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Reasonable closing cost

Hi.
What would be a reasonable closing cost to pay for a HARP 2.O? The lender I am looking to make business with claim they dont charge closing cost but they will charge 1% of my balance because the property is underwater. Isn't that the whole point of Harp 2.0. To help with underwater properties?
Can anyone tell me of a lender licensed in NJ that would consider a LTV of 162%?
Thanks

EE
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August 02 2012 - Dover
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Answers (3)

This post is over 1 year old when rates were better than now. The Lender said they were not charging fees so the 1% could easily be third party charges of $1500 on a $150K refinance. 
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October 14 2013
I am a lender is NJ but the point of the HARP program is to have people under water take andvantage of low rates but that doesn't mean that the lenders still own't have different charges to get you lower rates an/or fees to perform the loan. When rates are much lower than what most lenders offer, that means they are charging points ( the 1% of your balance in this case ) to give you that rate. All lenders are different with fees. Any third party fees such as appraisal, title etc we have no control of. We have a way of doign the loan with an LTV of 162.

Good luck!
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October 14 2013
There are options with very reasonable closing costs and we at GPNB can do unlimited Ltv for the Harp 2.0 program.  We are a local lender in Budd Lake NJ. Please click on my name for more info.
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October 14 2013
 
Related Questions
Reasonable closing cost
Profile picture for Clay Branch
Latest answer by Clay Branch
October 14 2013 | 3 answers
  • Asked by user5765087
  • In Refinance
  • August 02 2012
Mortgage Rates
 
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