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Started By
Message
FHA Loan question.
Posted on 12/11/16 at 6:43 pm
Posted on 12/11/16 at 6:43 pm
Have a FHA loan for our first home. Have been in it now for about 2 1/2 years. For the past few months our mail box has been blown up with letters telling us we can save money by streamlining our loan. Most state that there won't be an out of pocket cost and that it's a 5 minute phone call to do.
Should I be pursuing these? Is there something I'm missing? Or is it just junk mail?
Tia.
Should I be pursuing these? Is there something I'm missing? Or is it just junk mail?
Tia.
4
Posted on 12/11/16 at 7:20 pm to GatorReb
I get those too. They like you because you are paying on time every month.
There is no "out of pocket" but I believe they are wanting you to refinance.
They roll all costs into the new loan. You may lower your payments but you may need to stay in the house longer to recoup the cost.
Just depends on what you want to do.
There is no "out of pocket" but I believe they are wanting you to refinance.
They roll all costs into the new loan. You may lower your payments but you may need to stay in the house longer to recoup the cost.
Just depends on what you want to do.
Posted on 12/11/16 at 8:33 pm to GatorReb
It should be getting cold again soon. Use those to start your bonfire with.
Posted on 12/11/16 at 9:54 pm to GatorReb
Probably would have been beneficial to refinance early this year. I doubt you could help yourself much( if at all) if you tried to do it now. Rates have climbed almost a full percent over the last month and a half
Posted on 12/12/16 at 8:34 am to HYDRebs
Depending on your current rate it may or may not be a benefit to you. Lots of factors to consider:
- You gonna be there for awhile?
- You gonna expand your family?
- Your income gonna stay consistent?
- How many months would it take you-if they can lower your rate demonstrably to save you enough money that you feel is worth the process-to pay off the principal they would add to the back end of your loan in order to ensure you wouldn't pay out of pocket?
- Is that increased principal and time in order to start experiencing savings a value to you?
- You gonna be there for awhile?
- You gonna expand your family?
- Your income gonna stay consistent?
- How many months would it take you-if they can lower your rate demonstrably to save you enough money that you feel is worth the process-to pay off the principal they would add to the back end of your loan in order to ensure you wouldn't pay out of pocket?
- Is that increased principal and time in order to start experiencing savings a value to you?
Posted on 12/12/16 at 8:49 am to GatorReb
FHA rates have risen significantly over the last 30 days.
Look at your break even period or I can help you. Realize you are going back on a new 30 year loan, however, if your monthly savings is significant enough, go for it.
What is your current rate? How much are they charging you in costs/fees (this includes the bank and the title company)? What will your new rate be?
Look at your break even period or I can help you. Realize you are going back on a new 30 year loan, however, if your monthly savings is significant enough, go for it.
What is your current rate? How much are they charging you in costs/fees (this includes the bank and the title company)? What will your new rate be?
Posted on 12/12/16 at 12:32 pm to SomethingLikeA
Thanks guys.
Hearing it's essentially starting back on 30 years is a no go for me.
Hearing it's essentially starting back on 30 years is a no go for me.
Posted on 12/20/16 at 9:35 am to GatorReb
quote:
Thanks guys.
Hearing it's essentially starting back on 30 years is a no go for me.
That wouldn't be a deal breaker for me at all. If redoing the loan gets rid of any PMI that your paying and lowers your rate you'd be saving money your not going to get back. Lowering your out of pocket monthly payment can also give you a chance to invest more money now for later. The higher percentage of income you can invest now will go a long way to determining your wealth later in life.
Having s mortgage isn't the worst thing in the world, and being overally concerned about expanding the time you'll have one is short sighted IMO.
Whatever number your paying a month now may seem significant but in all actuality that number in 28 years should seem puny. Again dollars invested now will have more actual value later.
Now if your one of those guys who can't sleep well at night knowing you "owe" somebody money I get it but it's prolly where we part ways in logic. My path towards wealth his partly dependent on accumulating as much debt as possible.
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