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Rob, Home Buyer in 90016

FHA streamline refinance.....I purchased my home last November and was told that this past April or May would

Asked by Rob, 90016 Wed Jul 29, 2009

be a good time to do a streamline FHA finance. However our mortgage broker has been telling us, and continues to do so that the market is just not presenting decent rates with a no closing cost loan. We could do a loan where the closing costs are built into the loan but the savings would be too minimal and not worth it.



Does this sound reasonable and where we are right now with these FHA streamline loans? I need to know if we should stick with his advice and ride it out until the market improves, or look elsewhere?



Any advice is appreciated, thank you.

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Answers

5
Kyle’s answer
You can surely benefit from a streamline, Rob.

Based on my rates I could probably offer you around 5.75% - 5.5%

Saving you $175 a month+

How long are you going to be in the home most likely? I know ARM loans have been made to be the plague but FHA ARMS are outstanding. They can only go up 1% each year and you can always streamline into a fixed in the future if needed.

FHA "streamline" ARM:

3YR is 4.75% = savings of $480 to you a month!!

Contact me if you want to look into it further, we can fund FHA in CA

Kyle Hufford - Nova Home Loans
480.628.1943
kyle@novahomeloans.com
0 votes Thank Flag Link Wed Jul 29, 2009
Our loan amount was $430k, 6.5%
0 votes Thank Flag Link Wed Jul 29, 2009
What is your current interest rate? And loan amount?
0 votes Thank Flag Link Wed Jul 29, 2009
Rob,

You should be able to do a Streamline FHA refinance right now. Rates are still historically low even with the market volatility. Since rates last year were significantly higher until December. Feel free to contact me with any questions.
0 votes Thank Flag Link Wed Jul 29, 2009
Rob,

That would really depend on your current loan amount and rate. You might need to take advantage of what is available now instead of waiting for something that might never appear.

Feel free to contact me for more information.

Good luck
0 votes Thank Flag Link Wed Jul 29, 2009
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