Has anyone close FHA streamline refinace?
I got some streamline letters from the mail. I called 2 already but none of them won’t tell me the interest rate and the cost of fees (closing cost and process fee) just estimate only. They wont tell me until I fax my info (ss# ID, run credit check and so on). I live in owasso, ok, first time home buyer and need to refinance. i pay $1,447.62 a mth w/ 6.625 rate, I need to drop 2% rate. still own $166,964.86. If anyone close one before, how much for each fees and which fee are they paying and which fee are they rolling to the mortgage loan.
i know they need to have my info for the estimate, but i loose credit points when they run credit check. thats the part i dislike thats why i’m here to ak you. if you close one before how much it cost to refinance.
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An estimate is all you will get until they run a credit check and verify your information. They can’t give you exact figures with no information to go on.
Honest Issac Corporation changed their rules in 2008. You are no longer penalized when your credit is “run”. FICO learned that you might have your credit run 5 times if you went shopping at 5 new car dealers…. but you weren’t plotting on buying 5 cars.
I prefer the thought of you choosing a lender who did not send you a letter. Shop by referrals for the best lender and go with them. My one FHA streamline was a breeze. Very small paperwork and the loan was done in record time. The payment dropped dramatically.
Loan fees are no longer set by law. If you get a 4.5% fixed rate, you will pay $9,000 in fees. If you get a 6% fixed rate , you will pay zero fees. And you can have any rate in between. So you can determine exactly how much you are willing to pay in fees. Most can be rolled into the loan since it is a refinance.