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Should I re-fi an FHA loan with 7% interest rate

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Here is my current situation.

 

I have been living in my existing FHA financed home for 11 years at 7% fixed interest.

 

I plan to stay in my home and keep it for my son who is 24.

 

Should I do a FHA streamline loan?

 

I owe 100K and the home is appraised at 140K

 

The other thing I might do is sell within 3 years. Would it still be worth it?

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If you plan on staying in it you can do a streamline for say a 15 at an incredible rate and make out

 

if you plan on selling in 3 years the cost to do the loan would not make it worth the effort as you would not realize the savings in that short of a time period

 

You dont have to do a 15 but you probably dont want to start all over with a new 30?

 

B

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If you plan on staying in it you can do a streamline for say a 15 at an incredible rate and make out

 

if you plan on selling in 3 years the cost to do the loan would not make it worth the effort as you would not realize the savings in that short of a time period

 

You dont have to do a 15 but you probably dont want to start all over with a new 30?

 

B

 

 

Thank you!!!

 

I think I will do a 15 and keep it. One question....will I be able to purchase a new home if I have this one? The reason I am asking is because my son will live in this home and I will get a new one. He is just starting out but is very responsible. He is planning to move into an apartment for $800/month but he asked if he could rent this home if I decided to move closer to work.

 

Thanks again for your help!

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This message is 749 days old.  We'd prefer it if you'd start a new topic instead of replying to this one.

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