Prefer to talk in person? Find a mortgage specialist on Zillow
Profile picture for nj07430

REFI OR MODIFY?

I HAVE A 359000 FHA LOAN ON A 425000 HOUSE THRU BANK OF AMERICA AT 6%.  PAYMENT OF 3205 IS TOO HIGH. P&I 2205-ESCROW 1000
  • June 14 2009 - US
  • 0
    0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

Answers (4)

Best Answer

Profile picture for Ray Stevens
Paul,

There is a place for advertising.  The discussions thread are not it. 

This client in no way should consider modification.  She has an FHA and streamline is readily available.

NJ07430,

Put a quote in Zillow and you will get a lot of great quotes including mine.
  • June 16 2009
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for myFICO
Hi there,
A great place to assess your eligibility for modification and to get advice about your strategy in this situation is www.mortgagereliefonline.com, a service backed by my employer (FICO, the credit scoring folks) and the nonprofit Homeownership Preservation Foundation. You can access HUD-approved credit counselors through the site. It's 100% trustworthy and free.
Good luck!!
  • June 16 2009
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

An FHA steamline with no appraisal would be the way to go.  However rates will determine how much of a savings you will receive.  As suggested, post a Zillow loan request and see what is available in your area.

To modify a loan you usally have to have some type of financial hardship.
  • June 14 2009
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for Ray Stevens
With rates up sharply, a 30 yr fixed FHA refi would not lower your rate much unless you paid for a discount.  Depending on your plans for the home and/or other personal reasons, a 5/1 FHA ARM may save you more monthly.

If you can pay your closing costs, you can deem it an FHA streamline without appraisal.  No appraisal needed and no income disclosed.  Simple improval with other conditons met.

Post a quote request for an FHA 30 year fixed and 3&% year ARMS.
  • June 14 2009
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.