I see an estimate for a 3.75% 30 year fixed FHA on Wells Fargo's website. Can they just streamline that for me?

Wells Fargo Website

Is there a better place to start looking? I was about to apply for a 30 year fixed FHA streamline with People's Bank for 4.0% but paused for a moment b/c I want to make sure I'm getting the best deal. Is there anyone out that that can help me out? I feel like I'm lost in a sea of people/banks/offers, and I really don't know what to do...all I do know is that 5.5% isn't going to cut it anymore.

Any help is TRULY appreciated!

This post was edited on 1/24/12 at 12:59 pm

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Posted by rmc

Truth or Consequences

Member since Sep 2004

27237 posts

Posted on 1/24/12 at 1:17 pm to Tiger Bombshell

I'm in a similar position at 5.875 FHA - 25 years left. Thinking of going the streamline route, but may just go regular FHA and have my house appraised b/c I think I have a good chance to have PMI knocked off.

Check with some of the local originators like Iberia Bank, Regions, etc. Keep in mind 3.75 may be lower but you may be buying 2 points and have a crazy origination fee. You need to see what the cost for the loan is going to be. That includes closing costs (whereever you want to close), origination cost, and all the other 'fees' they throw in there. Of course all that info is disclosed shortly after you start the entire process.

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Posted by Tiger Bombshell

Baton Rouge

Member since Aug 2006

1365 posts

Posted on 1/24/12 at 1:42 pm to rmc

quote:
You need to see what the cost for the loan is going to be.

For the one I'm looking at now...all I have to pay upfront is one mortgage payment to close. There is a one time PMI fee of some kind of about $2300 that gets rolled into the loan. Other than that, no costs. Is that a good deal?

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Posted by C