Super Contributor
webhopper
Posts: 7,230
Registered: ‎09-16-2011
Re: Need help deciding which refinance?

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

 


 

Be careful; the lender may be trying to increase your principle by rolling closing costs into the mortgage. What lender are you using? I just went through a broker who I felt like did a great job with my Fha streamline on an investment property. I would be glad to share her name. Best advice I can give would be to get.good faith estimates from several lenders and keep an eye out for hidden fees.


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