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Answers (8)
- C L Kennedy, "Entasia"
- Contributions:95
Rates for the FHA streamline "could" vary depending on your credit score. Unlike years past, most lenders are requiring a minimum credit score for the streamline - typically 620 mid score.
If your mid score is at least 620, then yes 5.00% is about what the rate was when you first posed the question.
I would suggest you move ahead with your lender and get it done, I hope you already did. Rates/pricing is worse today (May 26) than it was on May 13.
And was someone else mentioned, your rate might be a reflection of whether your lender is paying any closing costs. Mortgage rates and pricing are not as simple as ABC any longer.
Much more important than getting some "body" to quote a rate, you want a professional you can trust. Get a referral if you can. Surely you know someone else who has bought a home or refinanced and had a good outcome.
Regards...
If your mid score is at least 620, then yes 5.00% is about what the rate was when you first posed the question.
I would suggest you move ahead with your lender and get it done, I hope you already did. Rates/pricing is worse today (May 26) than it was on May 13.
And was someone else mentioned, your rate might be a reflection of whether your lender is paying any closing costs. Mortgage rates and pricing are not as simple as ABC any longer.
Much more important than getting some "body" to quote a rate, you want a professional you can trust. Get a referral if you can. Surely you know someone else who has bought a home or refinanced and had a good outcome.
Regards...
- Steve Vaserman, ".Supreme Lending."
- Contributions:13
- Steve Vaserman, ".Supreme Lending."
- Contributions:13
It depends if they are covering your closing costs. With FHA streamline, your loan can not exceed original loan amount so broker may be using his commission to cover your closing costs. Less than 5% isn't paying that much, it depends on your loan amount. I'd like to see any of you go to work for 2-3 weeks and get paid almost nothing.
- Frank DelPesce, "Frank DelPesce"
- Contributions:7
I agree, in NJ you should be able to get a liitle better rate then 5%.
- Diana Jamison, "Diana Supreme"
- Contributions:7
That really depends on you personal credit score, the amount of cash reserves and how much you put down, these are all factor in your personal rate. It is hard just to throw a rate out there with out knowing all of the details that dictate the final rate approval.
If you dont agree I would get a second approval from another lender, just takes a few minutes to do it.
If you dont agree I would get a second approval from another lender, just takes a few minutes to do it.
- Chris Jones, "Christopher Jones"
- Contributions:135
I'd say 5% is right there. No higher, though.
- Nic Netherton, "Colorado Lender"
- Contributions:7219
You should be able to do better than that nj.
- Jeff Robertson, "Jeff405"
- Contributions:173
5% is about the average rate right now.
CAN ANYONE TELL ME WHAT THE STREAMLINE FHA RATES SHOULD BE? IS 5% THE NORM?
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