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shaxs, Home Owner in Austin, TX

HUD No. 12-045 Refinance - How much in closing costs?

Asked by shaxs, Austin, TX Sun Jul 1, 2012

Hello,

Our mortgage is with Wells Fargo and we would like it to stay there since all our banking is there. We want to take advantage of the new HUD No. 12-045 streamline refinance program. Thankfully we meet all requirements. The one caveat is at the time we purchased, I was self employed and wasn't able to get on the loan. I am on the deed. My inlaws cosigned. I have now been 3 years w2 employee, so we want to take them off and add me to the loan.

Anyways, WF has quoted us a new interest rate of 3.875% but said estimated closing costs on a $180,000 loan would be $3k. I though the HUD No. 12-045 program was supposed to reduce closing costs? Does this seem high?

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Hello,

You should give me a call. I am a Tier 1 wholesale broker with Wells Fargo and I can offer the the exact same interest rate or lower with zero closing costs and I would use Wells Fargo for your streamline refinance. I use Wells Fargo almost exclusively and their retail department cannot compete with my wholesale pricing.

My closing costs would be at least a few hundred dollars less than Wells Fargo retail but I am able to give you a 3% lender credit so that would allow me to offer you an even lower rate and pay all of that $3000. Plus I would keep your loan with Wells Fargo.

I do this all the time. I'm local too so if you like please call or email me. Essentially I will get you a lower rate with zero out of pocket closing costs. I can also get you closed in about one month as compared to over 60 days on the retail side. The other great benefit my clients receive is a free one time no cost float down. So if rates drop any further after locking your loan I can float you down at no cost.

If you give me a call or email me I can send you a GFE showing the exact fees of the the Wells Fargo Streamline refinance.

Thank you,

_______________________________________
Don Groff
REALTOR® | Mortgage Broker
Keller Williams Realty | 360 Lending Group
o 512.669.5599 m 512.633.4157
listings@dongroff.com | http://www.AustinListed.com
0 votes Thank Flag Link Mon Jul 2, 2012
HUD doesn't control closing costs. Lenders do.

HUD No. 12-045 just lowers the mortgage insurance.
Beginning June 11, 2012, FHA will lower its Upfront Mortgage Insurance Premium (UFMIP) to just .01 percent and reduce its annual premium to .55 percent for certain FHA borrowers.

Maybe you need a new lender. One that can explain stuff like this.



Tom Burris
Mortgage Banker
DallasLoanGuy.com
(214) 763-4629 cell/text/nights/weekends(Really!!)
tomburris@dallasloanguy.com
Lending all across the entire Great State of Texas!!
NMLS# 335055
Search Dallas area MLS for FREE. No registration => http://www.ntreisinnovia.net/cgi-ntr/BR_login?0501134
0 votes Thank Flag Link Mon Jul 2, 2012
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