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Profile picture for haviture

HELP! looking at an FHA streamline rate of 5.25 / APR 5.792 - should i?

Looking at an FHA streamline loan offered at a rate of 5.25 / APR of 5.792; my current APR is 6.5; BofA said no need to pay for closing costs. My current mortgage is approx 1500 + taxes/insurance premiums of 450 = total monthly payment of $1970. This new FHA streamline would reduce my total monthly paymentn to approx 1800 -- a savings of nearly $169. my total end balance with streamline would be 245K, and contractual remaining term would start at 30 yrs again. is this worth it? HELP!
  • July 06 2010 - Vallejo
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Answers (4)

You can get a 4.75% 30 year fixed with zero points. Take a look around before you make any decisions, for a free mortgage analysis feel free to call me.

Thanks,




  • July 12 2010
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Profile picture for Home Lending Pros.
@haviture

For $245,000
4.625%
30 yr. fixed
no point
no fees
  • July 12 2010
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Haviture,

The interest rate should be less than 5%. Please feel free to contact us for more information, you can click on our Logo/Name and find our contact information there.

Thank you.
  • July 12 2010
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Profile picture for C2 Financial Loans
Sounds like you can get a better interest rate than that dealing with a mortgage broker/banker. If you have a 720 plus FICO score you should be able to get a rate of 4.75% with No Points and be able to have the closing costs paid for with that particular interest rate. This is for a 30 Year Fixed loan for an FHA Streamline without an appraisal based on a 30 day lock.
  • July 06 2010
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