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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
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