HARP Refi

[Anonymous]

Hi everyone!

Anyone successfully complete a HARP refi who wants to share their experience? The program will end 9/30/17 and its on my list to do in the next month or two.

We're finally in a position to get it done and was just curious how it went for those who did it or from loan professionals who get them done.

Thanks,
Em

[boober]

I did one on my primary and one on my rental a few years ago or so.

I did my rental first, and it was with B of A and it went incredibly easy. My credit was somewhat bad at the time, scores in the 650 range, and my DTI had to have been at least 60%.I think LTV at that time was around 85%. No appraisaI needed. Icalled them up one day and gave em all my info on the phone, and was shocked to hear that they'd drop my rate from I think it was 6.25% all the way down to 3.1% for a 15 year loan!

Everything was done on the phone and online till closing came along like a month later after I had started. I'm still amazed and thankful to this day how great a process it was and where I'm at now on the loan.

My primary was a nightmare though. When I bought the home, it was actually with B of A, and crazily enough, when I called to do a HARP on my rental, I asked about doing one on my primary also, but UNFORTUNATELY they sold my mortgage off to the TOTAL A HOLES over at GreenTree like 2 weeks before I had  called!

This to me was news, and as a result, what would have been another easy HARP refi with B of A, wound up being a process that took me about a year to get done with on my primary home. Greentree was a total joke. They kept giving me the run around about doing A HARP refi with them. I did owe more on that then I did my rental, but I still met all the guidelines to be able to do a refi with them. Thewy just didn't want to do one with me cuz my loan was too profitable for them to do a refi on. They lied about my current loan to get out of doing a HARP, such as saying I had some type of mortgage insurance on the home which I didn't,

Anyways, after putting up with their crap for about 4 months, I didn't know where else to look so I just tried various online lenders like Aim Loan.com? And my overall situation looked to bad for anyone else to touch me.

I finally called Quicken loans, and I thought I was gonna go nowhere with them also, cuz I was really stubborn on wanting a 15 year loan, which I knew I could handle. But they kept saying to get it fit their requirements, it had to be a 20 year or more loan. Finally I got em to see the light and I successfully closed on that HARP refi also.

Any other questions, lemme know. Hope this helps, and good luck!

[Anonymous]

Thanks for your reply!  You and I are very similar.  We too have a rental that we would like to refi, however our lender there is chase.  My priority is the home we live in and then the rental.

I had considered calling quicken loans but I have seen mixed reviews on them.  How did you like them, other than your 15/20 year hiccup?   Do they own your loan or did they just find a lender for you?  Any info on them would be appreciated!!

Thanks!

Em

[boober]

I'm my experience I would definitely recommend Quicken again. In fact I plan on calling them up again soon to do a refi with them again on my primary to eliminate my 2nd on primary and just roll it all into one loan.

I was nervous about working with them at first also based on some online experiences others have had. What sealed the deal for me was I have a friend who has a home loan through them and they've been good to them over the years. 

They're not a servicer per say, they own their home loans out right.

When I was working with them on my HARP refi, there were a few things I didn't like. I didn't just deal with one person like I had before in previous refi's and home loans. It was more like 3 to 4 different people. And they seemed more like salesman than they did someone I was working with. Like it was all scripted as opposed to being more personal. They are great though one you get used to their quirkiness. Plus, you can track each step of the refi as it happens online so you always know where you're at.

I'd first recommend doing a HARP ergo through your current bank, but if that's not an option, I'd  consider Quicken an excellent next option.

Just to add onto what I've said earlier in regards to the whole 15/20 year fiasco I went though in my refi, Quicken was understandably so nervous about me being able to afford a 15 year loan due to my high DTI.  I was really stubborn about going with a 15 year loan so that I could get the much smaller rate and I knew I would be able to handle the higher monthly payment ok. They were eager to do a refi with me, they just also wanted to be sure I would have a payment theyh felt comfortable that I could afford.

[Anonymous]

Thanks again for the reply.

Our primary loan is being serviced by Seterus (after BofA got rid of the loan) on behalf of Fannie Mae.  But, we are members of a credit union who told us they do HARP refi's so maybe I will start with them.  I'll keep Quicken in mind if things won't work with our local CU.

Glad that worked out well for you and thanks again for all that great information!!

Em

[boober]

NP. Yup your situation sounds alot like mine. I've read many horror stories of Seterus being very similar in practice to Greentree.

If I were you I'd check to see what your CU can do for you and Quicken as well.

GOOD LUCK! 😀👍👍