HARP program

[yankebabie]

Anybody re-fi thru this program. Just got off phone with my bank. As easy as faxing my homeowners policy and having them send my docs to sign? Is it really that simple???????

 

[BridgetBordeaux]

Ours was simple, but not like that..........

We provided the standard income/asset info. Listed debts. We were able to skip getting an appraisal. We had to provide copies of a few documents (like proof of insurance). We signed a bunch of papers for the application. Then they came to our kitchen table to close the deal. We used a new lender and did it in Jan/Feb of 2012.

It really was an easy thing to do, just not quite as short for us as your description!

 

[yankebabie]

We are using the same lender. Only asked for employment info and ran credit to see if we have any delinquent accts. no pays stubs, no w-2's. said it takes up to 90 days to close

 

[maxaroni]

We did last year....same lender (wells Fargo) and didn't have to give them much at all. No w2's or anything. Perhaps due to being same lender. We were sweating out the timing as we were going to WDW and if docs aren't sent back in time you can lose out. Our rep fed ex'd them to us. The next day took the to a notary (free) and took the docs to fed ex that evening. If she didn't fed ex them we may not have made it. Saving $500 per month

 

[yankebabie]

After you mailed documents back, what happens next? Do you have to go somewhere to close on loan? How long did whole process call?

 

[JessB320]

We did last year....same lender (wells Fargo) and didn't have to give them much at all. No w2's or anything. Perhaps due to being same lender. We were sweating out the timing as we were going to WDW and if docs aren't sent back in time you can lose out. Our rep fed ex'd them to us. The next day took the to a notary (free) and took the docs to fed ex that evening. If she didn't fed ex them we may not have made it. Saving $500 per month

We had the same timing issue in sept, ended up having the docs fed exec to us AT our hotel, we were at WBC and they had a notary there we were able to use. Nothing like a little added stress to vacation right? Lol .

 

[BridgetBordeaux]

Ours happened pretty fast............like about 3 weeks from beginning to end. It happened so fast that we were able to close near the end of the month when we had expected to have to cover the prepaid items that normally add up when you close on the 1st to the 10th of the month.

Yes, they pulled a credit report and verified we had been responsible the past few years

 

[yankebabie]

What prepaid stuff. Loan officer said no out of pocket. Did not even need an appraisal

 

[maxaroni]

We had the same timing issue in sept, ended up having the docs fed exec to us AT our hotel, we were at WBC and they had a notary there we were able to use. Nothing like a little added stress to vacation right? Lol .

Seriously, as if there isn't enough stree right before a vacation. It all worked out for both of us, so that is good

 

[BridgetBordeaux]

Prepaids are things like...............

x number of days of interest
prorated prop taxes
prorated insurance
county tax stamps
title ins

I am not saying this is 100 percent on the mark, but you get the idea.

You may have less out of pocket stuff to pay because you are staying with the same lender.

We had to pay some, and then a few weeks later we got a check for unused escrow money from the old loan.

You should be provided with a good faith estimate of closing costs a few days before closing occurs. It is the law.

Edit- no out of pocket does not mean no cost. Some people roll the misc stuff into the new loan. We paid a little out of pocket and chose not to have the stuff rolled into the new loan.

 

[yankebabie]

Do you need to have a closing attorney or have an attorney look at the docs before you sign and send them back?

 

[maxaroni]

After you mailed documents back, what happens next? Do you have to go somewhere to close on loan? How long did whole process call?

Ours was done within amount hour so.

 

[maxaroni]

Do you need to have a closing attorney or have an attorney look at the docs before you sign and send them back?

No. It's pretty much all boiler plated. All standard documents. My boss went through it prior to me and we are in the mortgage business. All straightforward no problems

 

[BridgetBordeaux]

All the appplication stuff we simply filled out and signed.

When the package was ready for closing, an real estate attorney came to our kitchen table at about 5pm to close the loan. In our market this is what they do because they know that it is a pain for many couples to take 1/2 a day off in order to go to the attorney's office. Atlanta also has really bad traffic.

 

[erbeaman]

I just got an email about this from our lender, Quicken Loans. I don't know much about the program, and in the (little) research I did, I was still confused. We have a pretty good rate at 4.25%, but I'm intrigued. Can anyone out there give me the "complete idiot's" version of the HARP program?

 

[Shelly F - Ohio]

yes ours was simple. I told them our debts and income over the phone. Faxed lastest paystub and before we knew it the notary showed up for us to sign the papers.

 

[Shelly F - Ohio]

I just got an email about this from our lender, Quicken Loans. I don't know much about the program, and in the (little) research I did, I was still confused. We have a pretty good rate at 4.25%, but I'm intrigued. Can anyone out there give me the "complete idiot's" version of the HARP program?

The HARP program is for those of us who are current on our loan and want to refi at a lower rate but now the houses are worth less than we owe. So the gov. came out with this program a year ago. The refi has to be with your current lender and if you are at 4.25% which is a pretty high rate right now, I would highly suggest doing it since rates are lower and you could cut your interest rate almost in half. We just did ours last month and went form 4.5 to 2.75. A savings of $75,000 in interest!!!!
No appraisal either!!!!

 

[yankebabie]

We will be re-financing from a mortgage where we still have 22 years left down to a 15 year. My interest rate will go from a 6.25 to a 3.25. Will lower my monthly pymt by $66 per month and save me $104,000 in interest!! Wow!!

 

[MomToOne]

The HARP program is for those of us who are current on our loan and want to refi at a lower rate but now the houses are worth less than we owe. So the gov. came out with this program a year ago. The refi has to be with your current lender

HARP refis do not need to be through your current lender, but the paperwork will probably be easier if you do.

You also do not have to be underwater to do a refi under the HARP program.

The main criteria are that (1) your mortgage has to be held by Freddie Mac or Fannie Mae (there are websites for each of these lenders to determine if you loan is held by them - note that even if you think someone like Chase or BofA is your lender, they may not really be - they may just be servicing the loan for Freddie Mac/Fannie Mae) and (2) you cannot have refi'd under HARP previously.

Also, if you have a second mortgage, the lender for the 2nd has to agree to "resubordinate" the loan. It sounds like most lenders are doing that these days, but you will probably get hit with an extra charge for it.

 

[mommy2allyandaveri]

Ours was simple, but not like that..........

We provided the standard income/asset info. Listed debts. We were able to skip getting an appraisal. We had to provide copies of a few documents (like proof of insurance). We signed a bunch of papers for the application. Then they came to our kitchen table to close the deal. We used a new lender and did it in Jan/Feb of 2012.

It really was an easy thing to do, just not quite as short for us as your description!

This is what we did as well. Very easy!