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Profile picture for fchu
  • fchu
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I need a mortage broker who will do the job

I need someone who can refi my fha loan to a streamline fha I want to pay no points and no out of pocket fees on this transaction. I am looking at 4.18 to 4.25% if someone can do this magic let me know.
  • October 26 2010 - Brentwood
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Answers (24)

Ask local realtor who they know and trust and check on line.
  • November 01 2010
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FCHU,

Mortgage bonds have moved favorably the past couple of days (since Oct. 27) and are struggling today to maintain these gains and are hovering at support levels. 

This means interest rates have improved since Wed. Oct 27th.  I would advise making a decision to lock now if you wish to close at the end of Nov.

Find yourself a true professional mortgage adviser and heed there direction.  If trust is an issue....find another mortgage adviser.

Feel free to contact me with any questions.
Steve
  • November 01 2010
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I see you are asking more for a loan officer who will get the job done.  Everyone below is correct, this can be done, it will be dependent on some factors like many are saying such as timing of your rate lock, your actual payoff, taxes due ect.  What I suggest is you read through each persons bio and get a gut feeling for who you think is the right fit, give them a call and talk through it, if someone really wants to earn your business they will get it done for you.

Good luck.

Kris
  • October 27 2010
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Hi FCHU,

I have an investor that will allow for a no cost streamline without an appraisal if your original loan was taken out before July 1st 2009. Your previous impounds will be applied to your payoff. As for rate very close to what you are looking for. Chip is correct on rate. Pricing changes everyday multiple times and we have seen a decline in rates this week so far. I am local please contact me and we can get together and go over your options.
  • October 27 2010
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Ok Fha Streamlines can be done very easily. The only issues is the rate. I can quote you are rate and when you call me back in a few days that rate is gone. The difference between a 4% rate and a 4.25% is about $37 dollars based on your loan amount. You have a few options you can float the rate lock until the loan is almost ready to close or lock right away on a 30 day lock. The best thing for you to do is get you loan application taken and get your file into U/W as soon as possible. I hope this helps.
  • October 27 2010
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OP isn't asking for a Zero Cost loan.   He is asking for a Zero point loan with no out of pocket expense.   

To me this means they would finance their new UFMIP and finance their third party expense.   Zero point loan at that rate is very easy to attain, and even Zero Origination (to cover processing and lender fees) should also be easy at 4.25 Note Rate.

I disagree on the Nov tax bill.  It is due Nov 1 and delinquent after Dec 10.   Most servicers will send out the tax bill payment to each county assesor in lump sum right before Dec 10.   I don't think that bill will be posted by Nov 30th, it will need to be worked into closing for a Nov Streamline.

Current value is irrelelvant here, Streamline with no appraisal should work here.

  • October 27 2010
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Profile picture for Land 4 u
What you are asking for is no problem, but when you say streamline refinance, that does not require an appraisal or credit check, but no investors will accept those loans anymore, with that being said a fha refinance today is 4% with no points, all the closing cost can be rolled in.
  • October 27 2010
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"... Explaining this because Erez may very well be correct about a no cost loan and your taxes be due shortly."

This won't be an issue because if you look back at his previous posts you will see he has $3000 in escrow currently. Since taxes are due in November, they will use what is in escrow to pay it. ( a streamline would not close until after the tax due date) 

Any actual California loan officer that regularly does streamlines would see this as a very simple transaction. Magic is only magical to the layperson, or the wannabe magician.
  • October 27 2010
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Following up, your current impound account will be refunded to you.  However, it is up to your existing lender/servicer whether they "net" out your pay off (subtract the amount in your escrow account from your actual loan payoff amount) or forward the funds directly to you within three weeks of closing out your loan.  

In thousands of loans (many years in wholesale as well as retail) I have only seen lenders "net" out the pay off a few times.  Explaining this because Erez may very well be correct about a no cost loan and your taxes be due shortly.
  • October 27 2010
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Profile picture for Erez Cohen
It can be done-  Only concern I would have are the escrows for your taxes and insurance.  If your taxes are very high and are due in December, a no closing cost mortgage might not be possilbe.
  • October 27 2010
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Wow Guys, It's been quite some years since I did loans and I must say that this string was quite educational on a streamline FHA. FCHU, I think your in good company. Great job explaining how you structure this loan, especially given the recent changes in UPMIP, and MIP.
  • October 27 2010
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It's not magic, it's proper structuring of a streamline. MIP refund does in fact cover the new UFMIP and then some. Reduce loan amount so that new loan amount including new UFMIP is equal to the current payoff. Charge a reasonable flat fee origination, apply rebates and Voila. 

Priceless.
  • October 26 2010
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Well Huggie it looks like you have the magic.  Take the $7290.45 rebate and give the guy his request.
  • October 26 2010
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Not everyone has terrible FHA pricing; 4.25% easily rebates 2.859% on a 30 day lock. With the MIP refund probably covering the new UFMIP since it has been reduced, you can get this accomplished with bringing your escrow impounds to closing and not raising principal. Your current impounds will be refunded to you. The real question is if you can get a 5% reduction in PITI considering the increased monthly MIP.
  • October 26 2010
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Where are you getting 4.18 - 4.25%?

Depending on your credit score it might be possible to cover some of the costs, but not all.

For instance if you have a 720 score the rebate on 4.25% is 2% or $5,100 based on your loan amount.

If your score is 640 the rebate on 4.25% is only 1.125% or $2,868.

For instance your upfront mortgage insurance fee will eat most if not all of you rebate if your score is at 640.

So forget about magic, it's not going to happen.  Your options are taking a higher rate with a larger rebate or depending on your loan to value rolling the cost into your loan if loan to value permits.

In order to go with conventional financing and avoid mortgage insurance you would need to come in at 80% loan to value.

If you'd like to discuss all your options, feel free to contact me via my profile here on Zillow.
  • October 26 2010
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Profile picture for Mills Realty
Habe your tried Zillow loan service?  Have you talked to friends to refer you a good mortgage lender?  Those would be good place to start.
  • October 26 2010
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Max 80% loan to value if you want to avoid mortgage insurance.
  • October 26 2010
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Magic doesn't work anymore. It's more like Sargent Friday. Just the facts, Ma'am.
  • October 26 2010
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Wow, looks to me like that quote is costing you quite a bit in costs.  It almost never pays to start with the rate in mind over the outcome.  You may be better off considering a lower/no cost loan at a higher interest rate than adding to your principal balance.  At the very least, you should weigh the options available to you.
  • October 26 2010
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Profile picture for fchu
  • fchu
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if I cannot streamline I am hoipping to refi I need to know how much cash I need to come with to get out of fha loan that. if my house is $284 plus upgrades to backyard what must my LTV be to get a traditional loan 30 yr fixed.
  • October 26 2010
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  • fchu
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I see zillow has me at $284,000 plus I did upgrade of back yard and front of house. spent $6000 everyone in my neighborhood has smaller sq ft but they have back yard and there houses are at $290-310 mine is 2600 sq ft.
  • October 26 2010
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Profile picture for fchu
  • fchu
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267,000 right now I owe 255,000
  • October 26 2010
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Reaching you goals will depend upon a number of things:  credit, income, value for starters....I don't know of any lenders doing a no doc streamline anymore.  Any refinance requires a preliminary conversation these days as nothing is a "slam dunk", but am happy to answer any questions.
  • October 26 2010
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What is your loan amount?

And ... I assume you are talking note rate of 4.25% not APR. You are not going to find an FHA streamline with that APR.
  • October 26 2010
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