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View Full Version : No Cost FHA streamlines at 4.5% today.



cougjunkie
01-07-2009, 11:02 AM
If you have an FHA loan currently you may want to look in to this.

RobinFinderson
01-07-2009, 02:37 PM
I might benefit from that. How would I apply? Through my bank? Someone else?

cougjunkie
01-07-2009, 02:48 PM
I might benefit from that. How would I apply? Through my bank? Someone else?

Yeah call whoever is currently servicing your loan.

RobinFinderson
01-07-2009, 03:37 PM
I'm on the phone right now... is this with paying points to get to 4.5?

cougjunkie
01-07-2009, 04:17 PM
I'm on the phone right now... is this with paying points to get to 4.5?

No it was available this morning through some lenders no points.

UteStar
01-07-2009, 04:28 PM
Call me stupid (Ok, don't call me stupid!), but what does it mean when you say: No cost streamlines. What does the streamlines part mean?

cougjunkie
01-07-2009, 04:30 PM
Call me stupid (Ok, don't call me stupid!), but what does it mean when you say: No cost streamlines. What does the streamlines part mean?

Streamline basically means you are refinancing your loan but you are keeping the same loan terms, and keeping the loan with the same service provider (GMAC, Wells Fargo, etc). They have a way for you to refinance with the current markets rates and not have to go through the whole refinance process (no appraisal, no income or assett documentation required)

No Cost means the rate is paying enough "rebate" (rebate is what the lender gets paid) that the lender can cover your closing costs for you, so you wont have to pay any closing costs nor will they roll them in to the loan.

UteStar
01-07-2009, 04:38 PM
Streamline basically means you are refinancing your loan but you are keeping the same loan terms, and keeping the loan with the same service provider (GMAC, Wells Fargo, etc). They have a way for you to refinance with the current markets rates and not have to go through the whole refinance process (no appraisal, no income or assett documentation required)

No Cost means the rate is paying enough "rebate" (rebate is what the lender gets paid) that the lender can cover your closing costs for you, so you wont have to pay any closing costs nor will they roll them in to the loan.

Interesting...thanks for mentioning it. I appreciate it CJ.

RobinFinderson
01-07-2009, 05:35 PM
So I was talking with a Chase guy (my current mortgage) and the best he could come up with was switching over to a traditional (non FHA) loan at 4.5% with the purchase of 1.875 pts, for a 15 year (we are currently in a 30 at 5.875%).

Did my guy just not know about the streamlining deal? Or is Chase not in on it? Or is he trying to sell me a product that brings in more commission?

PaloAltoCougar
01-07-2009, 05:43 PM
I just refi'd a $600K loan by paying a point and getting a 4.875% 30-year fixed. This pleases us. We bought our first home right out of law school in 1979, taking out a $65K loan at 11%. Thanks Jimmy!

UtahDan
01-07-2009, 08:21 PM
If only I had equity.