Based on a past Blog we wrote in June, a previous client emailed us and asked for us to look into the Streamline FHA Refinance for him. We gladly took an application and starting crunching the numbers.
Back in January 2009 when this client closed, their rate was over 5%. With today’s low rates we were able to secure a much lower rate for this client and save them $275/month!
With the FHA to FHA Streamline Refinance there was no appraisal required, no verification of income, and the loan balance did not increase! He owed $198,000 total before he closed and he owed $198,000 after he closed, nothing was “rolled” into the closing.
The FHA streamline refinance is a great program, especially if you closed your loan in the first half of 2009 or before… then you qualify for the reduced Upfront and Monthly Mortgage Insurance (your loan must be ENDORSED on or before May 31st, 2009 in order to qualify for these reductions).
If you are one of the many who are still in a high rate and have an FHA loan, you should give us a call at 518-782-1202 or email us at Blog@mapletreefunding.com and we will be happy to review your information and give you a free quote on what we can do for you!
If you know someone who may be in this situation, please either email them this page or have them call us directly, hey, if you can save someone $275/month for the forseeable future, that makes a great Christmas present!
Think Mortgage… Think Maple Tree!