seem to believe me:)

Is that ... well... reasonable? All these fees seem like a ripoff to me, really:)
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March 06 2013
then you would be charged a property inspection waiver fee, which is $75.
==============
same lender version doesn't require this (or an appraisal), it's just $0.
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June 19 2012
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Sorry, my interest rate is 3.99%
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June 18 2012
user063962, i am a broker located right here in the tampa bay area who closes a lot of refinance loans with your same scenario. if you are doing a same lender to lender refi, you are not required to pay the intangible tax portion of the transfer taxes. i know that many title companies feel that this is wrong or that the florida statute was incorrectly interpreted or recently changed (it wasnt), but i recently called and confirmed my/our interpretation of the florida statute to be correct. so, for example, if your current lender is bank of america, and your new lender is bank of america, and your new loan amount is not greater than your original loan amount, then no new intangible tax is due. btw, it does not matter if it is a HARP refinance or not. this applies to all refinance transactions with those same parameters-(as with anything, there are exceptions though). i will say that you may encounter resistance from the title company closing your loan, meaning that they may still want to collect the tax; i was able to find a title company that would not collect the tax per the statute and my instructions. as for the remainder of the fees, they do not seem high at all. although you did not disclose the interest rate you're getting, and it appears that you are disclosing the adjusted origination fee, so we do not know the real cost of your interest rate. lastly, most harp loans do not require an appraisal. u should ask the lender if you are required to obtain an appraisal. if you do not need an appraisal, then you would be charged a property inspection waiver fee, which is $75.
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June 18 2012
Depends on the rate.  That total for the services seem a little steep as well.
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June 18 2012
I'm assuming this is an estimate from your current lender before locking in the rate?   If so, keep in mind you don't have to go through your current lender to get a HARP loan. I would get at least 2 more estimates and compare them to one another before you lock in your rate.

I have never seen a transfer tax charged on a refi, but have never done a loan in Florida. It seems like a mistake to me.

In order to determine whether the fees are high or fair, we would need to know more information. What rate are they quoting you? What is the term of the new loan? What is your estimated value? Have they run your loan through Fannie Mae's automated underwriting engine to determine if an appraisal is required?   All of these things will help determine if you are getting a good deal or not. Typically the lower the rate, the higher the fees. The higher the rate, the more lender credit you will receive which will lower the closing costs. At most banks, the rates are worse if you are more than 20-25% upside down.

You only get one chance to refinance under HARP... so make sure you do your homework and get the best deal possible.

Good luck!!!



 
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June 18 2012

What is the interest rate?  Most HARP loans do not require an appraisal so do you know if you are required to have one or not?  

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June 18 2012
 
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