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Reasonable Refi Closing Costs for HARP 2.0

Hello,

Current:
$127k mortgage with 4.5 yrs. into the 30yr loan. LPMI with 7.5% interest rate.

Refi:
4.375% interest rate with $3900 closing costs. This would increase our loan back up to $131k.
Our FICO range is in the low 700's. We are in St. Louis, MO.

Could we get a better interest rate? Could we get a better closing cost deal? How can we get a better negoitated closing cost and/or interest rate. 

Thank you.

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April 26 2012 - US
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Answers (5)

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This amount does include the escrow.
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April 30 2012
First thing I have to comment on is the $3900 in closing costs.  Does that amount include your escrow set up or NO.  If NO then those fees are on the VERY HIGH END and I would suggest you call another Bank, Mortgage company or Mortgage Broker in your state.
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April 30 2012
If you want out in 3 years the 20 year will help you to build your equity back faster to improve chances of being able to sell without cash to close or short sale at that point. You should also be looking for low/no cost refinance for the same reasons as cost is more important than rate with a 3 year window.
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April 27 2012
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Property value listed at $116k from potential lender. I saw a 20 yr rate listed on other blogs. Not sure though because realistically we have been in the house for 5yrs already and would like to be out in 3yrs.
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April 27 2012
Property value could play a roll in what is available to you, many lenders price differently at Loan to Value above 105 or above 125% of value. You also might want to explore a 20 year loan, they price much better in HARP than 20 year, considering your time into current loan and existing rate you might be able to shorten term AND lower payment.
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April 26 2012
 
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