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Message
FHA Streamline
Posted on 8/1/16 at 7:16 pm
Posted on 8/1/16 at 7:16 pm
I got a call from my mortgage company (Freedom mortgage courtesy of Gulf Coast).
Basically here is what he said:
-Change my term to 26 years (41 fewer payments)
-Lower intrest to 2.75% (it's at four)
-Lower monthly payment by ~$50
-Extra ~$100 towards principal
Catch: $1000 for refinancing fees (they cover title/license/etc the fee is for the FHA.
Kicker: First month of the mortgage is waived (just as my initial loan) which is over $1000.
Is this worth it? Any experience? I only plan on being in the home for ~5 years.
Basically here is what he said:
-Change my term to 26 years (41 fewer payments)
-Lower intrest to 2.75% (it's at four)
-Lower monthly payment by ~$50
-Extra ~$100 towards principal
Catch: $1000 for refinancing fees (they cover title/license/etc the fee is for the FHA.
Kicker: First month of the mortgage is waived (just as my initial loan) which is over $1000.
Is this worth it? Any experience? I only plan on being in the home for ~5 years.
3
Posted on 8/1/16 at 7:20 pm to TheDeathValley
26yr Fix @ 2.75%?
I have never heard of that
Solid deal if true
I have never heard of that
Solid deal if true
Posted on 8/1/16 at 7:37 pm to TheDeathValley
So you save an extra $600 per year, and get $1200 more in equity? Over 5 years that's $3000 saved, and $6000 in equity... I bought my first house in March so I have no experience in this, but other than sounding fricking awesome, what's the problem here?
Posted on 8/1/16 at 7:38 pm to TheDeathValley
If you are going to be in that place for a while that $1000 fee is nothing.
My mortgage happens to be with Freedom Mortgage. I am calling them right now to discuss this on my mortgage.
My mortgage happens to be with Freedom Mortgage. I am calling them right now to discuss this on my mortgage.
This post was edited on 8/1/16 at 7:49 pm
Posted on 8/1/16 at 7:49 pm to SDVTiger
quote:
26yr Fix @ 2.75%?
Yeah I'm not sure why it's 26 years. He said it was 41 payments less than the 353 or whatever I'm at now.
It might* be 3.75 but I'm pretty sure it was 2.75 or 3.25.
Posted on 8/1/16 at 7:51 pm to SG_Geaux
quote:
My mortgage happens to be with Freedom Mortgage. I am calling them right now to discuss this on my mortgage.
Let me know what you think. I'm not a money guy at all. I do know that with the one month of no payment, it will cover the $1000 fee.
I also know that it's not 1k out of pocket but rather added to the loan.
Posted on 8/1/16 at 7:52 pm to prostyleoffensetime
quote:
Over 5 years that's $3000 saved, and $6000 in equity
Yeah that's what he said, ~3120
Posted on 8/1/16 at 7:59 pm to TheDeathValley
quote:
Yeah that's what he said, ~3120
I'd be happier about having $6000 extra in equity in 5 years, than the $3000 saved.
Posted on 8/1/16 at 8:20 pm to TheDeathValley
quote:
Let me know what you think.
Derp. I forgot I have a conventional. You have to have an FHA to do an FHA Streamline.
Posted on 8/1/16 at 10:44 pm to SG_Geaux
Can anyone else help out on some info from this.
We have had our home for 2 years now (exactly) on FHA. Have been getting letters for about 18 months now to refinance.
Now I just read up on this streamline thing and it seems like the obvious DUH thing to do is to streamline it. Do I just need to call up my current mortgage provider and ask about my options?
I'm pretty dumb when it comes to this kind of thing.
We have had our home for 2 years now (exactly) on FHA. Have been getting letters for about 18 months now to refinance.
Now I just read up on this streamline thing and it seems like the obvious DUH thing to do is to streamline it. Do I just need to call up my current mortgage provider and ask about my options?
I'm pretty dumb when it comes to this kind of thing.
Posted on 8/1/16 at 10:50 pm to GatorReb
It's always worth it to ask your current lender first
The process is a little easier but they may not have the best offering
The process is a little easier but they may not have the best offering
Posted on 8/2/16 at 7:14 am to Croacka
quote:
It's always worth it to ask your current lender first
The process is a little easier but they may not have the best offering
That is the thing, it was my current lender who called me. he straight up said "I know you are probably getting a lot of mail, and we want to keep your business".
He said all paperwork is digital, and they would send a notary to my house to do the final paperwork.
I am leaning toward this being a good idea.
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