Re: Need help deciding which refinance?
11-15-2012 11:21 PM
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 $148514.85Thanks
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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