Posted on: 23rd Aug, 2010 06:33 am
I did a streamline refi about a year ago to lower rate and go to a 30 year fixed
Can i do another to reduce rate again, looking at 5/1 rates?
The other question is we have done work to increase value of home but it is not reflected in current value, do not want to pay application fee until I know LTV is approved ? Any suggestions ?
Can i do another to reduce rate again, looking at 5/1 rates?
The other question is we have done work to increase value of home but it is not reflected in current value, do not want to pay application fee until I know LTV is approved ? Any suggestions ?
Yes you can do a streamline again. Was it an FHA or VA streamline?
What rate do you have now? Loan amount?
What rate do you have now? Loan amount?
I have a 5.00 on a 30 year fixed right now looking at ARM
we owe 382,000 , house on Zillow is around 445,000 which i contend is low and does not take into account additional full bath added and finished bonus room now a bedroom
Thanks
we owe 382,000 , house on Zillow is around 445,000 which i contend is low and does not take into account additional full bath added and finished bonus room now a bedroom
Thanks
Well you always have the option of not having an appraisal done with FHA streamlines...but keep in mind if you do not do an appraisal you will not be able to wrap the closing costs into the new loan.
It is difficult to determine the appraised value and the LTV before you pay for the appraisal.
For Fannie Mae and Freddie Mac and FHA mortgages, the appraiser must be randomly selected. Even if someone knows an appraiser who could give an opinion before any money spent, that appraiser is not the one who gets the appraisal order and the next appraiser may come in lower.
Portfolio lenders can check with an appraiser and use the same appraiser, but, portfolio rates are usually a little higher than FHA Agency rates.
For Fannie Mae and Freddie Mac and FHA mortgages, the appraiser must be randomly selected. Even if someone knows an appraiser who could give an opinion before any money spent, that appraiser is not the one who gets the appraisal order and the next appraiser may come in lower.
Portfolio lenders can check with an appraiser and use the same appraiser, but, portfolio rates are usually a little higher than FHA Agency rates.
