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Profile picture for zeebest001

Looking for Honest Mortgage Broker that can do HARP 2.0 for my freddie Mac Loan, I have Nationstar.

Just like anyone I want the absolute best rate.  I have now dealt with 3 mortgage brokers and I feel my rate + closing costs are out of line.  Please email me if you can get me a better rate.  I am going to provide enough information here so you can get a great understanding of my current Investment house.

This is currently an investment property.  The house is worth 290k and we owe 300k on it.  Current debt to income is about 43%. Over 150k in savings.  Combined income of 80k a year.  House has a positive cash flow at the end of the year but not much.

Current broker is offering 4.25% interest rate with a high closing costs.

Please let me know what you can do for me.  I have had our credit ran 3 times now and don't mind having it ran again if you are the lendor I am going to work with.  My middle credit score is 780, my mothers is 740.  Please let me know what additional info you will be needing. 

I am looking to keep this property for 30+ years, current interest rate on it is 5% it is an arm with an adjustable rate that will take place in 4 years from now. 

An honest opinion on what to do would be greatly apprecaited.  I was only interested in refi'ing to lock in a 30 year fixed with low interest rates.  This is a good idea, right???

Thanks,

Chris

  • March 19 2012 - Napa
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Answers (20)

I happen to know the most honest loan officer servicing your area. They consistently have very competitive interest rates, and I have even seen them offer no cost loans. If you want to contact me I would be happy to get you in contact with the most highly recommended professional in your area.
  • August 17 2012
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  • August 15 2012
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How do you know I have a LTV of 162%?

Huskers has ESP-N
  • August 09 2012
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How do you know I have a LTV of 162%? 
============================

well, to quote you.....

"Can anyone tell me of a lender licensed in NJ that would consider a LTV of 162%?" 
  • August 09 2012
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How do you know I have a LTV of 162%?
  • August 09 2012
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Profile picture for Go Huskers
"So would it be prudent to wait a few more months before taking advantage of the harp? "

You should take advantage of what you can get now. With a LTV of 162% you are not going to have as many options as someone with a lower LTV. If you are waiting around for the 3.61% with low closing costs you are not going to get it. What people need to know is that there are pricing adjustments for HARP refinances. Given the 162% LTV it would not surprise me if you are looking at expanded approvals which carry more adjustments. If you are looking for someone in New Jersey, try Doug Hutchins.
  • August 08 2012
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Sorry, in my case it isnt an investment property.
  • August 08 2012
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Profile picture for user5765087
So would it be prudent to wait a few more months before taking advantage of the harp? I wouldnt be surprised if rates spike up shortly before the program's deadline.
  • August 08 2012
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Profile picture for Go Huskers
" Because the thread is 4.5 months old."

... and it's also about a Freddie Mac Harp on an investment property. If you, user5765087, can get 3.61% on a 30 year on this then I will eat a corn cob husk and all!
  • August 08 2012
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Because the thread is 4.5 months old.
  • August 08 2012
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Why are all of these interest rates above 4% when the current rate is about 3.61%?
  • August 08 2012
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Profile picture for Brian GFL Capital
4.25% is a low investment rate for the 30 year fixed especially with the limited equity that you have.

Investment properties in general have a lower LTV limit on conforming products so in general they are harder to refinance than owner occupied properties.

If you feel the closing costs are high see what the broker can do to get more back in lender credit. of course this will mean your rate will go up to credit you the closing costs, but thats the trade off that you would have to make.
  • March 23 2012
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Lynda....I am in Florida as well, and looking to refi with the HARP2, as the mortgage is underwater by approx LTV 180% according to last appraisal.  Need to get the payment down or ELSE!  Can you help?  Please let me know how to reach you if possible.
  • March 23 2012
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My house is located at West Covina, CA.  I do not want the regular refinance as I think my income on the table is not qualified, and I am not ganna give more equity to the loan.  If you have any idea, I could provide more information. By the way, I have very good payment history. The credit score is around 686.
  • March 22 2012
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2601534...You really do not need to be strapped by HARP if you have that kind of equity.  Where are you located.

Diane...Really would need to know more details to give you a better idea of the deal you are getting.

  • March 22 2012
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I am working with Nationstar to do the refinance under HARP also.  They offered 4.5% interest rate 30 years fixed with around 10K closing cost.  The closing cost is high for me. My house is worth 330K now, and I owe around 290K on it. Please feel free to contact me if you have better deal.  Thanks!
  • March 22 2012
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Profile picture for user648526
If you find someone good - please let me know who it is - I am also shopping and think the fees I am being charged are out of line.  I was happy with the 4.375 rate but not the Estimated prepaid items & closing costs - plus he is getting $7900.00 from lender to do the loan.

I hope to hear some responses of honest people to use.

Diane
  • March 22 2012
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We can go 4.25% with only $895 Underwriting fee.  You will have your standard Title costs but that is your choice of what title company to choose. 

We can do Unlimited Loan to Value up to 50% DTI for the new HARP 2.0. 

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  • March 21 2012
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Profile picture for shapiroamg
Honest opinion is that 4.25 sounds like a good rate for an inv property. What costs are there specifically for origination.
  • March 20 2012
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I only do loans In Florida but can help answer questions and I have a pretty good grasp on the new HARP 2.0 for both Fannie and Freddie. First of all a really good broker wont want to pull your credit right off the bat especially when you seem to know your scores I mean what do u have to benefit from by lying?? Secondly on all Freddie loans you can only roll in 4% OR $5,000(whichever is lower) of your payoff. That means your closing costs AND escrows. When you say closing costs are high what does that mean?? Also there are caps on the "hit " ( points u pay: now because there use to be significant hits for investment property but right now 1.25% is the highest cap Ive seen.

Hope this helps!.
  • March 19 2012
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