rates under 5%

[TeamExit]

how come the FHA rates are still at about 5.5% while conventional is under 5%? i thought FHA was supposed to aid people, seems only really good thing is the low downpayment requirement

[Jon_Sack]

Why so high on the re-fi closing cost predictions ? 3 - 5 % of loan ? 20K on a 434k loan ?

I'm paying way under 5k including the appraisal fee and application fee . I also had a friend who just refinanced for under 5k on a 400k loan .

Am I missing something here ?

Is it alot cheaper due to it being under two years since original purchase ?

Thanks

[totallyfrazzled]

On a conventional mortgage (not a refi) we have been given the following rates by Chase (this includes the .25% reduction perk for being a Chase Premier Platinum customer):

5.00% on a 15 yr, no points

4.25% on a 15 yr, one point

4.625% on a 20 yr, one point

I believe their 30 yr rate is the same as the 20, but we're not interested in a 30. FYI, this is with a superior credit score and with putting 30-35% down.

[arangoa79]

Originally Posted by TomMoser

Also, keep in mind that the vast majority of people do not own their homes for 30 years. The average is about 8 to 10 years.

I know but there are to many scenerios to play out. Excel is a great tool for this look up the PMT function.