Profile picture for Mark Smith

Mark Smith

Lender

Senior Mortgage Consultant (11 years experience)

Specialties:
Purchase Loan,
Refinancing,
Home Equity,
Mortgage Planning

Advice

  • (27 Contributions,
  • 2 Best Answers,
  • 6 Helpful)

Contributions are sorted newest to oldest.

Is my FHA streamline refinance worth doing ??

Answer

I didn't misinterpret anything.I am am right, you are right but Justin said"It can't possibly be 1.25 if you are eligible for streamline"Which is not accurate .

  (0)
Is my FHA streamline refinance worth doing ??

Answer

Last post is not quite accurate1.25% is the new basic monthly MI for all FHA refinances whether or not streamline.You can only keep your current MI if the current loan was started before June 2009. But that is not the definitiion of streamlineSo in 7468's situationUFMIP = 1.75% added to the loan or, hopefully, paid by a credit from the rateMonthy MI = 1.25% unless the current loan was started before june 2009 in which case it will stay the same.

  (0)
Is my FHA streamline refinance worth doing ??

Answer

Those numbers seem incorrectThe upfront MI will be 1.75% but that should be paid for with a credit from the rate  (together with all other costs)the new monthly should  be 1.25% - what is your current monthly?A streamline refinance is not even possible if your payment does not go down by 5% - but you have to be careful because your tax deductions might go down as MI is not always deductible compared to the regular interestMake sure nothing is being added to the loan (unless you want it that way) especially any new up front MIGet another opinion from another local broker

  (0)
2nd Home(investment purpose) Loan with 10% downpayment

Answer

No unfortunately I do not think this is possible. Certainly not on a Fannie or Freddie loan. Max loan 417k and 20% down for a single family, and even then a big hit to rates until you put 25% down

  (1)
Trying to get a loan at 75

Response

You qualify (or not) just like anyone else!It is illegal to make a decision on a loan based on age.

  (1)
Is refinance a must to convert primary residence into investment property?

Best Answer

No you are fine. The only questionable thing is if you refinanced your current home as a primary residence in the last 12 months. The intent to occupy you signed on your last loan is only for 6 months or a year.If you did refi in the last 12 months it is likley any new loan on the place you purchase will have to be a investment loan even though you are going to live there..

  (1)
B of A last minute says no to my re-fi ( after 3months)

Response

IMO typical of a retail bank at the moment. Overworked and understaffed. Try a broker instead.For the annuity to count as income you generally need to prove the income will last at least 3 years

  (0)