Subject*streamline re-fi

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We are interested in doing a Streamline Re-finance of our FHA loan that is currently with another lender. We do not want to obtain cash back, just to see about lowering our current monthly payments. Our current rate is 7.25% with a balance of $164.042.000. We have had this loan with this lender since11/2007 and our history shows no late payments. This is a fixed interest rate loan and we would want to stay with a fixed rate.

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Answer #1

Streamline refinance transactions are very straightforward. They are typically not credit underwritten unless your payment is increasing more than 20% of your previous payment. You may not be required to appraise your property but an appraisal will be required if you plan on rolling your closing costs into your new loan amount. In that case, your new loan amount can not exceed 97.75% of that appraised amount plus your new up-front mortgage insurance premium.

HUD has recently increased FHA’s monthly Mortgage Insurance premiums. They are currently higher than the premiums you are paying in your existing mortgage. While this will reduce some of the savings you will enjoy by refinancing, the rates are currently much lower than the 7.25% on your existing loan and now is a perfect time to investigate your refinance options.

Please call me to discuss specifics about your loan. I’ll be able to give you some insight into available rates and savings for you. I can be reached at 301.517.5434. Thanks -

Answered By: Eric Strasser Level Rating

38points

Answer #2

I would be happy to explore what type of loan makes the most sense for you and in the end saves you the most money. Because of the FHA mortgage insurance premium increases as Eric mentioned it’s sometimes better to take the loan to a conventional status to remove the expensive mortgage insurance and lower the rate as well. It’s good to explore all the options but we will do whatever you wish in the end. as far as types of loans.
My contact information is below. When we speak we will review options and find the loan program that best fits your needs. I look forward to speaking with you and please let me know if you have further questions.
Thanks,

Brent Mendelson
Senior Loan Officer
Monarch Mortgage
600 Jefferson Plaza, Suite 400
Rockville, MD 20852
240-403-1970 Direct
301-412-0259 Cell
http://www.monarchmtg.com/bmendelson
http://www.brentmendelson.com
nmlsr#111407

Answered By: Brent-Mendelson Level Rating

67points

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