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Hello CV and everyone, Wanted your brutal opinion because I am in the process of refinancing my FHA loan and just received the loan closing disclosure (CD) today but wanted to know if I'm doing the right thing and/or its worth it or Not.
My current FHA loan as follows:
Appraised Property Value $400K
Current Loan interest rate is 3.25% (closed this loan 13 months ago)
Original Loan Amount $393K
Current Principal Balance $383K (30yrs loan and nearly 29 yrs left).
Loan Maturity date 08/2049
Current Monthly payment $2400 (Principal $671+ Interest $1,038 + Escrow $690)
My FHA refinance loan will be as follows:
Appraised Property Value $400K
New Loan interest rate is 2.75%
Original Loan Amount $387K
Principal Balance $387K (30yrs loan).
Loan Maturity date 11/2050
New Monthly payment $2391 (Principal + Interest = $1,582 + Escrow $542 + PMI 267)
Cash to close from borrower (me) $2089
Thank you all for your feed back.
Hi Folks - I'm scheduled to close on a new construction home 8/30. The kids start school here in MD on 9/3. They enroll in new schools and I want to get them settled as much as possible. That background might come in handy for the scenario that I'm seeking advice on.
Here's the scenario: purchase price is $439,540. I'm currently doing an FHA loan with 3.5% down. My mortgage credit score is 726. The loan estimate has me paying $300 month in PMI. The issue is that in October I get my yearly sales bonus; at that time I can put down the ~$90K needed to cover the 20% down payment to remove PMI. Questions for those experienced in the industry:
1. Should / can I delay closing for two months? If so should I go conventional?
2. Should I move forward with the FHA loan and refinance quickly? How soon can one refinance?
3. Should I move forward with the FHA loan and simply pay $90K on the principal of the loan and reduce the amount to have PMI removed?
Thanks for your help in advance.
Looking to help a friend refinance a high balance mortgage at $550K 80% LTV in a county that goes up to $625K. Time horizon is about ten years before property is sold. May need non-occupying owner to sign the note also to get DTI ratios acceptable. Current note is presently in the non-occupying owner's name (brother of home occupant).
I'm looking at PenFed and NFCU so far.
PenFed offers a 5/5 at 2.875% and no origination fees with a 2% cap on adjustment and 43% DTI only needing a 680+ FICO score, however, all borrowers must reside in the house.
I don't know as much about the NFCU rates, so far it appears they offer a 5/5 at 2.5% and 0.25% origination fee but the rate varies with your FICO score, still getting more info on this one.
Other Credit Unions to consider? What about USAA, how good are their mortgage rates?
By Ummmmm ...
I was approved in January for Navy's Cash Rewards card.
At that time, their website advertised a rebate.
The rebate involved spending a certain amount within 90 days, and receiving a rebate of $200.
I called Navy this afternoon to be sure I qualify to receive this rebate.
The representative says that my card does not have on record a five digit code that I would have had to give them when I opened the card, to take advantage of the rebate.
I know there are a lot of NFCUers out there -- anyone taking advantage of this rebate and if so, can anyone lend a hand with the five digit code?