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FHA Streamline Refinance

I am looking to refiance and I am eligible for the FHA Streamline.  This is what I was quoted from my bank today.

Current Loan: $173,000 @ 5.375, current payment $1300 
New Loan: $173,000 @ 3.75 (with a half point), new payment $1085 (taxes, insurance, pmi are included)
Out of pocket expenses are $3500 to $3600
Is this typical for a FHA streamline?  I just want to make sure I'm not getting ripped off! :)
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March 11 2013 - Dona Ana
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What is the total amount of prepaids on your quote?
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March 11 2013
I would think at 3.75% you should not have any out of pocket expense let alone have to pay a half point.
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March 11 2013
I do not think you are getting ripped off. With an FHA streamline, you are limited on the amount of costs that can be included in the loan. It is very common for borrowers to need to bring 1-2 payments to settlement.
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March 12 2013
3.75% with 1/2 a point is too high in today's rate market environment, especially with Friday's bond market rally.
Call a regional bank on Monday and shop until you get at least a 1 point lender credit at that rate (unless your credit scores are very low). A one point lender credit is $1730 paid towards your closing (instead of you paying a half a point on top of the regular closing costs).
You should be able to find even better than a 1 point credit...I know my bank currently has better.
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March 16 2013
 
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Related Discussions
FHA Streamline Refinance
Profile picture for Andrew 'Andy' Krastins
Latest reply by Andrew 'Andy' Krastins
March 16 2013 | 4 answers
  • Posted by pwhitty2009
  • In Refinance
  • March 11 2013
Mortgage Rates
 
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