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Streamline Refinance?

Profile picture for Be e
Current rate is 30years/6.4% on a 91000 loan (back in 2007) Remaining balance is 86000.   This is an FHA loan, I asked my bank for a FHA Streamline, to my surprise I couldn't refinance to 15years. Furthermore, PMI was doubled. New rate is 4.25%, 30 years, I need to being $1300 to closing, and $1000 will be added to the balance, so I will be getting, 4.25% on 87000 for 30 years. 

Is this a good deal? 

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0Yes

October 28 2011 - Charlotte
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Profile picture for Tom Matthews in TN
If all your numbers are correct, your payback is 14 months.  Meaning if you keep your home more than 14 months, you made a good choice to refinance.

Good luck, Tom
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0Yes

October 28 2011
Profile picture for Courtesy Mortgage
What is the current market value of your home?    If it is at least ~90,000, you might do better staying away from the Streamline Without Appraisal.   This would allow you to do the 15 year loan at a better rate and much less on the mortgage insurance, possibly even zero depending your current property value.
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October 28 2011
Profile picture for funds2
Looks like pay back is 23 months with higher current MIP in calculations...... If you can afford the 15 yr loan payment - $650 P & I including MI if you have 10% equity - then as Justin mentioned, avoiding streamline by doing regular FHA refi on a 15 yr term is a good option. With 10% equity MI is only .25% monthly vs .50% if less equity......
The 30 yr would still be a good option if your plans are to be in property 4 yrs or more. You would wind up with a low rate assumable loan (with qualifying), too......
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1Yes

October 29 2011
 
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