Answers (11)
- Loan Officer, "MarylandMortgages"
- Contributions:2097
"I think the main question is what is your guess on value."
Since many homes have plummeted since the bubble in 2006/2007, this is not likely. Many folks that bought in 2005 with a FHA loan and put down 3.5% are underwater or have very little equity. And, the main question was should they streamline now or wait.
Since many homes have plummeted since the bubble in 2006/2007, this is not likely. Many folks that bought in 2005 with a FHA loan and put down 3.5% are underwater or have very little equity. And, the main question was should they streamline now or wait.
- Marie Bjornson "FHA 203K Advisor", "WA State Lender"
- Contributions:15
I think the main question is what is your guess on value. It would be a moot point to wait to see if rates have not risen in June 2012 and do FHA at all , if it would make financial sense to do a conventional refi right now anyway. Conventional MI would be much less than current FHA, and the refi would then be a no brainer.
" MIP are getting raised April 9th, why would you want to wait until June when the rates are low now?"
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The fact that you don't know the obvious answer to your own question is exactly why you have no business giving anyone mortgage advice!
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The fact that you don't know the obvious answer to your own question is exactly why you have no business giving anyone mortgage advice!
- user2394872347
- Contributions:10
MIP are getting raised April 9th, why would you want to wait until June when the rates are low now?
- user928588
- Contributions:4
Would you suggest I wait until June? Also, it sounds like I should go with the 15 year loan, rather than 30.
- Clay Branch, "Georgia Loans"
- Contributions:8819
A 15 Yr would only be $30 more, but you still need the 5% drop in payment to qualify for the streamline.
- user928588
- Contributions:4
My interest rate is 6.25% on a 30 YR loan. The principal and interest are $885.06 and the MIP is $55. I did not refinance since I bought the house. Thank you for your responses.
- Clay Branch, "Georgia Loans"
- Contributions:8819
If your interest rate is 6.5 or higher you can probably qualify for a 15 Yr FHA with the same or lower mi factor now. What is your current rate? What is the principal and interest and the MI payment?
- Norm D Plume, "Coolidge or Chaos"
- Contributions:2309
I bought my house in 2005
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Bob's answer assumes your mortgage also predates May 2009 (i.e. you didn't already refi since May 2009)
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Bob's answer assumes your mortgage also predates May 2009 (i.e. you didn't already refi since May 2009)
- user928588
- Contributions:4
Thank you very much for a quick response. Yes, they have more than doubled. Instead of paying $55, if I refinanced now I would be paying $137. Hopefully, interest rates will not move much by then.
- Loan Officer, "MarylandMortgages"
- Contributions:2097
Wait until June, 2012. Insuance premiums have more than doubled since your original loan.
FHA refinance now or wait until June 2012
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