My wife and I are in the process of refinancing our mortgage but we are unsure if the deal makes sense or not. Currently we have a 30yr FHA fixed loan with a rate of 6.5%. Our broker has presented us a streamline option where we can get a 5.5% rate today without having to buy down the rate. After some calculating we would only save around $108/month and it would take approx. 3.25 years to recoup the fees and start to see some savings. Our plan is to sell the property in about 5-6 years so that’s why we are hesitant to lock and proceed with the deal. Thoughts please, thank you.

I purchased my home about 2 years ago and I have an FHA loan with 6.375% rate. I’m wondering if it is worth it to do a Streamline refinance at a lower rate. I might be able to get a percentage point lower, but I doubt rates are going to go too much lower than that? What do you think?

My mother is refinancing her house, or at least trying to. She bought her house for 210,000 in 2006 at full price. She got an 80/20 loan so she has two payments. She was doing a streamline refi and everything was going fine, except one thing. Many of the houses in the neighborhood went into foreclosure and re-sold for about 160,000 to 170,000. Many of these people were put into adjustable mortgages and when the market dropped, they went into trouble and couldn’t afford the payments. Anyway, my mother has become upset by this. Is anyone knowledgable about this and can give her some hope other than what I have said. The mortgage broker told me that the last house was sold 5 months ago and that the appraiser had to wait until it had been 6 months from the purchase date and then he would be able to use any new construction near to her for the comps. There is a new neighborhood about 1/4 of a mile from her house with many new houses and new construction right this very minute. Is there anyone that can give her some hope or let me know how these situations go. The houses in the new neighborhood are going for no less than 250,000 and range from small to big. It is stressing me out that she is upset about it because I want any and everything to work out for her. She just recently lost her husband who she was married to for about 3 weeks after only 1 year of dating, and he had no life insurance. (they hadn’t gotten around to everything yet…I questioned this too, believe me, my mother is very smart, you just never know how much time you have…anywho…) So, she is trying to pay that as well as lower and get one mortgage so she can pay for everything. Please help if you can.

We have an FHA mortgage on our home. We occasionally get offers in the mail to lower our payment through an “FHA Streamline” option. My wife has been talking to someone from one of these companys but it kind of makes me nervous. Has anyone else done this?
The comany is Village Capital & Investment LLC. It is supposedly a no-cost refi.

I think I’m going to get her to check out a different source. Non-solicited financial offers make me nervous.

Need to know if a FHA streamline loan without credit check can it hurt or help your credit score.
I know they do not check credit, I need to know if my score will go up or down when it is sent to the credit bureau.
That one is paid and then I will have another balance

My mother is refinancing her house, or at least trying to. She bought her house for 210,000 in 2006 at full price. She got an 80/20 loan so she has two payments. She was doing a streamline refi and everything was going fine, except one thing. Many of the houses in the neighborhood went into foreclosure and re-sold for about 160,000 to 170,000. Many of these people were put into adjustable mortgages and when the market dropped, they went into trouble and couldn’t afford the payments. Anyway, my mother has become upset by this. Is anyone knowledgable about this and can give her some hope other than what I have said. The mortgage broker told me that the last house was sold 5 months ago and that the appraiser had to wait until it had been 6 months from the purchase date and then he would be able to use any new construction near to her for the comps. There is a new neighborhood about 1/4 of a mile from her house with many new houses and new construction right this very minute. Is there anyone that can give her some hope or let me know how these situations go. The houses in the new neighborhood are going for no less than 250,000 and range from small to big. It is stressing me out that she is upset about it because I want any and everything to work out for her. She just recently lost her husband who she was married to for about 3 weeks after only 1 year of dating, and he had no life insurance. (they hadn’t gotten around to everything yet…I questioned this too, believe me, my mother is very smart, you just never know how much time you have…anywho…) So, she is trying to pay that as well as lower and get one mortgage so she can pay for everything. Please help if you can.

found a great home, short sale already approved and contract fell through, turns out they have until tomorrow to get a new contract submit.i want to submit but inside needs a bit of work, new carpeting, painting, appliances, fumigation, remodel bathrooms.possibly turn master bedroom half bath into full bath if possible (that’s the one biggie). how does 203k streamline work? does pre-approval letter need to include renovation amount? say i offer 200k and need 20k to renovate, does preapproval letter sent to bank need to state 220k?realtor and loan officer/broker both seem clueless on this.can i do 203k streamline or doe sit have to be traditional 203k?

We bought our home in October 2008, and are current with our payments (with no late payments ever). We applied for a loan modification (due to a medical hardship) and we have been told that our FHA loan doesn’t qualify for the loan modification. Our lender (GMAC mortgage) has taken month a a half just to tell us that, and they now wants us to wait another 2 months to tell us if they can do anything for us at all. We are afraid that they are going to tell us that the only option available to us is a streamline refinance which will cost us another 6,000 of our equity. In a meantime, we are using credit to cover expenses and I’m worried about my credit score going down. I would love to be able to borrow against my equity, but no one wants to lend us money with our high debt ratio. My question is if there are any other programs that GMAC mortgage could put us into? Or do you think I should just do the the streamline refinance and save another 2 months of “waiting game” just to be told that there isn’t anything they can do.