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Debt Relief – Insolvency – Bankruptcy Information » Mortgage Refinancing » HARP loan, Why are Quicken and Chase so different in the quote and advice?

HARP loan, Why are Quicken and Chase so different in the quote and advice?

HI, My husband I have both and 1st and 2nd mortgage and are little upside down on equity due to fallen home prices. This is a Fannie Mae loan and so trying to go through the HARP program. We have $146,000 to refinance on the first which is currently at 6.725 rate. Called Quicken and gave them all the info, they come back and say they have a conditional approval with Fannie Mae at 4.875% but with points they can get me down to 4.375% with closing costs and points at $6646. Then I called my current mortgage holder and they say they Fannie mae’s rates with our credit (which is 662) is at 5.25% and they can do the loan with $5000 in closing costs. I also explained to both that my current job has been at half time since last year but that I have accepted a new fulltime job beginning Nov 15th, therefore my salary will go from $27000 to $62,000 a year. Quicken advised that I did not need to wait for that change to take place and can just provide a copy of my offer letter, but Chase advised me that I would need to wait until on the new job for 30 days for this to work. Lastly, Quicken wanted to pressure me saying that the HARP program could end at any time and I really needed to give them a $500 deposit today! Chase advised that I wait 30 days. Who do I trust here or do I continue to shop around?


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2 Responses to "HARP loan, Why are Quicken and Chase so different in the quote and advice?"

  1. Simpson G says:
    The HARP program will be in effect until June 10, 2011.

    Each lender quotes based on the daily rate, but they are permitted to add fees and points.

    If you are having problems figuring out why the rates are so different, you’ll need to call both banks and get an apples to apples comparison. Meaning same points, same term (30 year?), same loan amount, etc.

    To me, it appears that the new bank is giving you rates with more points than your current bank. Call them and get Good Faith Estimates with all the same parameters. You want them to e-mail you the actual GFE so you can look it over and compare the differences.

  2. Iffy says:
    That is like asking why a dress is 275 in store A and 200 in store B. Cost of doing business from Quicken to chase. Go with the one that is Best for you.

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