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What options do I have to refinance a condo in SE MA where I owe $188k and the unit value is $195k?

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October 13 2010 - Taunton
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I think you should sit down with Andrew and see if he can you a new loan
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October 14 2010
You have to watch out if you decide to leave that lender.  Ifyou do and they cancel the Case number rather than transfer it your monthly MI will likely double.  Of course if they don't drop the rate you would be better of @ 3.25 with the new mip and monthly MI.  If you want an accurate quote I woul be happy to provide one.
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October 13 2010
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I don't think it's fixed yet. I'm going to question the UF-MIP rate and the loan rate and see if I can get better elsewhere. Thanks for all your help!
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October 13 2010
You can sign paper work and your rate can be floating.
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October 13 2010
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I have signed paperwork, but the appraisal is not done, so no final numbers.
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October 13 2010
[Deleted for self promotion]
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October 13 2010
Rate seems high to me for a 5/1 ARM with those closing costs.  Are you currently locked in and when did you lock in?

With those closing costs your rate should be closer to 3.25%.
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October 13 2010
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No...I have a 5/3 ARM, not FHA, Fannie, Freddie...
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October 13 2010
Are you currently in an FHA ARM?
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October 13 2010
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3.875%. It's a 5/1 ARM. I wasn't supposed to be here even this long... 
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October 13 2010
The case number was ordered prior to 10/4.

So that alone is $4,230 that will be added to your loan amount.  Are you being offered a rate of 4% or 4.25%?
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October 13 2010
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If it is based off the Payoff price, it comes to 2.33%
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October 13 2010
Do you know what you are being quoted for Up Front MIP?  is it 1% or 2.25%?
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October 13 2010
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No Fannie Mae or Freddie Mac. I'm just concerned that there is a better deal than adding $11,000 to my current mortgage.

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October 13 2010
The 11K will include UPfront MIP that is financed in so it looks more intimidating than it is.  Depending on when your FHA case number was ordered will determine if that cost is 2.25% or 1%. 

I would be happy to review the GFE for you, if you want.  you can either post the GFE numbers on this thread or forward the GFE to me through my profile. 
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October 13 2010
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Thanks! I am currently in the process of getting an FHA loan, but the additional cost and fees are ~$11,000 (about 5.85%) and was wondering if this is typical and the expected price I have to pay to orefinance in my situation.
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October 13 2010
You would qualify for an FHA refinance provided the condo is or could be FHA approved.  If your current loan is owned by Fannie Mae or Freddie mac you could refi Under the HARP program.
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October 13 2010
 
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What options do I have to refinance a condo in SE MA where I owe $188k and the unit value is $195k?
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