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We are going FHA initially due to credit issues (BK less than 4 years ago) but once the 4 year mark passes, which will be in 2014, we'd like to refinance into a Conventional loan and put down 20% to get rid of PMI.
How much is a typical refinance like this? Loan amount would be around $240,000 (after the 20% down).
Is it the same as when you first buy a house and go through the closing process or is it less?
You will get a rebate on the Title policy - - the sooner you refinance, the bigger the rebate.
The rest of the fees will be similar, except there will be no Mortgage Insurance Premium, no Survey fee (if you are having to do that now), and Tax Stamps/Mortgage Tax - if you are in a state that charges these fees - will be less.
So, Title policy, Appraisal fee, up to about $1500 in Bank fees (some or all of which might be offset by a Lender Credit), and Escrow Fee(s).
It might help if you use the same title company on the refi, they might show you some love....
Is there any kind of waiting period required to refinance out of an FHA loan, or can it be done at pretty much any time?
The 4 year mark since the BK discharge will be in January 2014, and we are set to close on the FHA loan in June of this year (house is under construction now), so it would be approx. 6 months later that we'd like to refinance into a Conventional loan.
I am in the process of new 1st time fha loan and purchase. I was approved and ready to close and now find out that a second mortgage exist. This can hold up or even cause the sale to fall thru. Will i now have to go through applying all over again ? or is the loan approval still good, and for how long. Thanks for any help. Lost at
The underwriter issues a conditional commitment (approval letter) and they are typically good for 120 days. You need to see when your lock expires and when your approval expires. If you change properties, yes, back to square one, but it should be much easier.
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