Refinancing Questions

[sniper7]

Pm bside303, he has a guy that refis to FHA loans, no money out of pocket. No increase in principle. He gets kickback from the govt, FHAs are nice because there is no appraisal.

Conventional loans that are no cost refi, closing costs are rolling into the loan.

I'll give him a shout.

I just checked on wells fargo and their rates are 4.230 APR, so a 1/2 point savings. About $2200 up front though even with an FHA it looks like.
savings of about $100 a month, so not terrible, 2 years to make up the $$, then over $30K in savings not including interest savings over the life of the loan.

[ChunkyMonkey]

I'll give him a shout.

I just checked on wells fargo and their rates are 4.230 APR, so a 1/2 point savings. About $2200 up front though even with an FHA it looks like.
savings of about $100 a month, so not terrible, 2 years to make up the $$, then over $30K in savings not including interest savings over the life of the loan.

Rate as of today is 3.25% I closed one last week at 3.375% that's already paying me over 1 point in commission. FYI. Look into streamline.. no income, no appraisal if you are w/ wells, as long as you have been paying on time. Turn around time on good rate lender is over 45 days.. so brace for that. You may also skip upto 2 month mortgage payment if your loan officer arranges your interest credit correctly.

[hghclsswhitetrsh]

Rate as of today is 3.25% I closed one last week at 3.375% that's already paying me over 1 point in commission. FYI. Look into streamline.. no income, no appraisal if you are w/ wells, as long as you have been paying on time. Turn around time on good rate lender is over 45 days.. so brace for that. You may also skip upto 2 month mortgage payment if your loan officer arranges your interest credit correctly.

What kind of credit rating are they looking for for one of these loans.

[ChunkyMonkey]

What kind of credit rating are they looking for for one of these loans.

I hope you know that credit rating will give you either approval or denial. If you are approved you are qualified for the best rate in the market. Some loan officers use lower credit score to justify the higher rate for commission/yield reason. This is strictly for 'profit.' Those days of subprime (worse credit rating = higher rate) is long gone.

FHA streamline requires 640 score overlay by most lenders. If your score is above this and you have no federal liens, judgment, bankruptcy/foreclosure the past 3 years, or 1x30 late on your mortgage, you are qualified.

EDIT sorry if I misunderstood your question. I get asked on daily basis "if my credit score is low, how high is my interest."

[sbouslog]

Gone