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How much are lender costs for an FHA streamline refinance?

Profile picture for cframe423
Current rate is 5.5% and loan amount is 347,00.  I've received flyers in the mail claiming 4.0 - 4.5 % for a "no-cost" refinance.
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November 10 - Chicago
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Profile picture for Down to 580 Lender
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Since August 2009

Anything less than 5.5% will require closing costs. At your loan amount it "might" make sense to pay some fees and get down to 4.75-5.0. Will probably take you over 5 years to make the cost back. Streamline costs are pretty much the same,...just no appraisal. However that is going away so you better make a call now if you want to explore this opportunity.
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November 10
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The flyers are for a 5/1 ARM. Read the fine print.
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November 10

Remember that the regs on FHA refinances change in Nov and they are starting to require an apprasial making it much tougher to do the loan. You also will not be able to go past your current loan balance or payoff plus interest......

Be careful, and good luck

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November 10
Profile picture for funds2
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cframe423,
I think the keyword is "claiming" and it is likely bogus. Refinance cost not only include lender, title co., and other's fees but pre paids can be a big part of total cost of refinancing.
Post a request on Zillow and you will see what the market rate is currently in your area.  If you request a "no cost" quote be prepared for .50%  or more higher rate if lender is paying cost. You can request a quote for both options. The longer you stay in the property the more beneficial a lower rate with closing cost rolled in (with an appraisal) is to you.
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November 10
Profile picture for ColoradoLender
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The flyers are scams.
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November 10
 

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