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Conventional or FHA Streamline or?

I want to reduce my monthly mortgage payment. I am new to the process of loan refinancing and sometimes with all the info available to read out on the web, it can be an overload of data and terms to digest.

I bought my house a little over 3 years ago- origination date 6/2009 and have a 4.75% 30 yr FHA loan, with PMI amt of 260.00 a month . I owe $627k, home value is est $844k. I have credit score of about 780.

Honestly, I want to understand what are the best options I could consider and make an educated choice.

Upon reading info on this site I now understand with streamline, my PMI will go up, so maybe thats not a good option. A conventional refi with the current low rates might be a better option, but of course there's points to pay and that would have to come out of pocket for me to pay...

Thanks for any help
    
  • July 09 2012 - San Jose
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Answers (4)

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Yes, I am in Santa Clara CA
  • July 09 2012
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You might be getting jumbo quotes instead of high balance quotes due to your loan size just a bit above the limit. If you would like to contact me through my profile I would be happy to take a closer look with you at the conventional high balance option. I am assuming the city you indicated in your post is the same as the location of the property you are looking to refinance.
  • July 09 2012
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Thanks for your quick reply. Yes, I'm one of the tough luck buyers that just missed the cut-off. I hopeful they would eventually adjust the date, but who knows if or when that's going to happen. So are you saying, a non-conforming refi outside of streamline is out?
What kind of rates do you think? I did a quick quote request on this site and I was getting rates at 4.65%       

I might be better of doing a 15 year, at a rate that gets me avg about the same monthly mortgage amt?
  • July 09 2012
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Too bad you just missed the grandfathered streamline program by a few weeks. Cross FHA off your search list. For conventional loan the max loan amount is going to be 625500. This should work with your current balance. If you can appraise high enough to borrow 80% or less of the value, you should be able to secure a rate much lower than your existing and also get rid of the mortgage insurance. You can structure it as "no cost" so that you won't have to bring much into closing to make it fit.
  • July 09 2012
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