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Could we refinance for a lower interest rate on our mortgage without having to pay large fees?

My husband and I bought our house almost a year ago in September of 2009.  Our interest rate is 5.375.  Would it be possible for us to refinance to get a lower interest rate without having to pay large fees???  We have an FHA loan.
  • August 16 2010 - Cathedral Park
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Answers (4)

Depending on your situation you should be able to refinance with an FHA streamline and keep the overall increase in fees to a minimum. I can provide you with a quick break even analysis if you would like. You don't have to formally apply.

With current rates you would most likely see a savings of a little less than 1% without paying a lot in fees.

Please feel free to contact me. We are located in Portland so you are more than welcome to meet me at my office. Or I can meet you somewhere else if that is more convienent.

  • August 17 2010
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Certainly worth a look.  If you have enough equity, you might want to consider a conventional loan.
  • August 17 2010
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With an existing FHA loan you have several good options.... You can roll in the closing cost with an appraisal with 5% equity approx. or without an appraisal the new rate could include closing cost. Current 30 yr rates are 1%+ below your existing rate and 1.5% lower on a 15 yr. loan. The key is how long you will own the property and existing loan balance. Post a request at Zillow Mortgage Marketplace and compare responses you will get. If you were pleased with loan process last yr. talk with your loan officer for quotes.
  • August 16 2010
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Hello,

You are able to finance part or all of your closing costs into your interest rate, however it's best to review and compare all options.  Each origination channel is different so it's important to review no cost and low cost loans to see the relationship between the note rate and closing costs paid.  Typically the lower your rate the higher your origination charges, and vice versa.  There should be some options worth reviewing at the noted interest rate.
  • August 16 2010
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