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UVS Mortgage Corp//Should I Take FHA Streamline Refinance?

In October 2010 I purchased my first home for $162,500 with $20,000 down.  I have been getting a lot of letters recently for FHA Streamline re-finance and decided to give one of the companies, UVS Corporation, a call.  I am uneasy with this company because I am not sure the individual I am dealing with on the streamline FHA Refi is american or in the united states based on his accent, and he is very pushy/rude on the phone. He rarely can answer a question accurately without me having to ask it twice.

The current payoff on the loan is just over 142K. My current interest rate is 4.5% 30 yr fixed and my monthly payment is 1068.22, with US Bank.  UVS Corporation has offered a 3.25% 30 year fixused and (with great excitement) to lower my principal balance on a the FHA Streamline by about $391 so my principal amount on the new streamline loan is around 141,500.  Monthly payments could only go down to $1,041. If I kept paying the current $1,068 a month which is a comfortable payment for me UVS Corp. has claimed that in five years I will have paid off double the principle (7k vs 15k).


At closing, UVS is saying I need to bring the equivalent of 2 months of mortgage payments and $1,288 to catch up my escrow.  Does this sound reasonable? That is about $3,400. Is this worth it? I really wont be saving anything a month ($28 if I pay new minimum due) but will pay my loan off faster/build more equity.

Ideally, I see myself in the home for maybe 5 years and then either selling it or turning it into a rental property.  It all sounds good to me, however I am stuck on the $3,400 at closing and the overall approach of UVS.
  • November 09 2012 - Orlando
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Answers (5)

All sounds very shady and I want to say you are not meeting the necessary 5% net tangible benefit to qualify for the FHA Streamline in the first place.  Based on a savings of $28, your principle,interest and mortgage insurance would have to be only $560 which I doubt is the case.
  • November 09 2012
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refinancing and saving only $28 not only doesnt make sense, but it does not meet the 5% net tangible benefit and is therefore not even do-able
  • November 20 2012
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They should be prosecuted for trying to get you to refi under those terms. Run away from them.
  • November 20 2012
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When you say pushy and rude I would go with your gut feeling on this one.

  • November 21 2012
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I actually had a positive experience with UVS. My agent was cordial, respectful and professional. I would use them again.
  • February 17 2013
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