Maria, Both Buyer and Seller in Florida

Refinance Question?

Asked by Maria, Florida Mon Jan 19, 2009

Need some help! I`am thinking of getting a FHA home refi loan for the amouny of 72,000. My monthly payment will be 800.00 including tax etc. Isn`t this a tad to much for just a small amount. The interest rate is 6.5% on a 30-yr fixed loan.

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Luke Allison, , Asheville, NC
Tue Jan 20, 2009
Pretty much every FHA rate I have seen lately has been between 5.00% and 5.5%. I think that your LO is just trying to make more money off of your loan. You should be able to do much better than 6.5%.

If you have any questions or need some assistance, please let me know.
Luke Allison
Flagstar Bank

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Lisa Reeves, Agent, Tampa, FL
Tue Jan 20, 2009
Its hard to say without know what is your principle and interest payment and what are your escrow payments for taxes and insurance. Your principle and interest would be $455.09 if it is amortized over 30 years. That would mean that you taxes and insurance would add up to $345 - so if your taxes or just over $2400 for the year and your insurance is just over $1300 for the year you are at about $800.00. I hope this helps.
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Marty S, , Irvine, CA
Tue Jan 20, 2009
That seems to be a lot, plus that rate is VERY high. I would shop around some more.

I am a mortgage broker. If I can be of service, please let me know!

Martin Smith

Precision Funding
877-238-6324 Ext 704
877-238-6324 FAX
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