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Is this a good FHA steamline deal?

Currently have a balance of $182,598 on a 30 yr fha @ 4.25% that originated in January of 2011.  Monthly mortgage insurance is $138, P&I= $925 for a total payment of $1307.

Being offered a streamline at 3.25 % with initial loan amount of $184,981

What numbers on GFE should I be looking at to determine if its a good deal?
Box A=$ 1,008 and Box B= $5,641

Thanks for any and all help
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October 10 2012 - US
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Answers (3)

Take 3.5 instead ask for a lender credit of 2.5% and no bank fees and apply the credit towards the up front mortgage insurance and then make sure he loan amount is no higher than the payoff. Close at the end of the month to avoid FHA's extra interest they cleft for not closing by month's end. The MI may be slightly higher but depending on your exit strategy the 5 years of the increased MI is probably worth it. Let me know if there's anything else I can do to help. Otherwise good luck.
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October 10 2012
Not that great of a deal b/c your mortgage insurnance is going to go up to about $200 a month.  I am guessing that will eat up most of the savings for the 1% in the rate that you are lowering.  Not to mention, it would not seem like the lender is paying for any closing costs.
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October 10 2012
Hi Jimmy,

That is a good deal, I would take that to the bank (pun intended).

P
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October 10 2012
 
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