Profile picture for EastBayBob

FHA Streamline rate request: ZR-JTXNMLR

I'll be asking my current lender (Flagstar) for a quote too, but from reading profiles here, it's pretty clear that there are some stellar professionals participating on this board.  Kudos! 

Here are the numbers:

Current rate:  5.875
Current balance 234,159
Original amount 246,137
Origin June 2008
Payment:  1,795.93 (PITI+PMI)
P:  291.96
I:  1,164.03
PMI:  97.78
Current Zillow estimate: 174,000
ZIP:  94509

FICO as of Sept. 2011: 793

I'd like to be able to do an "apples to apples" comparison to what Flagstar is going to offer.  I've got cash available, but I wouldn't mind rolling fees into the new balance where the program allows.  I know PMI will double, but I suspect the new interest rate will offset the increase and still reduce my payment.

Thanks!

  • January 29 2012 - Antioch
  • 0
    0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

Answers (6)

I would go as far to say that 3.75% on an FHA streamline is possible too to cover all costs except the 1% upfront fee for FHA. Clay is correct in how much you will save. You may get a little bit of your original MIP back to cover some of the 1% fee. This is at the 3.75 at the 4.25% you are now saving about 70 dollars less.
As far as a broker beyond the numbers, what it all boils down to is someone giving you what they promised and if you are OK with it upfront you should be OK at closing. Experience in this business is a big plus.
  • January 30 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for EastBayBob
Thank you both, gents.  
  • January 29 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

You are in CA so I assume you have read comments posted by multiple CA loan officers, all excellent! A few off the top of my head ( FHA Loan ) would be Paul Mondello, The Professor, Justin Sheftell ( and more ) so you can not go wrong using a CA lender that has been posting on Zillow for awhile, they are as good as it gets. 

BTW, the President definitely knows his stuff, that's why he was the President. Prez, you better crank up your Super Pac if you want to compete, NEGATIVE is where it's at !  
  • January 29 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

most of the streamlines I've done lately are no cost which means all costs are paid by the lender (trade-off is the interest rate).

For the most part on an FHA 30 fixed a note rate of 4.250% has enough credit to pay everything including the UFMIP, thus leaving your loan balance the same. No appraisal is needed this way.

Closing costs in CA tend to be on the lower side compared to many states so you might be able to achieve the same at a lower rate.

With the balance and value you stated, you'd have to go with the no appraisal option.

  • January 29 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for EastBayBob
That was pretty quick, Clay ... thanks.  I read a lot of your other postings and appreciate the vicarious education I've received as a result.  :-)

As an insider, are there any tips you can offer when it comes to picking a broker beyond paying attention to the numbers?

Thanks again!

Bob
  • January 29 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

You will save aprx $239/month, new P & I aprx $1100 and new monthly MI aprx $214.
  • January 29 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.