Posted on: 17th Aug, 2012 07:22 pm
hello all,
i wanted to refinance a home that is not my primary residence in ny. i am the primary signer on the mortgage and on the deed to the house. there is a mortgage with a home equity line of credit attached. i wanted to consolidate the loans together and spread it out over a thirty year. the loan officer told me to sign for the harp and he could push it through faster then change the paperwork to a full refinance. i explicitly told them i wanted to do the refi for the full amount and only if that fell through i would do the harp, as it would not consolidate the loans together. now i get a call stating the underwriter is not approving the full refinance. there is a closing date for september and i feel as though this loan officer did this and is now claiming i did not get approved. i feel like the loan officer is lying and what is the best way to approach this. thoughts?
i wanted to refinance a home that is not my primary residence in ny. i am the primary signer on the mortgage and on the deed to the house. there is a mortgage with a home equity line of credit attached. i wanted to consolidate the loans together and spread it out over a thirty year. the loan officer told me to sign for the harp and he could push it through faster then change the paperwork to a full refinance. i explicitly told them i wanted to do the refi for the full amount and only if that fell through i would do the harp, as it would not consolidate the loans together. now i get a call stating the underwriter is not approving the full refinance. there is a closing date for september and i feel as though this loan officer did this and is now claiming i did not get approved. i feel like the loan officer is lying and what is the best way to approach this. thoughts?
Hi nlapietra!
Welcome to forums!
To know all about refinance, you can check out the given page: http://www.mortgagefit.com/refinance.html
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
To know all about refinance, you can check out the given page: http://www.mortgagefit.com/refinance.html
Feel free to ask if you've further queries.
Sussane
Most lenders will only go to 75% CLTV (combine loan to value) on a NOO for a rate and term refinance. If you go to 80% CLTV there is a major hit to the pricing and or rate. On HARP loans you cannot combine the first and second loans into one, you can only have the 2nd subordinate.