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Old 02-13-2009, 01:40 PM
 
Location: Charlotte, North Carolina
5,137 posts, read 15,095,994 times
Reputation: 1007

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huh? you must not do mortgages or FHA loans at all

OF COURSE you will have new closing costs which will include a new funding fee

the only thing you dont have to pay is an appraisal

if the lender says no closing costs it's generally because you will get a higher rate, and they will pay from the Yield spread

Quote:
Originally Posted by Gessa View Post
No closing costs. No extra costs at all.
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Old 02-14-2009, 06:08 AM
 
181 posts, read 553,074 times
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Yep - everyone needs to make money - it will be in the spread. But, at the moment I have a 6.5% rate. If I streamline I have been offered 5.5% - a saving of $300 a month. IF (please) it drops to 5% thats a saving of $500!! a month. I could then stick with that for the life of the mortgage...
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Old 02-14-2009, 08:55 AM
 
Location: Charlotte, North Carolina
5,137 posts, read 15,095,994 times
Reputation: 1007
sounds like you have a pretty big loan amount

if it was small then it would take longer to recoup the closing costs.
i have seen rates in the 5% with 1 origination fee

shop around!

Quote:
Originally Posted by Gessa View Post
Yep - everyone needs to make money - it will be in the spread. But, at the moment I have a 6.5% rate. If I streamline I have been offered 5.5% - a saving of $300 a month. IF (please) it drops to 5% thats a saving of $500!! a month. I could then stick with that for the life of the mortgage...
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Old 02-14-2009, 03:25 PM
 
181 posts, read 553,074 times
Reputation: 77
Thanks renriq02
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Old 02-25-2009, 02:15 PM
 
Location: Colton, CA
7 posts, read 21,276 times
Reputation: 13
Default How do I find a good lender?

renriq02...My wife and I bought a home in July of 08 and got a FHA mortgage. THe interest rate is 6.35 I think we can do much better with that with a FHA streamline but how should we go about finding a reputable lender. We got the FHA through PMAC and within 1 month it was sold to CitiMortgage. We are not very happy with CityMortgage. When I bought my first home in 2003 I was able to research many lenders on bankrate.com and had a great relationship with the lender. What should I do??
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Old 02-25-2009, 02:46 PM
 
Location: Charlotte, North Carolina
5,137 posts, read 15,095,994 times
Reputation: 1007
1. talk to citimortgage
Not sure why you're not happy with them. I never had to call the servicing company.
2. Shop around with local banks, and local brokers

You may find a good deal with a broker.

Rates were at 5% with 1 origination fee (lowest)

Quote:
Originally Posted by SOCAL Teachers View Post
renriq02...My wife and I bought a home in July of 08 and got a FHA mortgage. THe interest rate is 6.35 I think we can do much better with that with a FHA streamline but how should we go about finding a reputable lender. We got the FHA through PMAC and within 1 month it was sold to CitiMortgage. We are not very happy with CityMortgage. When I bought my first home in 2003 I was able to research many lenders on bankrate.com and had a great relationship with the lender. What should I do??
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Old 02-26-2009, 10:29 AM
 
181 posts, read 553,074 times
Reputation: 77
I just got quoted 5.15%
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