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Old 02-09-2012, 06:01 AM
 
39 posts, read 59,327 times
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Appraised value of the home 182000
Remaining loan balance 171000

If I do a streamlined refi what would be the new loan amount? 171000?

Also, the Refi must lower the TOTAL payment (p&i , hazard, pmi, etc) by 5%?

Thanks!
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Old 02-09-2012, 10:51 AM
 
Location: Plano, Texas
1,675 posts, read 6,647,612 times
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Your new loan amount would be the payoff, plus closing costs, plus new escrow account, plus the 1% upfront MI.

On a streamline, the principle and interest and mortgage insurance payment must drop 5%...they exclude insurance and taxes.
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Old 02-09-2012, 11:46 AM
 
39 posts, read 59,327 times
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So, if I wanted to avoid the massive mip of a 30 year fha streamlined

I could do a 15 year fha streamlined...

But I would have to pay a hefty down payment to make sure my P&I + mip = 5% less than my current P&I and mip ?

Maybe pay closing costs upfront instead of rolling into the loan?
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Old 02-09-2012, 12:36 PM
 
Location: Plano, Texas
1,675 posts, read 6,647,612 times
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15 year also has the 1% upfront fee but the monthly MI would be less. Monthly MI for all terms greater than 15 years is 1.10 if under 95 ltv, or 1.15 if higher. For example, if the loan amount is $170,000 the monthly mi would be (170000 *1.10)/12 or $155 per month. Additionally, on all terms greater than 15 years, regardless of the equity you have, you are required to pay the monthly mi for 5 years.

On 15 year terms, if ltv is under 90 the monthly mi is only .25 and if over 90 it is .50. no 5 year minimum time and drops once ltv hits 78.
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