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Refinance FHA after 6 months of buying?

When we bought the house, we got a rate of 3.75% 30 yr FHA mortgage.Looking at the rates, is this as good a time it can get to refinance. I am looking for no cost refinance.My husband has Chapter 13 discharged in Nov 2011.We bought the house in Jan 2012.What rate wud we get now. Our balance on mortgage is 205,000.Any inputs.
  • August 16 2012 - Mount Juliet
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Answers (5)

Yeah, you might be able to drop it .50% but not a full percentage point. AT No cost, why not? No cost to you but you save $80 or so towards other things.
  • November 06 2012
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You will get back what is in your old escrow account after the old loan is paid off. 
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That's a dangerous promise to make, some lenders apply the escrow balance towards the payoff rather than send it later.  

  • November 06 2012
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Hello Archie,
If your middle credit score is over 660 and the value of the home holds at 100% ltv or less I can refinance you to a 3 1/4% rate on a 30 yr fixed.
I estimate the saving each month at $85.00. This is a no cost loan but you would have to pay your taxes at closing and set up a new escrow account.
You will get back what is in your old escrow account after the old loan is paid off. The mip will raise the loan amount some but not to where it doesn't make sense to take a look at the numbers. This would close the end of November and your first payment would be January 1st. Most folks would look at the amount they bring to closing as just their next months payment.
[phone number deleted by Zillow moderator.]
Thank You,
Steve Freeman
Sagamore Home Mortgage 
  • November 06 2012
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The best way to find this out is to talk to a lender. Visit my page and you will find one that I work with. You have no obligation when you have questions to ask or even just to talk about your situation.
  • October 03 2012
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If you have a fixed rate of 3.75%, you won't be able to even do that well today with rates at 3.873%.

The rule of thumb is if you can save at least 1% on your rate, then that is a good time to refi. With the rate you have, I'm doubtful (although you never know) that you will ever be able to get a 2.75% interest rate.

  • August 16 2012
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