What costs am I looking at?
Written By: admin on July 14, 2009
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I am getting an FHA loan to buy my home and I am taking advantage of the low 3% downpayment and my rate will be 6%. I am going to take my extra cash and touch up the house and get the value up, then in 6 months I am going to refinance to a Conventional Loan so that I can take the cash and pay off debt and be then only have my Mtg to worry about. I have questions…
1 – Do you reckon my rate will be the same or close?
2 – What are the downfalls to doing this?.. it seems like a excellent fix to me .
3 – I am sure I will have to pay that PMI Insurance right?.. what will that cost?
4 – When you have an FHA Loan and you refinance you don’t have to pay closing costs, will I have to pay closing costs since I am going FHA to Conventional?
Thanks in advance!
You guys rock.. very helpful. I am sticking to FHA. =0)
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