Should I refinance? Currently owe $162k @ 5.5 % with 28.5 to go. Prop is 5.0% $167,779 for 25yrs. Bad/Good?

Written By: admin on July 26, 2009 One Comment

My TOTAL payment a month including taxes, etc. is 78.

*Proposed FHA Streamline Refi is for 7,779 for 25 years @ 5.0% ($a difference in loan amount of ,851.72)
My TOTAL payment a month including taxes, etc. would be around 90.

Out of pocket Expense {content}. (obviously rolled into new loan)

Positives?
Negatives?

We plot on being there another 7-10 years.

If we do this, there is talk of the double Mtg skip (2 months), and a refund of MIP.

I know they aren’t really skipping, nor the refund an actual refund, because the total loan amount is more than my current balance, kind of a wash. But there is still about a 00 difference.

I could really use the $ to payoff a few things, even though I’m really rolling it into the new loan.

(2 months MTG payment + MIP refund=,000 I can place towards other expenses, even though I end up paying it anyway in the new loan.)

Thanks for any insight and help!
Payment would relatively stay the same, I would shave off 3.5 years of the term. But is it a excellent thought? I would skip 2 months payments and get an MIP refund in the meantime as well.

But it looks like that is really all rolled it into the new loan.

Thanks for any help and insight!
,686 in closing costs
,479.50 in MIP,PMI funding fee.

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Tags: 10 years, 25u, 686, addiction, closing costs, credit mortgage, dark grey heather, debts, fha, group therapy, insight, mexican immigration, minissha lamba, mip refund, moon landing, newport beach, nfl football, plagiarism, pocket expense, proposed health, zip hoody

One Response to “Should I refinance? Currently owe $162k @ 5.5 % with 28.5 to go. Prop is 5.0% $167,779 for 25yrs. Bad/Good?”

Glenn S on: 26 July 2009 at 10:08 pm

Sounds like a toss-up to me. I would consider just paying an additional amount to the principle to cut the time down.

Also check out http://www.quicken.com for a FHA refi. My son did a steam-line refi on his house a couple of months ago and it cost him about $3500. (the fees were added to the loan balance, no out of pocket expense and after 15 months he will be in the black) The amount was about $260,000 and he lowered his payment around $225 a month, but interest rates have gone up since then. He went from a 6.25% to a 4.9%. But Quicken is the largest FHA refi company in the U.S, and their costs are low.

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Should I refinance? Currently owe $162k @ 5.5 % with 28.5 to go. Prop is 5.0% $167,779 for 25yrs. Bad/Good?

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One Response to “Should I refinance? Currently owe $162k @ 5.5 % with 28.5 to go. Prop is 5.0% $167,779 for 25yrs. Bad/Good?”

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