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Need to lower my mortgage payment

I have a pretty steep rate compared to what I'm seeing online - 5.75% on 30 year fixed FHA. Got the mortgage insurance and everything too. Can I get this down despite 677 fico?? I'm not yet at that 80% mark where I could refinance into a fannie loan, something my realtor told me. by jk_audra84623758 from Milwaukee, Wisconsin. Jan 13th 2015 Reply


Michelle Curtis Loan Originator NMLS 401173 (EmbassyFundingLLC)
#77 ranked lender in Florida - 2,240 contributions

More info is needed, but with a 677 fico on an FHA loan your rate should be in the 3's.You need to speak with a reputable mortgage pro in your area and have them look at your situation. Depending on when you got your mortgage what your actual loan to value and debt to income ratio is will determine what your options will be. The president just lowered the Monthly MI on FHA to .85% from 1.35% so depending on when you got your FHA loan and the lower rate you should be able to save some money. The new MI goes into effect on 1/26 good luck!

Jan 13th 2015
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You can refinance now in the low 4's with no appraisal and no closing costs. Your PMI will drop dramatically as well with the recent reduction. Call me at 920-378-0002 to discuss further.

Jan 13th 2015
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,944 contributions

Never ever take mortgage advice from someone who isn't a mortgage professional. Score along does not get you a loan. But talk to a mortgage broker who does WI loans like myself. We will review your options, and give you a quote. Based on your current rate and situation, it appears very likely you will love their answer.

Jan 13th 2015
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Mandy Fritsche (mortgage.mandy)
#35 ranked lender in Wisconsin - 20 contributions

A refinance sounds like something you should be looking into. Please contact me if you would like to discuss your situation further. Sincerely, Mandy Fritsche, Prospect Mortgage, Mortgage Loan Officer, NMLS# 557211I am able to originate in WI262-327-5700 Cell, 877-868-9198 Fax, mandy.fritsche@prospectmtg.comwww.MyProspectMortgage.com/mfritsche

Jan 13th 2015
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Kenneth Kopper (KenKopper)
#19 ranked lender in Maryland - 542 contributions

jk_audra, I'll second the advice that Joe gave you earlier and add that I have done and contuinue to convert/refinance borrowers out of FHA loans and into Fannie/Freddie loans with Loan to values as high as 95%. Sounds like you should have multiple options to consider with all of them providing a lower rate and monthly payment.

Jan 14th 2015
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Ritchie Baumann (Ritchie)
#28 ranked lender in Wisconsin - 28 contributions

Hi, I'm a lender in Brookfield so we could meet in person to discuss your options. 677 fico works fannie and fha loans. Having to be at the 80% is not corrent. Based on the information you provided, there are options where you can refinance into a fannie loan now and possibly without mortgage insurance. More information is definitely needed to know which type of loan makes the most sense for you. Whether it's a fannie loan or a new fha loan, if qualified I should be able to lower your interest rate. Please contact me to talk to know more. 262-754-3331 Ritchie@trustprovidence.com

Jan 14th 2015
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Donna Gagnon (Donna Gagnon)
#3 ranked lender in Wisconsin - 12 contributions

Yes, 5.75% is a high rate and with a score of 677, you should be able to reduce it by quite a bit. There are many options to consider whether through Fannie Mae or FHA.Please feel free to contact me to discuss your scenario. 262-754-4005 DirectDave Laitsch NMLS# 272285

Jan 14th 2015
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Michael Creed (MichaelCreed)
#20 ranked lender in Wisconsin - 17 contributions

Hey Audra! Did you get this taken care of yet? As the others have said, it's certainly a great time to consider this, particularly with the recent changes to FHA (though conventional might still be a better option). Please reach out to me if you still have questions. My office is in Brookfield, but we can meet virtually if you would like as well. Oh, and my reviews are found at http://www.CloseWithMichael.com/Reviews/ Best of luck to you! -Michael Creed Senior Loan Officer & Branch Sales ManagerEnvoy Mortgage800-627-1925, Option 1, Extension 5144 | Toll Free262-293-5144 | Direct866-297-3950 | eFax262-696-9048 | Text Messaging 50441 & 6666 | NMLS ID & Corporate NMLS ID19395 W Capitol Dr; Suite 201 | Brookfield, WI 53045 http://www.CloseWithMichael.com

Jan 15th 2015
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William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,726 contributions

First let me say that Realtor help you sell and buy homes, Lenders help you finance them. I don't give advise on how to buy or sell, and Realtor's shouldn't give advise on financing.. That being said, you don't need to be at the 80% mark to refinance into a Fannie/Freddie loan.. MI rates are tiered based on your loan to value.. 97%, 95%, 90%, 85%.. the lower your loan to value, the lower the MI.. There are options available to where you can have lender paid MI or upfront MI, but neither are a good choice.. Conventional MI can be canceled once you hit 20% equity and you've paid for 2 years, and you don't have to refinance to have it removed. However, if you do a lender paid MI or upfront MI option, you will never get a refund or discount once you hit 20% equity since the cost is built into your loan interest rate. And if you go back into an FHA loan, in most scenarios, the MI is there for the life of the loan.. Contact a local mortgage professional (Like Joe Metzler) and apply with them.. once they see your complete loan profile, they can give you several written options.. all this can be done without any obligation.. .. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Jan 15th 2015
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Sean Young (SeanYoung)
#2 ranked lender in Colorado - 1,112 contributions

You don't need to be below 80% LTV to get a conventional loan. There are options to buy out of mortgage insurance as a one time fee paid at closing using single premium MI. As long as you qualify it sounds like you could save a lot of money. Contact a local loan officer and have them present you with all of your options. Best wishes, Sean

Jan 17th 2015
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