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Harp Refinance

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tketch
Valued Member

Harp Refinance

I’m intending to refinance under HARP and to begin shopping on Monday when I first qualify.  Credit Scores EQ-718   EX-722  TU-665.  I’m expecting to get dinged for the hard credit inquiry.   

 

Attempting HARP Refi  of $310k on property valued at approximately $440k.

 

I’m trying to keep the scores up because I want to refinance a different property, not HARP eligible, later this year.   

 

A few questions:

--- 

I’ve been advised that, as long as all the inquiries are within a limited period of time, that it only counts once.  Is that really true?

 

How Big of a FICO drop should I expect and for how long ?

               

I  plan on going to Chase, who services the current loan, then floating it out to others through some place like Lending tree or Zillow.  Will each want an inquirey, and will they all only count as one for FICO?

 

Any other wise advise on HARP refinances?

 

Thanks everybody…..

 

Message 1 of 6
5 REPLIES 5
BrianB_The_Loan_Professor
Valued Contributor

Re: Harp Refinance

Why Harp if you are not upside down?

 

Typically there is a 2 week window where the inquiries will all count as one - using an online lace like lending tree is dangerous

they sell and continue to sell your info - whatever you do DO NOT list your social in the app or you may end up with a ton of inquiries that you werent expecting

a single inquiry is a small hit to score

 

B

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Brian B The Loan Professor
Mortgage Banker - offering FHA, VA, USDA , and Conventional mortgages in all 50 states -

If I do not respond to a follow up question please feel free to contact me directly
Message 2 of 6
tketch
Valued Member

Re: Harp Refinance

Why HARP?:  because it seems to move  faster, and allows more certainty on the interest rate, and a bit of a discount on closing costs. I’m anticipating  a potentially crazy ride on rates and perhaps will not be able to get a non-HARP loan done before the next spike.  

 

I realize that I might not be getting the best by this, but I have a more critical loan coming up on another property, and I need to have DTI ratios correct before I apply.  This helps to get me there  and saves me some money in my new payment.   I’m hoping to get it all done before and not  get stung.     

  

RE: Lending Tree.

Thanks for the advice.  I didn’t check back before I allowed Lending Tree to draw a soft credit score.  I’ve only allowed one hard inquiry so far and hopefully my SSN hasn’t been compromised.    I’ll report back on the issue, especially if there’s a lesson to be learned on hard inquiry from unauthorized lenders.

 

Thanks Loan_ professor   

 

-T-

Message 3 of 6
ShanetheMortgageMan
Super Contributor

Re: Harp Refinance

In most situations HARP doesn't require an appraisal, but that is the only part where closing costs are cheaper, otherwise it's all the same as a regular refinance.

Free Mortgage Advice & Pre-Approvals (FHA, VA, USDA, Fannie, Freddie, Non-Prime, Construction, Renovation/Rehab, Commercial) since 2002
Located in Southern California and lending in all 50 states
Message 4 of 6
edcampbell613
Contributor

Re: Harp Refinance


@ShanetheMortgageMan wrote:

In most situations HARP doesn't require an appraisal, but that is the only part where closing costs are cheaper, otherwise it's all the same as a regular refinance.



Usually HARP is a no-doc loan. They sometimes process a 4506t, I would call the original lender as some of the larger banks have AVM (automated value model) and will save the appraisal costs. Wells Fargo had the 3-step loan, no fees, no appraisal, no docs (on most) but had to be Wells to Wells, pretty sure BofA, Chase and some of the other larger lenders all have this type of program.

Message 5 of 6
ShanetheMortgageMan
Super Contributor

Re: Harp Refinance


@edcampbell613 wrote:

@ShanetheMortgageMan wrote:

In most situations HARP doesn't require an appraisal, but that is the only part where closing costs are cheaper, otherwise it's all the same as a regular refinance.



Usually HARP is a no-doc loan. They sometimes process a 4506t, I would call the original lender as some of the larger banks have AVM (automated value model) and will save the appraisal costs. Wells Fargo had the 3-step loan, no fees, no appraisal, no docs (on most) but had to be Wells to Wells, pretty sure BofA, Chase and some of the other larger lenders all have this type of program.


The "no doc" part is only if you refinance with your existing servicer (i.e. Wells to Wells like you mentioned).  Any HARP refinance with a new servicer would need to document income, credit, etc.

Free Mortgage Advice & Pre-Approvals (FHA, VA, USDA, Fannie, Freddie, Non-Prime, Construction, Renovation/Rehab, Commercial) since 2002
Located in Southern California and lending in all 50 states
Message 6 of 6
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