- Find a Real Estate Professional
- Realtors®
- Mortgage Lenders
- Home Improvement Pros
- Other Real Estate Services
- Review an Agent, Lender or Pro
- Marketing on Zillow
- Real Estate Agent Advertising
- Join the Professional Directory
- Popular
- Real Estate Market Reports
- More
Answers (9)
- Thomas Hall, "Tennessee Loans"
- Contributions:381
I'm suprised at how much advice on mortgages are given by Real Estate Agents who don't know what they are talking about. Frank is right there are options for underwater mortgages for those in 3 categories (see Below)
But I think the biggest issue is you are working with a loan officer who isn't willing to take the time necessary to go over your options with you and unfortunately if your loan had MI and is held by Fannie or Freddie you'll have to go with the existing servicer so the MI endorsement will be able to be transferred. I wonder if the 7k isn't all closing costs and if a portion is your prepaids for rebuilding the escrow account. Some lenders that hold the servicing will reduce the payoff by the escrow balance and then have you rebuild a new escrow account.
The Fact that
1) Existing FHA mortgage holders- (Streamline refi-No Appraisal but Closing costs must be paid out of pocket or paid by lender using premium pricing)
2) Eligible Loans originated prior to 4/30/2009 that are owned by Fannie Mae (use loan lookup tool http://www.makinghomeaffordable.gov/loan_lookup.html )
3) Eligible Loans originated prior to 4/30/2009 that are owned by Freddie Mac (use loan lookup tool http://www.makinghomeaffordable.gov/loan_lookup.html )
But I think the biggest issue is you are working with a loan officer who isn't willing to take the time necessary to go over your options with you and unfortunately if your loan had MI and is held by Fannie or Freddie you'll have to go with the existing servicer so the MI endorsement will be able to be transferred. I wonder if the 7k isn't all closing costs and if a portion is your prepaids for rebuilding the escrow account. Some lenders that hold the servicing will reduce the payoff by the escrow balance and then have you rebuild a new escrow account.
The Fact that
1) Existing FHA mortgage holders- (Streamline refi-No Appraisal but Closing costs must be paid out of pocket or paid by lender using premium pricing)
2) Eligible Loans originated prior to 4/30/2009 that are owned by Fannie Mae (use loan lookup tool http://www.makinghomeaffordable.gov/loan_lookup.html )
3) Eligible Loans originated prior to 4/30/2009 that are owned by Freddie Mac (use loan lookup tool http://www.makinghomeaffordable.gov/loan_lookup.html )
- FRANK STADLER, "25 Yrs Mtg Lending"
- Contributions:76
If you have MI you will most likely need to stay with nationstar. Complete the application so that he can provide you with a good faith estimate. Then you can see what the actual costs are. You may be talking to someone at nationstar that doesn't know what they are talking about. I closed a loan similar to this recently at 115% ltv loan. Borrowers loan was with Citimortgage and had MI on it. MI company would only allow us to have 5k in origination fees and that included escrow set deposits. I think your servicer is most likley going to be your best option. PLus your servicer will let you transfer your current escrow account to your new mortgage loan meaning you will need to bring less cash to close. If you don't like the one person that answered the phone call back and speak to another agent, if you don't like thier attitude ask for the sales manager. Don't let one bad persons attitude turn you away.
As far as the advice given about not being able get a refinance done if you are underwater, that is not true. FHA has streamline refinance without and appraisal - ltv based off of last appraisal from FHA. Both fannie mae and freddie mac offer products. To see if freddie mac owns your loan go to https://ww3.freddiemac.com/corporate/ for fannie mae go to http://www.fanniemae.com/loanlookup/. Some of ther servicers are doing loans without appraisals on these Situations under the HARP programs. I would research these options prior to doing something that will have an adverse effect on your credit.
In terms of closing costs you can always haggle, slightly higher rate for lower or no closing costs.
