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Answers (3)
- Deborah Holmes, "Debbie Holmes"
- Contributions:386
It was my understanding it was a "no cost" FHA. If there are no costs it would be a good idea. That includes not putting closing fees onto the loan. I had this offered once and it worked out very well.
- Chris Jones, "Christopher Jones"
- Contributions:135
Ordinarily, it probably is. But if your loan is $50,000, or if you're paying it off in the next two years, or it's costing you so much that the payment savings isn't greater than those costs in less than 5 years, then it may not be.
3/4 of a point reduction in rate saves $750 of interest per $100,000 of loan per year. That's quite a bit. So under most circumstances, that would probably be a good idea.
3/4 of a point reduction in rate saves $750 of interest per $100,000 of loan per year. That's quite a bit. So under most circumstances, that would probably be a good idea.
- Deborah Holmes, "Debbie Holmes"
- Contributions:386
If it isn't costing you anything yes.
Is it a good idea to do a no cost fha streamline refinance to reduce rate from 5.375 to 4.5?
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