Our lender is suggesting we do an FHA streamline refinance, to go from 6.25% to 5.25%. She says because it is a streamline, though our income is not shown (as it’s not required) she can’t change the employer info on the forms. I got a better paying job since we bought, but my wife lost her job, so our total income is a bit less than it was before. I just wonder about signing paperwork that seems to confirm outdated information, but our lender says it’s fine. Is this really all kosher?
I want to refi but I am not sure if I am allowed to streamline into a higher rate? I want to do this so that I can lock into a rate before my ARM adjusts when the 3 years are complete
I purchased my home in Southern California in July of 2008 with FHA loan. At present I have a rate of 6.5%. I keep receiving letters saying that because the rates have dropped into the 5% range I can reduce it by refinancing. Some letters say refinance and others - streamline refinance with no closing costs. Can someone please explain the difference between those two and the costs associated with refinancing? Any help or advice is greatly appreciated!
Thanks you for your help
my arm loan will expire in 2010?
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my arm loan will expire in 2010. I owe 315K. 25% of the new homes in my community are foreclosing. Builders are still building bigger and better homes in my community and now selling them for over 110K less, OUCH!!!!!!!Because the market doesnt seem to get better, I tried to streamline refinance with my mortgage bank twice early this year, when my house and similia others still valued at 360-375. My mortgage bank told me first to hold off, then they told me the second time that they couldnt close on any loans at the time, because they were watching the market. Now, my third attempt, my mortgage bank tells me I cant because my house doesnt value what I owe.
Am I screwed? What would you do? My mortgage is now 2k. When my loan expires it can go up to 3.2K. I know my house wont sell or refinance. Do you think next year will be a better year?
Should I do the VA (streamline) refinance?
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I own a brand new home priced at roughly 115K with a 6.25% for 30 years. I have been making payments for about 12 months already, and considering refinancing to get a lower rate with lower monthly payments. Closing costs for CitiMortgage is roughly 2k, and USAA is 3k. CitiMortgage has offered me a 5% at .25 points, and USAA 4.75%.
If I do this refinance would I be in good shape to sell w/in the next 4-5 years or should I plan to rent it out in case I have to relocate?
HEELP!
FHA Streamline refinance Question?
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I was told that since I would be changing jobs that I was not eligible for a FHA streamline refi. Is this true?
What is a “FHA Streamline Program”?
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Is there any catches to this loan. It states I don’t have to re-qualify, No credit check, and no appraisal. It will lower my a.p.r. Sounds pretty good.
va streamline help please?
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ok so i was offered 4.5 with one point, but an origination fee? im at 6% good idea or no, i know there are pros out there, please help…..what should i be looking for in a va streamline refinanace.
also i see some companies offer one month no payment while others offer two, why? i would like two, but what is the draw back?
I am trying to refinance my home in Chicago?
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I am looking for a streamline mortgage. I am currently at 7% on a 30-year fixed mortgage. I have an appraisal for 290,000 and I owe 267,600. Can anyone help?
Any advice for getting a bank to streamline a refinance?
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I think “streamline” is the right word. We bought our house 5 months ago and have 6.25%. Our mortgage broker called an hour ago and said she can refinance us to 4.875% but closing costs equal about $3500. I called the bank that holds our mortgage to see if they can just lower our rate. I had to leave a message because they’ve had over 60K calls today so I’m waiting for them to call me back.
We aren’t in a hardship situation so I’m afraid that might actually work against them wanting to work with us. We just want a lower rate but would rather not pay a lot of closing costs. We would make up the closing costs in savings in about 26 months (probably less since our property taxes are also going down for next year). We put down 20% and would like to avoid having to take on PMI by rolling closing costs into our new loan.
Anyhow, I’m very interested in your thoughts/advice for streamlining.
Acemill: You are mistaken. Rates are that low. Wells Fargo has multiple options in the below-5% range today listed on their site. And our broker is not offering a buy-down mortgage. And we also have no prepayment penalty.
To the third answerer: We put 20% down and have not made much of a dent in it over the 5 payments we’ve already made. If we roll closing costs in we will have to add PMI at a cost of $80/month until we again reach 20% equity. The only way I can see around that is if our house appraises for more than it did 5 months ago, and I think we all know that’s not going to happen.