Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
I spoke with a loan officer who works for the bank that I have my FHA mortgage with. He said they can drop my rate from 3.875 to 3.25 and I can keep my original loan terms (317 month's left and $67 MI that will drop off at 5 yr mark or 78%.
I said sounds good. They send me over paperwork and it shows my Mi jumping up to $97 and remaining for life of loan and 325 months remaining, and $2700 upfront pmi/mi premium for closing costs.
I questioned why the terms are incorrect on application and they said don't worry all that can be fixing and numbers changed for closing.
How much does the P & I drop? What is your current value and loan balance (can kind of guess with the upfront PMI). Without more detail, it's hard to say.
How much does the P & I drop? What is your current value and loan balance (can kind of guess with the upfront PMI). Without more detail, it's hard to say.
P & I drops $48. It was originally appraised at $179k in 2008, probably worth $220k now
Loan balance is $146k
Okay, sorry for the questions, but I am not liking what I am seeing. How is your credit? I am trying to determine why on earth he would be putting you back into an FHA mortgage. Reasons for FHA would be credit, the condition of the house, or your qualifying changes. If none of those scenarios apply, FHA should be avoided. With your equity, you should not be paying MI.
Excellent credit 817 score. Loan officer said its my same loan terms just lower rate so is that still considered refinancing? If I refinance then it will for sure be to a conventional loan.
Okay, sorry for the questions, but I am not liking what I am seeing. How is your credit? I am trying to determine why on earth he would be putting you back into an FHA mortgage. Reasons for FHA would be credit, the condition of the house, or your qualifying changes. If none of those scenarios apply, FHA should be avoided. With your equity, you should not be paying MI.
For sure.
Refinancing? Shop it.
OP looks ready for conventional, as long as the values he mentions are supported by appraisal.
Why does it feel like the MLO is trying to generate business?
If you have perfect credit, the only benefit is going FHA for a streamline where no appraisal would be required. However, your refi benefit is nonexistent and should be declined for that reason, not anything to do with you.
Sorry, I have been plagued by migraines the past two days.
20 year is ~3.375% and 30 year ~3.625%. YMMV, depending on several factors: credit score, final appraised value, # of days for lock, type of property. 15 year rates have been straddling 3%, again, depending G upon these same variables.
Rates have been rising steadily for the past 10 days. When we were at our lowest rate the 10 year Treasury was at 1.76%. Last check, we were at 1.87%. On Friday, the May unemployment report is released at 8:30 AM and we will have an idea if we will continue to edge higher.
Sorry, I have been plagued by migraines the past two days.
20 year is ~3.375% and 30 year ~3.625%. YMMV, depending on several factors: credit score, final appraised value, # of days for lock, type of property. 15 year rates have been straddling 3%, again, depending G upon these same variables.
Rates have been rising steadily for the past 10 days. When we were at our lowest rate the 10 year Treasury was at 1.76%. Last check, we were at 1.87%. On Friday, the May unemployment report is released at 8:30 AM and we will have an idea if we will continue to edge higher.
Thanks again for all the info! Looking at around $3K for closing costs in FL?
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
