I am currently in the process of refinancing my condo, my current mortgage is with Chase. My mortgage is for 294,292.00 with a 6.5% fixed 30 year rate, I also have PMI because i put down 10% when I bought my condo 3 years ago.
Few months back I called chase to see if there were any options for me to refianance and I was told by even though my LTV is around 105 - 125% I qualify under the streamline HARP program. I was intinally offered a 5.375% rate which has now been updated to 5.25%. With PMI and no appraisal required. I was also told my approximate closing cost would be 1200 which includes a non refundable fee of 395.
I am trying to understand my closing costs and was wondering how should I confirm I am getting what I was promised and not being charged more, because my new Mortgage amount is higher then what I owe right now, but I am being told it higher because it includes accrued interest and closing costs by the processing officer. Upon asking my mortgage officer, he continues to say my cost is $1200 as promised and that the reason the mortgage amount is higher is because of the accrued interest.
Can someone advice on whats the best way for me to make sure everything is kosher with this deal.