FHA Streamline Refinancing Saves Money

One of the easiest refinances to do is an FHA streamline refinance and we are well versed in the nuances of the program.  If you already have an FHA Mortgage, a Streamline Refinancing is a quick, low-cost option to lower your interest rate and monthly payments.  Below are some advantages:

  • No appraisal required
  • No income verification (Use income from original application)
  • We pull a mortgage only credit report and exclude all other liabilities
  • We use the original appraised value to determine the loan to value (LTV)
  • Minimal liquid assets required
  • The only “deal breaker” is the borrower is to have no mortgage late payments during the past 12 months and must meet a “net tangible benefit” of 5% by refinancing

Mortgage Rates:

As mentioned in my last email,  good economic news tends to translate to interest rate increases and vice versa. The European debt crisis remains unsettled and concerns over slow growth and talks of a recession in Europe kept Mortgage rates flat during the early part of the week, but “spiked” when the ADP (Automatic Data Processing Inc.) jobs report was released that showed the private sector added 216,000 jobs in February. We continue to view U.S. Mortgage rates to be at or very close to their lows; we don’t believe rates will increase much but based on past performance, lower interest rates are probably unlikely.

HARP 2.0 (Home Affordable Refinance Program):

We continue to receive calls concerning the much anticipated release date of HARP 2.0. What we are hearing is that its slated to be released next week. We will keep you updated as lenders still haven’t adopted the new guidelines, and may not unless there are government guarantees.

Our underwriting turntimes are 24 -48 hours, give us a call if you are still thinking of refinancing or are looking at purchasing a home or investment property, We will provide you a no obligation free quote. Chances are if you are working with a retail loan officer, the rates offered are much higher than what we can offer.

Current Conforming Rates (Pmyts based on a average loan amount of $250,000) for a historical perspective on rates please visit my blog on our website
Loan Program Monthly Pmyt Rate APR Points
30YF $1175 3.875% 4.00% 0
20YF $1466 3.625% 3.87% 0
10YF $2442 3.25% 3.92% 0
15YF $1741 3.125% 3.92% 0
5/1 ARM $1004 2.625% 3.12% 0
7/1 ARM $1037 2.875% 3.37% 0
FHA-30YF $1157 3.75% 3.98% 0
FHA-15YF $1756 3.25% 3.87% 0

Current High Balance Rates – Max Loan Amount $625,500 (Pmyts based on a avg loan amount of $550,000)
30YF $2941 3.875% 4.00% 0
15YF $4433 3.375% 3.87% 0
5/1 ARM $2637 3.00% 3.12% 0
7/1 ARM $2679 3.125% 3.37% 0
10/1 ARM $2765 3.375% 3.87% 0
FHA-30YF $2547 3.75% 4.00% 0

Disclosure: These are our current conforming and High Balance rates based on primary residences only, your actual rate could be higher depending on several “Risk Factors” such as credit score, LTV, Cash-out, Investment prop, 2nd home, zero cost etc. Please call us for an accurate custom quote including jumbo loans up to $2 million and beyond

We appreciate the opportunity to work with you on your next refinance or home purchase transaction. Please pass this along if you think we can help any of your close friends or family Forward this message to a friend



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