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What would the new amount be if I streamline?

Appraised value: 162000. Remaining loan balance 81000 by andersbr47 from Brookline, Missouri. Jan 6th 2021 Reply

Bert Carpenter (BertCarpenter)
#1 ranked lender in Arizona - 2,423 contributions

It depends. On a non-credit qualifying FHA streamline, there is a specific formula mandated by FHA. Your new loan balance will be pretty close to the existing balance, but it will be higher because the new loan will have a fresh Up-front Mortgage Insurance Premium added to the loan. On an 80,000 loan the new UFMIP will run right around $1,400. Because of the formula, only a very small portion of the closing costs will be allowed to be rolled into the new loan, and the rest must be paid for either through a lender credit or funds brought to escrow by the borrower. Because your loan balance is so small, it may not make sense. The best way to know for sure is to have your scenario reviewed by a licensed Mortgage Professional. You want to make sure that the benefits of the refinance outweigh the costs you will incur. ~ Bert Carpenter, The LoansA2z Team of NEXA Mortgage ~ NMLS 40586 ~ At NEXA, we've got you covered. We are licensed in all states except MA and NY and we are pending approval in VA, so give us a call. ~ 480-889-9000.

Jan 6th 2021
Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 4,719 contributions

Too many variables to properly answer here, but it will be a little higher than your current balance. ALL mortgage loans have closing costs that need to be paid, and they are always paid by you. Either cash, .Rolled into the new loan amount, rolled into the interest rate, or a combination of all three. Simply contact a local mortgage broker in your area, give them a full application, and then they can zero in on your exact numbers for you to decide if you want to do a new loan or not. I lend in MN Wi IA SD ND. Visit me at Cambria Mortgage, NMLS 274132

Jan 7th 2021
Sara Deere (Mortgagequeen2)
#16 ranked lender in Missouri - 608 contributions

Our office in Blue Springs, MO would be happy to help answer your questions about the FHA Streamline or VA Interest Rate Reduction home loan. Motto Mortgage Heritage has a variety of home loans available. Our office is licensed to help people with residential and commercial loans throughout KS and MO.

Jan 8th 2021
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