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Orlando, FL FHA Streamline refinance saves almost $500 per month…not HARP.

Chris Brown Mortgage Review

Dan left me a voicemail and I could tell by his voice, he was scared, nervous, and not sure where to turn for help.  He shared that he and his wife, Cindy, are 72 years old, that their house is upside down, and that they were getting solicited daily to refinance.  Fortunately Dan and Cindy were introduced to us by one of our clients.  Dan shared, “I feel like we have someone we can trust and Dave said you’re a straight shooter.” 

Check My Florida FHA Streamline Refinance Eligibility

Initially, we started researching to see if Dan and Cindy’s loan is owned by Fannie Mae or Freddie Mac, which would make their loan HARP eligible to refinance.  Unfortunately, neither Fannie nor Freddie own their loan…SHOOT!  However, as part of our refinance process, we always pull a copy of the mortgage so that we can recreate the existing loan to determine how much interest has been paid thus far, how much interest remains to be paid, and if refinancing truly makes financial sense.  In doing so, we determined that Dan and Cindy’s loan is an FHA mortgage and based on when they originally took out their mortgage, qualified for reduced mortgage insurance premiums.  Additionally, there is no appraisal needed, no income documentation needed, no asset documentation needed, and now look at how we were able to help!!! Look at their homeowners insurance savings!!!

Existing loan (30 yr. FHA)             New Loan (30 yr. FHA)

Balance        $166,939                 $166,955

Int. rate       6.00%                      3.375%

P&I               $1,064.95                $738.10

MIP              $81.41                     $76.51

 

Monthly payment savings = $326.85

Homeowners insurance (had increased $900) – $3,121

New insurance – $1,069

Monthly insurance savings – $170.97

 

Total monthly savings is $497.82 and interest savings over the life of their loan is $53,962!

 

Check My Florida FHA Streamline Refinance Eligibility

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Chris Brown
Chris Brown is the premier expert on HARP loans and Government FHA and VA loans. Please visit The Mortgage Chili Blog

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About Chris B.

Upside down? Call Chris Brown. 321.300.loan [5626] FHA Streamline Refinances - www.FloridaStreamlineRefinance.com Harp Refinances - www.FloridaHarpGuide.com Harp 3 Inquiries - www.budurl.com/Harp3 Purchase Pre-Qualification - www.FreeScenarioReview.com

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Chris Brown
Chris Brown is the premier expert on HARP loans and Government FHA and VA loans. Please visit The Mortgage Chili Blog