Posted on: 11th Jun, 2010 05:41 pm
Bought house - Dec 2008
Paid- $139,500
My current Rate/loan is- FHA 30 yr fixes @ 6%
My current monthly mortgage is - $1057
I spoke with our original lender about refinancing and she offered me this:
Type: Streamline Refinance
Rate/loan- FHA 30 yr fixed @ 4.85%
Closing costs- $2500-$3000
After a little research on streamline refi's I learned that I could ask my lender to pay all closing costs while sacrificing some % of my rate, so I menetioned this idea to my lender and this was her responce:
"Yes you could go at a higher rate and get us to pay the fees (approximately 5.25%). You would still have to give us the up front $500 and your monthly savings would come down. Just let me know what you want to do"
So, this is basically where the lender and I stand, Hhopfully by the info I gave above someone here could guide me in the right direction and give me opinions on whats BS and whats not. I would like to get the best bang for my buck and NOT get screwed around. I know nothing about Refi's so I appreciate your advice and guidance on what to do next.
Thanks in adavnce for your replies, and all input is welcome!!
Paid- $139,500
My current Rate/loan is- FHA 30 yr fixes @ 6%
My current monthly mortgage is - $1057
I spoke with our original lender about refinancing and she offered me this:
Type: Streamline Refinance
Rate/loan- FHA 30 yr fixed @ 4.85%
Closing costs- $2500-$3000
After a little research on streamline refi's I learned that I could ask my lender to pay all closing costs while sacrificing some % of my rate, so I menetioned this idea to my lender and this was her responce:
"Yes you could go at a higher rate and get us to pay the fees (approximately 5.25%). You would still have to give us the up front $500 and your monthly savings would come down. Just let me know what you want to do"
So, this is basically where the lender and I stand, Hhopfully by the info I gave above someone here could guide me in the right direction and give me opinions on whats BS and whats not. I would like to get the best bang for my buck and NOT get screwed around. I know nothing about Refi's so I appreciate your advice and guidance on what to do next.
Thanks in adavnce for your replies, and all input is welcome!!
Welcome Zacariah,
I've given my suggestions in regards to your query at:
http://www.mortgagefit.com/postdeal/about39702.html#168663
Take a look at it. Hope it helps you.
I've given my suggestions in regards to your query at:
http://www.mortgagefit.com/postdeal/about39702.html#168663
Take a look at it. Hope it helps you.
Thanks, but I need some input on the questions I have in this post. Im not sure what to do and my lender says she going to close the file if I dont make my mind up soon.
Need help guys!!
Need help guys!!
Hi Zacariah,
The lender can agree to pay the closing costs on your behalf but this will increase your interest rate to some extent. Charging higher interest rate will help the lender to recover the closing costs from you. You can even contact the lender and ask him to roll over the closing cost in your loan.
Thanks,
Jerry
The lender can agree to pay the closing costs on your behalf but this will increase your interest rate to some extent. Charging higher interest rate will help the lender to recover the closing costs from you. You can even contact the lender and ask him to roll over the closing cost in your loan.
Thanks,
Jerry
The new FHA Streamline guidlines started in Feb, 2010.
To be eligible, the principal and interest payment must decrease by $155 a month.
I do not think you are eligible for an FHA steramline refinance
You could be eligible for a regular FHA refinance. That just means you verify income. Need an appraisal. You have to decide if the savings are worth it.
To be eligible, the principal and interest payment must decrease by $155 a month.
I do not think you are eligible for an FHA steramline refinance
You could be eligible for a regular FHA refinance. That just means you verify income. Need an appraisal. You have to decide if the savings are worth it.
