FHA Streamlined refinancing....

Discussion in 'After Hours Lounge (Off Topic)' started by Travis Hedger, Jan 12, 2004.

  1. Travis Hedger

    Travis Hedger Supporting Actor

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    So after hearing an on the Radio about FHA loans being able to be refinanced with no appraisal, inspections/up front or closing costs, I decided to call one of these places up.

    Currently I can get a 6% rate, (my rate now is 7.875%) which would save me about $90 a month on my payment, and thousands of dollars over the life of the loan.

    A coworker of mine said she got an FHA Refi of 5.5% and was able to get a 25 year note for only $180 in closing costs which would be recouped in montly savings after only 2 months.

    My question is this, are FHA's really this good? Seems to be way to easy to do since they dont bury you do death in needing to do 10,000 different things.
     
  2. Tim Abbott

    Tim Abbott Second Unit

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    FHA and VA streamlined refi's are one of the easiest things to do from the prospective of the homeowner. There are not catches whatsoever, if you haven't done it already you should give someone a call tomorrow.

    Also, be aware that there may be some closing costs, but they likely can be rolled right into the mortgage. The closing costs will be significantly reduced, though, so its not something that you should be fearful of.

    Good luck and I would take advantage of it with in the next day or two (meaning lock in an interest rate).
     
  3. Travis Hedger

    Travis Hedger Supporting Actor

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    Yeah, I have already talked to one place, the coworker I talked to is going to call me with the number of the place she used that had a lower interest rate.
     
  4. Tim Abbott

    Tim Abbott Second Unit

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    That is probably a good plan. Also, remember that the rates change everyday. The rate she was able to get may not be around anymore. A no point no closing cost option will have a higher rate as well.

    Good luck and you are getting in at a good time (the best in the last 6 months or so).
     
  5. Travis Hedger

    Travis Hedger Supporting Actor

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    Yeah I was on bankrate.com earlier and it seems like a great point to get in. Hell Ill be happy at 6% but if I can score anything lower, that's pure gravy! And I LOVE gravy!!!! [​IMG]
     
  6. Travis Hedger

    Travis Hedger Supporting Actor

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    Well...found 5.5% which is only a touch higher than what bankrate.com is showing, approx 5.39% and my payment INCLUDING my insurance will go down around $110 a month! They are overnighting me papers now to go over and sign.

    Overall I reduced my interest 2.375% which overtime will save lots of $$$$
     

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