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Is it worth it to do a FHA Streamline Refinance when my current rate is 6.375%?

Written By: admin on June 25, 2009 One Comment

I bought my home about 2 years ago and I have an FHA loan with 6.375% rate. I'm wondering if it is worth it to do a Streamline refinance at a lower rate. I might be able to get a percentage point lower, but I doubt rates are going to go too much lower than that? What do you reckon?

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One Response to “Is it worth it to do a FHA Streamline Refinance when my current rate is 6.375%?”

  1. Glenn S on: 25 June 2009 at 2:54 pm

    First question….how long are you going to be living in this home? Right now you can get about a 4.85% FHA streamline loan for about 1.5 points total. If you are plotting to be in the property for two or more years it would be a wise choice.

    I would check out Quicken Loans. My son is in process of doing a refi with them. They are the largest FHA streamline refi lender in the country….and they are a "direct lender". Otherword everything is done in house. Also, there is not any of pocket expense. Just google them and call their 800 number. My son had all his paperwork in 24 hours.

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