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Old 03-05-2013, 03:34 PM   #16
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We closed last Friday on our HARP refi with BOA. Our GFE had all kinds of fees and things that did not end up being charged to us. Went from $3000 and some change down to only $400 and some change actual loan fee at closing. I believe the initial loan amount was going to be $119000, but what we signed for was closer to $115000, which represents the difference between the estimated fees and what was really charged (or not charged). I think your numbers are probably right, and I was as confused as you are when they were mailed to me!
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Old 03-05-2013, 07:42 PM   #17
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Your right, it is very confusing. But the loan papers we got in mail say $134, 000 so does that mean it can still change. We are also going through BoA. We are in very early stages, just got welcome package with GFE and stuff. Did you have to have cash at closing?
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Old 03-05-2013, 07:58 PM   #18
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We refinanced using th HARP program. We used our same lender and was told we would get all sorts of paperwork and basically ignore it, such as the GFE. As it was explained to us they must go through the process of a refi as normal. Only sign or initial things that were highlighted by our loan officer. When the final package came everything was highlighted and we signed or initialed in front of the notary. We had no closing costs. We were told that we could not change anything on our loan...such as the loan amount. If we did, we couldn't do HARP
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Old 03-05-2013, 08:13 PM   #19
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Originally Posted by yankebabie View Post
Your right, it is very confusing. But the loan papers we got in mail say $134, 000 so does that mean it can still change. We are also going through BoA. We are in very early stages, just got welcome package with GFE and stuff. Did you have to have cash at closing?
What ever amount is on the loan papers that you sign, will be the amount that your loan will be for. Call and talk to the loan officer handling your case to help put your mind at ease
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Old 03-05-2013, 11:42 PM   #20
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They are over estimating, once they have the payoff, actual escrow reserves requiered, title fees from title company, and other such things it should be adjusted and the loan balance reduced to reflect. Remember, unless its an investment property you have three days after you sign the closing papers to recind the loan, during this time you can review them.
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Old 03-05-2013, 11:46 PM   #21
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I underwrite HARP loans

Some large lenders are offering refinance deals that do not cost any money but those are not a true HARP loan, in order for you to qualify for a HARP your loan has to have been purchased by Fannie Mae or Freddie Mac prior to 5/31/2009, also no mortgage lates in the last 6 months. Where I work 99% of the time an appraisal is not needed, the customers estimate of value is input to the computer and if the system doesn't accept it it will tell you what it thinks the property is worth and you can renter that as a value and almost all of the time it then says no appraisal needed, the point of the program is for those that have lost value in their property to refinance, these are the same as any other refinance and the standard fees are charged which you can include in your new loan amount if your current loan is with Fannie Mae, if it is with Freddie Mac they only allow you 4% or $5000, whichever is less. There are lenders that offer refinancing with no fees that charge a higher rate to cover, everything would be disclosed on the good faith estimate , truth in lending and itemization of amount financed, the rates for harp should be the same as a regular refinance, if not bett, hope that helps
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Old 03-05-2013, 11:50 PM   #22
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Yes you have to love the zero closing cost spiel a lot of lenders use.

Any lender can make it zero cost, either out of pocket or not rolling it into the loan.
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Old 03-06-2013, 09:35 AM   #23
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That makes more sense. If I am continuing to make mortgage payments on this mortgage the payoff would change by the time we close on the refi so the loan amt should be lower than the $134, 000 that my papers I just got say. So let me see if I get this, the actual loan papers are not signed until the actual closing and that is when I will find out what my final loan amount is, is that correct? My projected loan closing date is 5/19, so would they have also projected the loan amt accoridng to that closing date? Sorry about all the questions. Is the closing done in person? not through forms in the mail?
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Old 03-06-2013, 11:05 AM   #24
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I FINALLY got to speak to someone at B of A. After leaving several messages for loan officer and not getting any return calls, I called and asked to speak to supervisor. He was wonderful in explaining everything to me and spent the last hour on the phone with me. I totally understand how everything works now and am relieved and happy to be able to sign these papers and send them in. Thank you so much for ALL your help!!
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Old 03-06-2013, 02:36 PM   #25
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Just did mine with chase. It was slow and the guy was rude. In the end I savsed overv $400 a mth and got $40 back. The numbers changed twice before signing due to insurance and tax to be paid were close to sign date. Also didnt have to pay mortgage for 2mths. I was also told to ignore the figures they sent on closing costs.

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Old 03-06-2013, 06:56 PM   #26
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Harp refi

lenders are required by law to have a HUD-1 settlement statement available to you 48 hours in advance for you to review, the lender will not always adjust your loan amount prior to closing without you requesting it, make sure you have your final numbers with final loan payoff amount available 2 days ahead and you can request your loan amount be lowered, the maximum that you are allowed to get back on a HARP loan is $250. Your costs will vary depending on the month you settle vs when your tax and insurance bills are due. It is typical to take 60 days for the process, where I work we were even longer than that for a bit but we are finally caught up now that we have been working extra overtime, good luck, hope it works out
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Old 03-07-2013, 09:57 AM   #27
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So if they don't adjust my loan amount they give me the difference in a check at closing? What if the adjustment is more than $250?
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Old 03-07-2013, 10:00 AM   #28
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Do they automatically send you the Hud 1 statment or you have to ask for it? Do I understand correctly that they could have already adjusted the loan amount before that once all the escrow numbers and what not are settled?
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Old 03-11-2013, 10:31 PM   #29
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Once your closing date is scheduled and you are close to that time the title company or lender orders a payoff statement to see the amount to pay in full, once that is obtained your loan officer can give you a very close estimate regarding what your loan amount should be, if the hud1 shows you getting more than $250 back it gets applied to your principal, I would insist your loan amount be lowered, why pay interest on money you never received. Once all conditions are met on your loan and it gets cleared for closing they send the bank fees to the title company to prepare the hud1, make sure your loan officer gets thati to you in advance to review, hope that helps
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Old 03-12-2013, 07:19 AM   #30
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We're going through a HARP refi right now, too. It's through Wells Fargo. The guy we're working with is great. No complaints (so far). The only thing we've had to do is sign a couple of papers and email them back. I'm thinking we won't close until after April 1st.

I also have the papers showing all of those numbers for closing. Thanks for explaining everything.
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