Please help! FHA refi and I received an MIP credit not seeing where the credit is?!
Hello! If anyone could help that would be great. I am currently in the process of refinancing my FHA loan into another FHA loan as rates have dropped in my area. My home was purchased a year ago for $189,000 it has since been appraised for $241,000 does this new appraised value help my refinancing? Also, I was told I received an MIP credit for refinancing under 3 years. I just received the new CD. I see the credit but I can't see where it was actually applied to my new loan? Would it be applied to the old payoff amount? ( by factoring the numbers that is where it seems that amount was reduced. That just doesn't seem right if my new MIP was not credited. Please help closing is tomorrow!
Re: Please help! FHA refi and I received an MIP credit not seeing where the credit is?!
yes it would have been credited to you and likely visible in the payoff figure which helps determine your new maximum mortgage loan amount. You should be able to take your current principle balance, add the interest for this month that's due upon payoff and subtract your UFMIP refund in order to obtain the new base mortgage loan before adding in the new UFMIP.
Rest assured that in today's world of compliance, there isn't a lender alive that would risk not issuing your credit due and payable.