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Answers (7)
- wayne lancaster, "funds2"
- Contributions:1177
brokerjoe,
30 yr MIP is 1.10% if 95% or below & 15 yr is .50% (.25% if below 90%) so hardly "about the same" when at least doubled! As Clay mentions you can not do a streamline if 30yr currently to a 15 yr. You also didn't mention about needing to increase rate .50% or more to cover closing cost along with paying 30 days of interest.
30 yr MIP is 1.10% if 95% or below & 15 yr is .50% (.25% if below 90%) so hardly "about the same" when at least doubled! As Clay mentions you can not do a streamline if 30yr currently to a 15 yr. You also didn't mention about needing to increase rate .50% or more to cover closing cost along with paying 30 days of interest.
- Clay Branch, "Georgia Loans"
- Contributions:7836
You cant streamline from a 30 Yr to a 15 Yr, that would be a rate and term with appraisal.
- Norm D Plume, "America Needs Nixon!"
- Contributions:1670
all u need to do is bring your mortgage payment to closing instead of mailing it off at the end of the month.
why would he/she do that? The payment is due the 1st of each month, what kind of advice is it that tells someone not to make their payment on time?
why would he/she do that? The payment is due the 1st of each month, what kind of advice is it that tells someone not to make their payment on time?
- mymortgagebrokerjoe
- Contributions:129
i can do streamline with no appraisal. all u need to do is bring your mortgage payment to closing instead of mailing it off at the end of the month. rates are still fantastic. just an fyi, if u streamline into a 15 year loan, your monthly mortgage insurance will be about the same.
- wayne lancaster, "funds2"
- Contributions:1177
You received good advice. The streamline FHA refinance program requires you pay the closing cost, or the lender can increase the rate and pay them for you. Increasing rate if you don't have funds for closing will lower your savings, and unfortunately the other issue is that the current Mortgage Insurance Premium monthly is about half what the new MIP will be. Those 2 factors will make your saving less, and would have to be considered to determine if refinancing makes sense. Your current rate, and length of time you plan to live there will be the determining factor.
If you want to post that info here you can get input from Zillow lenders.
- Justin Sheftell, "Courtesy Mortgage"
- Contributions:3427
You can look into a FHA Streamline with No Appraisal which will qualify off your appraisal value when you obtained the existing FHA loan.
Provided your credit is in acceptable condition and your mortgage payment history is timely, the program is very easy to qualify for. Any lender offering FHA product will be able to help you with this transaction.
Provided your credit is in acceptable condition and your mortgage payment history is timely, the program is very easy to qualify for. Any lender offering FHA product will be able to help you with this transaction.
- Sharon Lewis, "Sharon Lewis"
- Contributions:3917
Why don't you speak to the person who helped you get the loan in the first place to see if they can help.
I have a FHA loan and want to know if can re-do my mortgage.have never been late,
is an FHA loan . I have been at this address for over 3 years,
can you help? Eedee
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