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I am getting ready to refinance. The lender told me today if i get a 15 yr fixed fha loan. At 2.95% i have to pay closins costs.

Does loan to value mean maybe yes? ty by tredle_878_899 from Powell, Ohio. Jan 10th 2013 Reply


Chris Gummerson (cgummerson11)
#397 ranked lender in California - 648 contributions

I dont get the question about the loan to value, mean maybe yes??? For the closing costs, if you opt for a lower rate, you would have to pay some or all of the closing costs. If you take a higher rate, the lender can then pay for all your closing costs.

Jan 10th 2013
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Mike Schults (Mikeschults)
#200 ranked lender in California - 24 contributions

You are leaving lots out of your question. I can do 2.75 no cost all day long on a FHA loan with the loan being $300,000 and a fico score of 740.If the loan is $130,000 with a 640 fico it would have to be higher to cover cost and you would have a hit to rates for a smaller loan and lower credit score. Whats your loan amount and credit score?

Jan 10th 2013
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Steven Ceceri (123LoanYes)
#12 ranked lender in Rhode Island - 723 contributions

If you would like to send your Good Faith Estimate that you received over to me to review, that would be helpful. I can lend in Ohio or any State in the USA. 15 Year Rates are a bit better than 30 Year Rates, but you should see all of the possibilities to compare what would work best for your current and long term goals. You should work with someone who will take the time to assess your situation and not just quote rates as I never just quote rates. Building a relationship with a trusted mortgage professional is much more valuable than just shopping rates! I'm here to help if you'd like! Good Luck!

Jan 10th 2013
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Ken Burrows (mortgagesforamerica)
#19 ranked lender in Nevada - 572 contributions

Powell OH huh? I grew up there and went to Olentangy High School. Small world. That rate does seem to be a little high on a 15yr. It is actually better to get the lowest rate possible and pay the closing costs. If you would like me to take a look at your current GFE and/or help you in anyway please let me know. P: 888-320-7888 - www.MortgagesforAmerica.org - Ken Burrows

Jan 10th 2013
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Christopher Arco (1stNationwide)
#175 ranked lender in California - 53 contributions

1st you should try to decide which is more important to you. Rate, Fees or a combination of both. They both contribute to each other and 1 can be higher or lower depending on the other. If your going to keep the loan for 5+ years the Rate should be most important. If your plan on keeping the loan/home for less than 5 years, then Fees should be considered more important even thought rate is still an important factor.

Jan 10th 2013
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Michelle Curtis Loan Originator NMLS 401173 (MichelleCurtisLO)
#77 ranked lender in Florida - 2,245 contributions

There are always closing costs on every loan. The question is only how and who will be paying them. Depending on all your information (credit scores, LTV, debt to income, loan amount) that will determine how things can be done.

Jan 10th 2013
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 4,729 contributions

All mortgage loans have closing costs. How you pay them depends on what makes sense for you. Most people on FHA refinances roll the costs into a slightly higher interest rate so they have no out-of-pockets costs. Talk to the lender about other options. In MN or WI, visit http://fha-streamline-refinance-mn.com

Jan 11th 2013
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