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Should I refinance again?

in summer 2014 i streamline refinanced from 6.25% to 4.25%. after that the MIP was reduced. is it worth it to refi again so that i can get lower MIP and possibly a lower interest rate? by jimlassie892861 from Ruby, Louisiana. Apr 15th 2015 Reply

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

Well it's hard to answer without knowing more details.. FHA has a Net Tangible Benefit requirement which is you must be saving 5% or more off your monthly payment.. So if your PI & MI payment is $1000, and you can lower it to $950, then FHA say's it ok.. whether or not it's beneficial to you or how much you can save,,, it's hard to say without more info.. the best advice I can give you is to contact a LOCAL mortgage broker and apply with them. Once they see your complete loan profile, they will be better equipped to advise you properly. Also, by applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with many lenders with each one offering a different type of lending program. This is unlike the local bank which typically only has a few lending programs. The more lenders, the more lending options, and the more likely your scenario will be accepted.. Plus, the broker is experienced in seeking out the best loan terms for your particular scenario, and he has lower overhead which typically results in lower rates and fees than most of the larger lenders.. 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

Apr 15th 2015
Ron Pippin (RonPippin)
#26 ranked lender in Utah - 158 contributions

I Just posted a blog post on Lender 411 about refinancing and how often you should, or shouldn't, refi.

Apr 16th 2015
Steffnie Parsons (Steffnie)
#14 ranked lender in Oklahoma - 61 contributions

Yes, it will all depend on other factors. Your rate can be lowered by 1 full point. The problem I have seen with the Streamline refinance is that you can't roll all the closing cost back into your loan there is a calculation that has to be done. I lend in all 50 states. Please give me a call 405-445-1091 Steffnie Parsons or send an email.

Apr 16th 2015
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