Over the past few weeks many of you have contacted me asking me to either assist you with your HASP refinance (Thanks!) or asking me for advice when working with your current lender.
While there are many topics to discuss, and I will write on them in the forthcoming weeks, one topic that seems to be most relevant is “What is the rate” going to be.
The answer is that it depends on many, many things. We refer to these “things” as pricing adjustments. All mortgage loans today are subject to pricing adjustments. The adjustments HASP loans in particular are VERY confusing.
There are adjustments for Loan-to-Value, for Condo’s, for loan size. The big surprise, however, are the adjustments for the type of income documentation provided for the loan we want to refinance today. More specifically, if you did not provide any income documentation when you financed your original loan, then your HASP loan will be assessed additional fees!
For your information I’ve included a “Pricing Adjustment Matrix” below. I’m doing this more for effect than I am expecting you to use this as a tool. What I mean by this is that I want you to see all of the potential adjustments to which your loan could be subjected.
The bottom line is that you won’t know what your rate/fee will be until you have a lender price it out for you AND, you need to make darn sure that he/she knows what they are doing because what you don’t want to do is waste your time going through the refinance process only to be disappointed at the end.
It’s a good life!
Randall A. Luebke RMA, RFC
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{ 39 comments… read them below or add one }
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Is the HASP Program still being observed and continued by lenders. I received a phone call from 5/3rd bank. I asked what the program was for refiinancing and I was informed it was the HASP program. They informed me that I was eligible and did qualify for the program. I though I read some literature that said this program was open until June of 2009 only.I went to sapeak with the lender today 11/15/10.
Yes, the HASP program is still in force. Lenders are reluctant to promote the program, however. That said, if you qualify, your lender must provide you with the benefits of the HASP.
Thank you for your comments!
Randy Luebke RMA, RFC
Info@REbiz.com
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