My current lender on my first (Indymac / OWB) has a great offer going for HARP's but not a lot of options. Simply put, on the day I applied, they were offering a 15 yr HARP refi at 3.75% or 30 yr @ 4%. No closing cost other than the usual pre-paids.
Some highlights:
- No appraisal required.
- Reduced income documentation (your most recent paystub).
- No origination fee.
- No minimum credit score required.
Plus the other usual HARP goodies.
I've shopped some other lenders. They can meet or barely beat the interest rate, but only for 5/8 and 7/8 of a point. Plus, their closing cost, which they will roll into the loan are about $5000.
Am I missing something? Is it typically better to deal with your current lender?
Oh, and another thing. I filled out one uniform mortgage application and sent it to all 3. I feel bad that all of them went to the trouble of producing mounds of paperwork, but it seemed to be the only way to get at the total cost of the deal. I have to call 2 of them tomorrow and tell them sorry, but no deal.
