If you have an FHA loan currently you may want to look in to this.
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No Cost FHA streamlines at 4.5% today.
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Originally posted by UteStar View PostCall 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?
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.*Banned*
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Originally posted by cougjunkie View PostStreamline 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.
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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?
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