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FHA Streamline refinance - Can I switch lenders?

 Hi.  I have an FHA loan from November, 2006.  I am current on the Loan and can refinance with my current lender (Wells) with no fees.  I want to see if I might get a better rate than the 4% Wells is offering with another lender though.  Can I do an FHA streamline refi with another FHA lender, or do I have to stick with Wells?

My Wells rep said I have to stay with Wells Fargo......??
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July 20 2012 - US
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Answers (8)

As stated, you don't have to stay with Wells - go look for another lender who will give you a lower rate, plus close the loan in less than 30 days. On the surface, that rate of 4.00% is extremely high!  Granted, there may be reasons for such a high score, such as a very low credit score.

Please feel free to contact me directly if you have any further questions, I'd be glad to help.

Good luck & all the best,
Ros 

Roswell Moore, CMPS
Certified Mortgage Planner 

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July 20 2012
the Wells rep said contact Joe?

That's the only thing he said right.  ;-)

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July 20 2012
He didn't finish his statement

My Wells rep said I have to stay with Wells Fargo.......If I am going to get paid.

Contact Joe Cafiero




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July 20 2012
benee007.  Yes you can use a different lender and you should be able to see much better results than 4%.  Would be happy to help you out.  Contact me through my profile.
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July 20 2012
note; same lender can transfer the escrow account, when switching lenders they can't. You'll see a change in cost dynamics because of this.
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July 20 2012
Yes, you can go to any FHA lender.  Wells Loan Officer must be confused, Wells Fargo will only allow Streamline if THEY service the loan, they decline any applicants who have loans serviced elsewhere.

One thing to keep in mind is that your case number can only be assigned to one bank at a time, so if you decide to change, transferring the case number can be handled for you, but you should also formally withdraw your initial application.
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July 20 2012
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I live in NJ.  The loan is for $164K

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July 20 2012
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You can do it with anyone. What state are you in and what's your loan amount?
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July 20 2012
 
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