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How much does it cost to do a HARP loan?
Suppose I qualify, a Freddie Mac, Fannie Mae loan. What does the lender get paid? How much do I pay out of pocket? How does the lender make money in the HARP loan process? Thanks.
1 Answer
- ?Lv 68 years agoFavorite Answer
The fees for a HARP loan are identical to any refinance loan except usually no appraisal is required so there is no appraisal fee. The total fees for a $100,000 HARP loan in my area are about $2200. This does not include amounts to fund your tax and insurance escrow account. The lender gets paid exactly like they do with any other refinance loan. They may get some of the fees, and they are paid a percentage of the loan amount from the sale of the loan to Fannie Mae or Freddie Mac.
The amount you pay out of pocket depends on the way your loan is structured. If you and your lender choose to include the loan payoff, fees, interest taxes and insurance you may not have anything out of pocket.
Source(s): Licensed Loan Officer in Ohio
