Profile picture for dcat471

does any brokers on this site do FHA steamline refinances?

I have a 6.25% loan and would love to refinance only with a FHA streamline to limited costs, i.e. appraisal, etc.

  • June 29 2010 - Shingle Springs
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Answers (7)

Profile picture for Home Lending Pros.
Are you missing what the borrower is asking for?-streamline, no appraisal.
 
This is what the borrower is requesting.
I have a 6.25% loan and would love to refinance only with a FHA streamline to limited costs, i.e. appraisal, etc.

Any other way WOULD require an appraisal.
  • June 30 2010
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Profile picture for Crestico Funding
Yes, you can find a No Closing Cost Loan which at first seems like a great idea, but if you look at the amount you will pay extra in Finance Charges in the course of your loan, you might want to reconsider and look for a Broker or Lender who has a cost upfront but can provide you with saving on long term.
  • June 30 2010
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Clay and Andrew, thanks for bringing up valid points and ones I've been pretty passionate about lately.

"No closing costs...." what a bunch of garbage! Yes, we know why some lenders say that but it is patently false.

I had two clients recently decide NOT to take the "no cost" refinance offered them by other lenders when I showed them the $7,000 increase to their loan balance due to the differential in the old and new Up Front Mortgage Insurance Premium.

Giving up $7,000 in equity sure sounds like a "cost" to me.

Lenders - let's be honest with consumers about how the program works. There are at least $2,000 to $3,000 in hard costs that must be covered up by a lender credit and that's not even touching the mortgage insurance premium issue.

Maybe it was a good thing HUD instituted the 5% payment reduction rule.
  • June 30 2010
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4.125% 30 Yr High Balance No Fees

3.625% 30 Yr No Fees



and who pays the UFMIP, either the difference or a whole new add? That is a cost too. I have to admit he has the best pricing I have ever seen...................
  • June 30 2010
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WOW...FHA Streamlines have no loan closing costs!

So tell me who pays to record the note, mortgage and deed?
Who certifies clean title for free?
I have never seen a re-issue rate on Title Insurance at $0 per thousand.

Every loan has costs associated with closing them, how and who pays those costs can be manipulated but they are being paid and they do exist!
  • June 29 2010
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Profile picture for Home Lending Pros.
@dcat471

FYI,
Not knowing what loan amount you have?
i can only guess...4.5% less than $417,000 /// 4.75% greater than $417,000...fha streamlines have no loan closing costs.

  • June 29 2010
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Thats one of our specialties - give me a call and I'll run the information for you - we can have it wrapped up in 30 days or less.

Geoff Boyd
Prime Lending (A Plains Capital Bank Company)
Clackamas, OR
[contact info removed by moderator]
  • June 29 2010
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