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Getting real close on closing on an FHA Streamline at 4.75% with good credit is this a good rate?

  • December 21 2011 - Eau Claire
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Answers (12)

Best Answer

What is the loan amount? What are your credit scores?

It doesn't sound "good" to me.

Who is the Lender? Do you have a Good Faith Estimate?

If you could give more details, you'll get more feedback.
  • December 21 2011
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You should be able to get a much better rate then that. Something closer to 4.0% on a streamline in this market.
  • February 06 2012
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" Actually, it is not a TILA violation, "

Actually, it is. Mentioning no origination and no underwriting fee is a triggering event. See line iv:

"(d)  Advertisement of terms that require additional disclosures--(1) Triggering terms. If any of the following terms is set forth in an advertisement, the advertisement shall meet the requirements of paragraph (d)(2) of this section:
(i)  The amount or percentage of any downpayment.
(ii)  The number of payments or period of repayment.
(iii)  The amount of any payment.
(iv)  The amount of any finance charge."

And we know it was an advertisement on your part because it had to be removed as self promotion. 
  • January 17 2012
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Hey Professor Chuck,

Actually, it is not a TILA violation, unless I am missing something.  If you are referring to a missing APR, I did not quote a specific rate, therefore, an APR is not required.  
  • December 21 2011
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It includes my taxes, pmi, principal and interest payments. I think I could get the payment lower yet, the reason I may want to try and shop because of the market I think I can rent my place for 600-650. I could move into a rental until my place sold or the market picks back up.
  • December 21 2011
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I think I'd go with this deal. Shopping this small loan may be fruitless.
Are you sure the new payment quote contains the new MMI rates? MMI is monthly mortgage insurance.
  • December 21 2011
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current rate is 6.875%, current payment is 744 rounding up.  The new payment would be 626 at 4.75%.  It would cost me about 300-500 for closing because it is a Streamline to lock my rate for 45 days, which I would recoup in 3-4 months.  I was just curious if I should keep shopping the rates because I have seen them lower but with the holidays I really do not have the time to be shopping have more important things to do.
  • December 21 2011
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I'm not a Lender, but that low loan amount is what is jacking your rate up.

What is your current rate?

Have you reviewed your new payment amount?

If not, you may be surprised by the small difference from your current payment.
  • December 21 2011
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Congrats Roswell, that's a TILA violation.

Its also untrue on a 76 k loan amount. 
  • December 21 2011
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My home is in Wisconsin 54703, the loan would be about 76700 and my scores range from 679-738 is from the consumer version did not know they had two versions.  Bought the home in July 2007 for 84000 and never refinanced before. 
  • December 21 2011
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My home is in Wisconsin 54703, the loan would be about 76700 and my scores range from 679-738 is from the consumer version did not know they had two versions.  Bought the home in July 2007 for 84000 and never refinanced before.
  • December 21 2011
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I have no idea what is causing your rate to be so high.  We are about 1% less than your rate & that's with no origination or discount fees, plus we waive your Underwriting fee if you have decent credit scores & of course, no appraisal.
Please feel free to contact me if you have any further questions, I'd be glad to help. 
All the best, 
Ros 
Roswell Moore, CMPS 
Certified Mortgage Planner 
[self promotion deleted by Zillow moderator.  Please review our Good Neighbor Policy for posting guidelines]
  • December 21 2011
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