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Streamline refinance

I am looking into a FHA streamline refinance since a loan mod only reduces $20. I am very worried about ending up worse then I am right now. ANy advice on what to avoid and what to look for. I hav spoken with one company who offered 4.89% they play closing costs, Oceanside Mortgage. They have a good BBB rating but I cant find any furthur info. Any advice would be GREATLY appreciated?
  • May 06 2010 - Mount Ephraim
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Answers (3)

As before mentioned, more information is needed; is the rate being offered a 30 year or 15 year fixed rate or an ARM??  How is your credit?  How are the mortgage values in your area?  What rate are you at now?  You can "ALWAYS" ask for references from any and every type of business.  With mortgages, I would ask them for 10 or more, just to make sure you are getting a good sampling of how they do business.  Ask for a good faith estimate from them and at least two other mortgage companies.    How about your local credit union.  I am also surprised that your present mortgage company didn't offer to streamline your loan with rates being as low as they are!  Always trust your intuition,  If it doesn't feel right working with a particular individual; then you may need to go elsewhere.

  • June 03 2010
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$20 savings is a joke for a modification.  No need to do that at all.  Mortgage modifications can sometimes affect your credit.  Not worth it for $20.

But there isn't enough detail in your question to give you any helpful advice..

Namely, what is your rate now and what is the mortgage amount? 

FYI, streamlines have a credit score requirement.

Don't know anything about Oceanside Mortgage, but that's neither here nor there.  Most depends on the Loan Officer you are working with, not the company.  I have known countless people who have had problems with big name banks and lenders.

  • June 02 2010
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If you do an FHA stream, consider one without an appraisal, it reduces your costs, but does give you somewhat of a higher interest rate.  Without an appraisal your loan cannot go up very much if at all, and lender makes his money off of the interest rate.  With appraisal,  upfront fees can be added and allow  you a lower interest rate, but increasing your loan amount.  Without knowing your specifics, tough to recommend which way to go.

Let me know if this helps.
  • May 08 2010
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