FHA Streamline Refinance Question.?
Written By: admin on August 19, 2009
One Comment
What is this all about? Is this legitimate? Would this be cost effective for me in the long run?
My current loan is at 7.5% at a loan for 57,000 @ 649 a month. The lender told me he could knock off 2 points for a 5.5% loan for 57,000…No cost to me, No appraisal.
Now there has to be some hidden fees or something I’m not catching. Does anyone know what’s going on?
I don’t have 20% Equity yet. I’ve only been in the loan for 6 months.
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Tags: budget, credit card debt, discount stock broker, family portrait, FHA Streamline Refinance, hidden fees, new homes, photo locationsTags: budget, credit card debt, discount stock broker, family portrait, hidden fees, new homes, photo locations
There are always fees, but they bump up the interest rate and the broker gets a kick-back from the lender and/or they end up rolling the loan costs into the loan amount and you don’t have any out of pocket expense. Do you reckon that the lender is doing the loan because he is just a real humanitarian. Who is willing to work for free? Appraisals are not required for any streamline loan which saves about $400.
Try either Quicken Loans or Ditech, they have websites. They can give you a quote immediately and at a low cost. Quicken is the largest streamline loan lender in the U.S. Quicken approved my sons streamline refi and locked in the interest rate within three hours after he did their on line application and closed in less than 30 days. The streamline loan is a fantastic way to go, but if you have more than 20% equity also inquire about a regular Fannie Mae conventional loan. You won’t have to pay MMI/PMI along with your monthly payment.
My son bought a new home in December 2008 and refi’ed his property in June. He went from about a 6.5% rate to a 4.89%. He refi’ed around $350,000 and it cost him 1% of the loan amount, and he had no out of pocket expense.