As far as the advice given about not being able get a refinance done if you are underwater, that is not true. FHA has streamline refinance without and appraisal - ltv based off of last appraisal from FHA. Both fannie mae and freddie mac offer products. To see if freddie mac owns your loan go to https://ww3.freddiemac.com/corporate/ for fannie mae go to http://www.fanniemae.com/loanlookup/. Some of ther servicers are doing loans without appraisals on these Situations under the HARP programs. I would research these options prior to doing something that will have an adverse effect on your credit.
In terms of closing costs you can always haggle, slightly higher rate for lower or no closing costs.
- ant11
- Contributions:4
Chris, like I said he was quick with me and I was annoyed with him so I got off the phone. I know I should of asked more questions, but I figured rather talk to someone else. Maybe I will call NationStar back and speak with another Rep.
Sunnyview, thanks. I may do that. Know of any good ones?
- Matt Laricy, "Matt Laricy"
- Contributions:1621
Call a few different lenders and tell them your situation and see what they could do for you.
- sunnyview
- Contributions:25139
You could see if you are eligible for a HARP loan here. First, check to see if Fannie or Freddie own the loan. There is link on that page to see if they do. I think that you can be up to 125% of the value as long as you have no second mortgages, but there is more information on that site.
I believe that any lender that is participating in the HARP program can refinance you so definitely shop rates and costs. I don't know anything about your loan, but $7000 seems pretty steep to me. You can run a refinance breakeven calculator here to run numbers to see what would make sense with your loan amounts.
I believe that any lender that is participating in the HARP program can refinance you so definitely shop rates and costs. I don't know anything about your loan, but $7000 seems pretty steep to me. You can run a refinance breakeven calculator here to run numbers to see what would make sense with your loan amounts.
- Chris Milker, "CMG Financial"
- Contributions:255
What "is not worth it"? Did they offer a decent rate? Will it save you money. You are going to have to find out the specifics.
Phillip... There are programs offered by Fannie Mae and Freddie Mac that afford homeowners that have lost value in their property to refinance up to 125% of the appraised value of their home.
Phillip... There are programs offered by Fannie Mae and Freddie Mac that afford homeowners that have lost value in their property to refinance up to 125% of the appraised value of their home.
- ant11
- Contributions:4
I'm not sure if my LTV would be over 105%. I never ordered an appraisal, but I'm guessing it may be over 105%. Not sure with the specific fees were for because they was very short with me every time I asked a question his reply was "not worth it" I know my LTV may be high, but I know my credit score is over 700 and If there is any way to refi I would love to know.
- Philip Sencer, "Philip_Chicago"
- Contributions:551
If your mortgage is more than the value of the property, I do not see how anyone would do a refi. No one will give you a mortgage that is more than the value of the property. This is the scenario that millions of people have been dealing with and many of them end up as a short sale or foreclosure IF you need to get out. While you might not like the 6% mortgage, Your options are minimal.
7K closing costs are not just high, but they are outrageous and look more like what the mob would charge for a loan. You should not pay more than 2K IF you could even get a loan.
Perhaps find an agent to do a market analysis to see just what the value might be. If you are in the Irving Park area, I could help.
7K closing costs are not just high, but they are outrageous and look more like what the mob would charge for a loan. You should not pay more than 2K IF you could even get a loan.
Perhaps find an agent to do a market analysis to see just what the value might be. If you are in the Irving Park area, I could help.
- Chris Milker, "CMG Financial"
- Contributions:255
If your loan amount to property value is greater than 105%, then you will need to stay with your current lender in order to refinance. If so, then let's work through the basics. What are closing costs they are charging? If not, there may be other options. Provide some dialogue so we can figure this out.
Would like to refi. Do I have any options?
I have an underwater mortgage and I pay PMI. I would love to refi, but my mort comp (NationStar formally Citi) says my closing cost will be $7K. I think that is really high and the customer service guy was kind of rude so I would like to refi with someone else. Do I have any options to refi? Stright refi, Harp? My rate is 6.3% and I have never been late and would like to take advantage of low rates.
Stating a discriminatory preference in an advertisement for housing is illegal. If you think this content is discriminatory or otherwise inappropriate and feel it should be removed from Zillow, please let us know by completing the information above.
We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.