Reply
New Contributor
darrell
Posts: 55
Registered: ‎12-09-2007
0

New FHA Streamline Refinance Loan Amount

Hello, how do I calculate my new loan amount if I refinance existing FHA loan via FHA Streamline Refiance.

Remaining balance: $148.5k
Bought on : Aug 2008


However, is calculating my new loan amount to $154.2k. I am not understanding why? I am choosing no-appraisal option. 

I calculate my new loan amount to be $148.5k plus upfront mortgage insurance premium. That comes out to $148514.85
 
Thanks
Any help

 

Moderator Emeritus
webhopper
Posts: 7,230
Registered: ‎09-16-2011
0

Re: New FHA Streamline Refinance Loan Amount

[ Edited ]

darrell wrote:
Hello, how do I calculate my new loan amount if I refinance existing FHA loan via FHA Streamline Refiance.

Remaining balance: $148.5k
Bought on : Aug 2008


However, is calculating my new loan amount to $154.2k. I am not understanding why? I am choosing no-appraisal option. 

I calculate my new loan amount to be $148.5k plus upfront mortgage insurance premium. That comes out to $148514.85
 
Thanks
Any help

 


 

edit: I posted my comment in your original thread.


Starting Score: 08/29/2011 TU 671 EQ 674
Current Score: TU 754 EQ 694 EX 697
Wallet: NFCU Visa Sig 25k, Amex Lowes 22k, NavCheck 15k, Amex PRG, Amex Zync, Discover It 13.5k, Amazon Visa 5k
Platinum Spade Garden Club Member: App Free since 1/1/13. No more apps til who knows when?
MyFICO Fitness Goal: 800s Club!



Take the myFICO Fitness Challenge
Moderator Emeritus
llecs
Posts: 32,881
Registered: ‎08-04-2007
0

Re: New FHA Streamline Refinance Loan Amount


myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+
}