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FHA refi question
Posted on 2/12/09 at 1:00 pm
Posted on 2/12/09 at 1:00 pm
To any mortgage experts out there.
I bought a house in Aug 2008 with a 30 year fixed FHA loan @ 6.5%. When the rates dropped big time I talked to my banker about a refi and locked in a 4.5% rate closing tomorrow. Since it was such a huge difference in rate and we are planning on staying in the house for a long time I figured it was a good idea.
My question is since we have been in the house less than a year under our FHA loan and are now refinancing it into a 30yr fixed conv loan what kind if any refunds should I be looking out for from my escrow account and possibly getting a refund for any prepaid items I paid in Aug like MIP?
I bought a house in Aug 2008 with a 30 year fixed FHA loan @ 6.5%. When the rates dropped big time I talked to my banker about a refi and locked in a 4.5% rate closing tomorrow. Since it was such a huge difference in rate and we are planning on staying in the house for a long time I figured it was a good idea.
My question is since we have been in the house less than a year under our FHA loan and are now refinancing it into a 30yr fixed conv loan what kind if any refunds should I be looking out for from my escrow account and possibly getting a refund for any prepaid items I paid in Aug like MIP?
1
Posted on 2/12/09 at 2:26 pm to rmc
you want be getting any refunds. you will get your escrow balance back with your current lender. and if your LO did the loan right you want have to pay the upfrom 1.5%PMI the FHA charge to do the loan.
Posted on 2/12/09 at 6:42 pm to creolechef
the mip refund will be deducted from your new loan amount, the only money you will recieve is the amount that is currently in your escrow account.
Posted on 2/12/09 at 9:39 pm to novabill
You will only get back escrow balance only. I refianced today back into a FHA loan.
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