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Sorry that my original info didn't make sense, I just added in the information needed last night. should be more straightforward now.
Last post is not quite accurate1.25% is the new basic monthly MI for all FHA refinances whether or not streamline.You can only keep your current MI if the current loan was started before June 2009. But that is not the definitiion of streamlineSo in 7468's situationUFMIP = 1.75% added to the loan or, hopefully, paid by a credit from the rateMonthy MI = 1.25% unless the current loan was started before june 2009 in which case it will stay the same.
Those numbers seem incorrectThe upfront MI will be 1.75% but that should be paid for with a credit from the rate (together with all other costs)the new monthly should be 1.25% - what is your current monthly?A streamline refinance is not even possible if your payment does not go down by 5% - but you have to be careful because your tax deductions might go down as MI is not always deductible compared to the regular interestMake sure nothing is being added to the loan (unless you want it that way) especially any new up front MIGet another opinion from another local broker
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