Am I getting a fair deal or should I shop around?
CitiMortgage (Fannie Mae Mortgage)
Located in Florida (purchased in Aug 2005)
Current Rate: 5.875 (30 year fixed)
1st Mortgage: 205,000
HELOC: $17,000 with Citi as well.
Credit around 720
Zillow values my home at $81,000. Do you know how home values are calculated?
Anyway, Citimortage proposed:
4.375% on 1st Mortgage with about $5,000 in capitalized closing costs with 0 points. New loan $209,000 -- 30 year fixed.
If I pay 1,800 and recapitalize it, I can get a 4.125, but my new loan would be closer to 212,000.
Since this is my first time exploring Harp 2.0, I was wondering if you had any other suggestions. I have never been late on my mortgage and I currently only have house debt and a school loan. They said no appraisal or income verification, but closing could take 90 days.
Any suggestions? Is the offer (rate and closing costs) reasonable since I am significantly underwater? Any insight advice will be greatly appreciated.