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ANYONE OFFERING 5% ON A STREAMLINE FHA REFINANCE?

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July 31 2009 - US
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Answers (11)

The answer is yes.  Post a Zillow quote, select some lenders to talk to and get started on your refi.

Consider paying your own closing costs and you can do a streamline without appraisal.  Sweet!
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August 01 2009
You should post a loan request, you will get 30-50 quotes guaranteed...and those agents who quote will give you a range of closing costs.

If you are willing to bring in 1 months mortgage payment to escrow to close then I think I can probably help you out. The reason why is because I am correspondant with a lender who will pay a rebate of 1.5% today at that rate. We use this rebate to cover portions of your closing costs. So its a possibility...most of the rebate will be absorbed leaving the loan agent to keep an origination (compensation) of probably a .25%...it all depends on your loan amount and other factors, Streamlines are easier than other loans because of not needing an appraisal or sometimes not needing to run credit, but if you only have a $100,000 loan amount its still some deal of work for only $250 in pay...its got to pencil out for both parties (lender + borrower). I dont want to sound like a snob, money grubber or anything like that but there is a reason why other lenders on this post are saying its going to cost...feel free to contact me, BUT at the same time I dont want to get blasted on here for self promoting so why dont you try the loan request first!!! lol

Or just wait and play the market...the rates seem to be coming down...but just as we have seen in the last year when they go down they go right back up within days. I LIKE KELLYS ANSWER...compare 5.5% and 5%

 
Good Luck!!



 

 
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July 31 2009
nj07430,

5% Streamlines come with points
5.5% Streamlines are no cost

good luck
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July 31 2009
Markets have improved today, so that rate is definitely there right now.  As has been the trend, though, that probably won't last for long.
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July 31 2009
Total, dont you mean costing 2 points?
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July 31 2009
Good afternoon,

Today, we are offering an FHA 30-year fixed at 4.875 paying 2 points.  Check out our web site and give us a call.  Our rates are constantly changing, so we may be able to offer you an even better rate because we are a national lender and a broker, which gives us access to a wide variety of pricing options from our lending partners.

Best of luck!

Regards,
Total Mortgage Services
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July 31 2009
My apologies, I should have qulaified my "Yes".  No points
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July 31 2009
I can do FHA streamline at 5% but you will have to pay 1 point to get that rate and that is just to get the rate then you have standard closing costs and attorney fees and prepaids etc youmay have more fees based on score as well this is as of July 31  10:55am

thank you
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July 31 2009
YES
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July 31 2009
That rate is available, but you will most likely have to buy points to get it. 

Have your loan officer run a couple of scenarios:  the zero point rate and the 5% rate.  Compare the difference in costs and payments and calculate the time it will take to recoup the costs on the 5% compared to the zero-point rate.

Good luck!
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July 31 2009
You may be able to get close to that, but 5% would be pretty slim unless you were willing to pay something upfront.
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July 31 2009
 
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