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Company Loan Type APR Est. Pmt.

conventional streamline refi

Posted on: 18th Sep, 2009 08:24 am
My lender states they can do a conventional streamline refi, but I have to pay all closing costs upfront. They stated they don't have to verify income, nor did they state they need an appraisal. They stated they can expand my mortgage from 15 yr fixed to 30 year fixed and save me a grand. My current interest rate is 6.25% and the new one will be 5.82%. Does that seem right to you? Is it worth doing this? Also, as a veteran can't I change to a VA or FHA refi or do I have to stay conventional? :?
you should not be switching from conventionbal to va or fha if your credit score is 740 or higher. va and fha have other costs involved that conventional loans do not.
if you are going from 15 fixed to 30 fixed, your payments will be lower, but, you will pay much more over the life of the loan. only you know what is more important to you--lower monthly payments right now versus payments for a longer time and paying more over the long haul.
if your current mortgage is owned by fannie mae or freddie mac, there are refinance programs now where your current lender does not need appraisal nor income documents.
i have no idea why you pay all costs up front. that is not part of the federal streamline refinance program.
shop around. many others can probably do same thing you lender is offering. although there are some situations where only your lender can do it.
i do not know the size of your loan or your credit score. 30 year fix rates today are close to 5.000% and they are quoting you 5.82%???
another 15 year fix mortgage should be 4.75% or lower.
Posted on: 18th Sep, 2009 08:49 am
seems kind of weird to me, john. i haven't seen or heard of a streamline refinance on a conventional loan in many years. of course, as you noted, there are new programs out there for refinancing - but i don't think they're aimed at "joe average."

closing costs paid up front? that's absurd. you won't even have accurate costs until closing date as it is. after all, there's an interest adjustment, recordings that may or may not have to take place. if this lender has it down that well, we all need to learn this.

and you're so right john, as far as rates are concerned. it seems to me that our poster isn't getting quite the deal that's being promoted. time to look around and scout out the competition.
Posted on: 18th Sep, 2009 11:46 am
Conventional sreamline refinances were discontued recently whe the new government refinance programs were established. DU Refi Plus is the new program for Fannie Mae and the new program for Freddie Mac is the Freddie Mac Relief Refinance program.
One needs a mortgage owned by Fannie Mae or Freddie Mac to do it. There are criteria which determine whether a borrower can do the refinance with anyone or must work only with the present servicer.
Posted on: 18th Sep, 2009 12:03 pm
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