Financing in 94585>Question Details

Voices Member,  in

what is involved in doing a refinance? what are the similarities and differences of a refinance compared to a fha loan for a fist time home buyer?

Asked by Voices Member, Fri Mar 9, 2012

im a first time home buyer looking to refinance my fha loan with wells fargo closed in june 2011. my interest rate is at 4.25% and im looking to lower to 3.75%. fico score of 729 and my annual income is $72k, single man, no dependents, solid credit history, age 26.

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You will not save any money with the new MI requirements. The new upfront MI is going to be 1.75% and the monthly is increasing to 1.25%. Even with the lower rate your monthly payment will more than likley go up. Be happy with your 4.25% and save the refi cost.
1 vote Thank Flag Link Fri Mar 9, 2012
Sounds really simple. the question is what is your home value. From there we can tell what the best loan for you would be. Then we have to be sure that the benefit to you is sufficient.
0 votes Thank Flag Link Tue May 7, 2013
I would agree with Carl, especially with the rise in rates the past week. If you are 4.25% right now it doesn't make sense to refinance with the costs of the refinance.
0 votes Thank Flag Link Tue Mar 20, 2012
The refinance you are looking at is called an FHA Streamline refinance.

You should have have reduced costs, no appraisal and with reduced documentation. They are usually very quick to complete, taking only 2 - 3 weeks at the most. From what you posted, you should be good to go.

Please feel free to contact me if you have any further questions, I'd be glad to help.

All the best,
Ros

Roswell Moore, CMPS
Certified Mortgage Planner
480-422-5095 direct
http://www.ezAZloan.com

We are a Direct Lender, Mortgage Bank where we originate, process, underwrite, fund, AND SERVICE our loans, in-house, with FHA (starting at a 580 score AND still only 3.5% down), FHA Streamline loans (NO minimum credit score, NO appraisal required) Go Green rehab loans, HomePath, Investor Friendly (10 financed properties), VA, USDA, Jumbo, Conventional, plus, we allow Escrow HoldBacks!
0 votes Thank Flag Link Tue Mar 20, 2012
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