Worth refinancing?

Thank you for your question. I calculate your current payment, less property taxes and homeowner's insurance to be at least $1412 per month. With my company's 30 yr fixed rate at 3.5% today with at least 20% equity (home value of at least $188,750) your new payment would be only $678 plus taxes and ins. Total closing costs approx $2100. you would recoup your closing costs in less than 3 months. or you could go to a 15 year fixed at 2.875% with a payment of only $1033 plus taxes and ins, and save 12 years or over $203,328 over the life of the loan. YES, I think it makes perfect sense for you to refinance. If I can be of assistance, please call me at 913-599-0001 or email me at LoanNow@swbell.netAngie Jackson

Absolutely. Even with a balance of $150,000, you will be saving substantially in a streamline. We need to check the dates, but if your current loan was endorsed by FHA prior to May 31, 2009, then you are eligible for the new streamline pricing. The up-Front MIP premium would be 0.01% of the new loan amount (about $15.00) and the new monthly factor would be 0.55%. One of the advantages of a streamline is that you do not need an appraisal. HOWEVER, if you strongly believe your balance is below 80% of what the home would appraise for today, then a conventional loan would be the way to go. I don't lend in MO, but I would advise you to work with a local Mortgage Banker/Broker to do the analysis for you. I think you'd be amazed at how much you can save. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com ~ 888-889-9950

IT WILL all depend on the value of your current home.. If you want , send me your address to yourloanpartnerforlife@live.com and i will do a property value analysis for you linda also i have another idea for you...

>>Would it be worth getting a conventional loan to get rid of the PMI and lower the interest rate?The answer is usually "yes". There's a software program called "mortgage coach" that many Loan Officers use, and they'll be able to answer your question with precision detail. Find a Loan Officer that uses that software, and you'll receive a quality answer.

I would do a 15 yr conventional mortgage at 2.75% with no pmi. We are a St Louis based mortgage company. We underwrite, process and fund all our loans locally. We are closing loans in 30 days, not many companies are doing that in this market. Call me for a detailed loan analysis. Dennis Sauerwein USA Mortgage 314-703-7200. We also have no closing cost options.

YES, Getting a conventional loan would benefit you. I dont have the software mentioned but I ran it by a colleague who said that it would be a big plus for you...

so sorry, I did not give the apr. for the 30 yr fixed, with a credit score of 740 or higher, apr is 3.561%. for the 15 yr fixed, the apr is 2.984%.thank you,Angie

Sorry I didn't include the apr on a 15 yr is 2.86% 30 yrs is 3.464 %. We do it all right here in St Louis process, underwrite and fund. We are the largest mortgage banker in St Louis. We did over a billion dollars last year and a direct seller to Freddie Mac. Call me at 314-703-7200 or email me at dsauerwein@usa-mortgage.com. I have the mortgage coaching software to do a total cost analysis for you.

If your home is going to appraise for at least $190,000., in today's market, then you could refinance the loan in to a NO PMI conventional loan.The way the math works is to keep the loan amount less than or equal to 80% of the home's value.Your current FHA loan probabaly charges at least 1% per year for the MORTGAGE INSURANSE PREMIUM. Currently MIP is about 1.15% per year on an FHA loan.It was probably different when you got your loan. I believe it is difficult to "drop" Mortgage insuranse on an FHA loan. Why pay over 2% more than you have to? Since I'm in California and not biased, I believe this would be good thru a bank or a broker or Mortgage Banker. It is not a large loan, which is why I feel a bank may be just as competitive. I believe I can be more competitive as the loan amount gets larger. Anyway, your payment relief will be helpful, and the interest savings will get large over the years to come.Good Luck! Jeddnabonsal@gmail.com Mortgage Broker Cell 310 433 1703 Pinnacle Bancorp Los Angeles California