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I want to refinance

Hey, I'm currently have a 30yr FHA loan at 6.0% rate. The balance is about $230,000, and the estimated value of my house is about $200,000.I was trying to streamline refinance it into a 15yr loan, but they told me it is not possible to shorter the term without an appraisal under the new FHA streamline guideline.So is there any other options available for me now to refinance to a 15yr loan? by jlpd@dls.com from Los Angeles, California. May 11th 2010 Reply


Brian Esquivel (NewAZMortgage)
#24 ranked lender in Arizona - 67 contributions

Hi JLPD, It appears that your best bet would be to refinance your current loan into a new 30 year FHA loan since your home is worth less than you owe. You should be able to save about 1% on your rate. Keep in mind that you don't have any pre-payment penalties on an FHA loan so you can make a 15 year payment every month and pay off your new home loan in 180 months or 15 years. Please give me a call at 602-688-1339 for a complimentary phone consultation. Thanks. Brian. BNC National Bank. besquivel@bncnationalbank.com

May 11th 2010
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Gregorio Denny (GVDenny)
#254 ranked lender in California - 380 contributions

I'm not sure who told you that you cannot streamline into a 15 year FHA without an appraisal. There are many reasons that you would not be able to do a streamline refi without an appraisal, but going to a shorter term is not one of them. You may be able to got o a 30 or a 15, but more information is needed. You should consult an FHA expert and get a second opinion.

May 11th 2010
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Gregorio Denny (GVDenny)
#254 ranked lender in California - 380 contributions

Matt says:"I wish people would check there facts before replying on this system."I could not agree more! You CAN refinance from a 30 year FHA to a 15 year WITHOUT an appraisal. If Matt does not know how to accomplish this, then that's Matt's issue. As I said, you should seek a competent CALIFORNIA FHA specialist that can get this done for you.

May 12th 2010
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Jim Brown (www.JimBrownMortgage.com)
#29 ranked lender in New Jersey - 21 contributions

Sure you should protect yourself with the 30 year program for one. I will provide you with the payment amount and that is what you pay from here on out. god forbid you lose a job or income. No sweat you have a 30 year and you won't have to qualify or go through closing costs again. Your big issue is you will have to bring some closing costs and escrows to closing. Call me at 732-245-5121 for more info. www.jimbrownmortgage.com Jim Brown

May 12th 2010
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Matt Baker NMLS#190779 (MattBaker)
#32 ranked lender in Arizona - 75 contributions

I wish people would check there facts before replying on this system. It is true... You can't do a streamline refi w/o Appraisal and reduce the term to a 15 year. You can't do a regular refi becuase your property is under water. So the only option is to Rate and Term refi the property and do a No appraisal refi. It is best to take the first post answer, and pay your mortgage faster or accelerate the payments as if you were paying a 15 year loan. The only way to do a NO Appraisal FHA streamline is to have the lender pay all the fees, also knwon as a NO COST. This simply put means that rate is increased and the lender uses the increasaed rate premium ( for selling a higher rate) to pay all your fees. This can be done at today's rate around 5.25 to 5.375%. So with no costs and not rolling any costs into your loan amount, your can start saving right away. This is the best option, if you want to pay more and accelerate your lender can print a 15 year schedule for you to do so. I hope this helps.

May 12th 2010
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