HARP Refinancing Loan Costs Negotiable? Estimated Costs very HIGH?
I would appreciate if you have any advice on this refinancing matter. I own a condo (Los Angeles, CA) that was originally an interest-only loan. Now I could qualify for the HARP government-sponsored program and fortunately qualify for an interest rate of 5%.
However, the closing costs worksheet that the Chase company gave me had high fees and points attached to it. Here is the following:
Loan Origination Fee: $0
Loan Discount Points: $3,400
Credit Report Fee: $10
Tax Service-Chase Home Finance LLC: $45
Application Fee: $365
Underwriting Fee: $295
Courier/Delivery/Messenger Fee: $50
Flood Certification: $11
Escrow Fee: $730
Sub Escrow Fee: $125
E-doc closing Fee: $125
Recording/Filing fee: $67
It seems like these fees are estimated by the branch manager and can be negotiated. The fees seem like the rate charged during the 2007-2008 period.
Please add your professional advice, thank you.
FICO score and asset will not verified through the HARP refinancing program. LTV is at 110%.