What is the average monthly savings when doing a mortgage refinance?

Question by Scott: Refinancing 6 months old FHA mortgage?
I bought a house 6 months ago and got 6% interest rate on 30 yr FHA. Watching the rates go down made me wonder if I can refinance. Since FHA is a government-backed mortgage loan I was wondering what the options were. I read something about FHA streamline refinance but didn’t really understand if that’s what I could do. How much are fees?
My lender is US Bank

thanks

Best answer:

Answer by Beverly S
An FHA streamline refinance is an excellent program. Since you are already on an FHA loan – FHA allows you to do a streamline refi which basically reduces your rate- Fees are minimal and can be included in the loan- there is no appraisal needed, site hospital no income docs needed and no credit check. The only requirement is that you have paid your mortgage/or rent (in your case 6 payment on mtg. & 6 months rent or mortgage where you lived before) on time with no 30 day lates.

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Question by TexasBound: I have a mortgage on one home, price can I get a second mortgage to pay for another house?
I’m planning to relocate, price but current owe a mortgage for $ 50k. I also have a bankruptcy on my record thats a couple of years old. I’d like to find new home in the state I choose to live in. Would I be able to get a second mortgage or refinance my current home in order to pay for a new one?

Best answer:

Answer by lendingwhiz2008
That depends on a few things.

How much equity do you have in your current home?

What is your credit score?
What is your debt load?

Yes you can get a 2nd mortgage on your current home to buy another, link people do it all the time.

Your income must support maintaining your current home (you should be able to get a renter in there to offset the mortgage payment or some portion there of) and support your new mortgage.

You can get a loan with a BK. Many lenders require it to be discharged for 2 years, however, there are still a few lenders that will lend on a BK only being discharged 1 day.

In a nutshell, yes you can, if all your other ducks are in a row.

Good luck

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Question by 1coolguy01: What is the average monthly savings when doing a mortgage refinance?
My wife and I are in the process of refinancing our mortgage but we are unsure if the deal makes sense or not. Currently we have a 30yr FHA fixed loan with a rate of 6.5%. Our broker has presented us a streamline option where we can get a 5.5% rate today without having to buy down the rate. After some calculating we would only save around $ 108/month and it would take approx. 3.25 years to recoup the fees and start to see some savings. Our plan is to sell the property in about 5-6 years so that’s why we are hesitant to lock and proceed with the deal. Thoughts please, viagra sale thank you.

Best answer:

Answer by tornticket
Based on the limited information that you have provided, it looks like you should stick with the streamline refinance. If you break even with the costs in 3 years, then you will save $ 108 per month for every month thereafter that you have that loan. If you have the loan for 5 years, you will save $ 2,592 over and above your costs. I like it.

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