closing cost of fha streamline loan

All loans have closing costs.. however streamline refinance transactions have some of the lowest closing costs compared to other types of financing. How your costs are paid can vary significantly.. you can pay them by bringing in cash to close, you can have your lender pay them by accepting a slightly higher interest rate and receive a credit to offset the costs. But in both scenarios, it's you paying.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

It depends on if you are doing a FHA streamline with or without an appraisal,what the 3rd party fees will be etc....at what rate ----- the best solution is to speak witha local lender or any of the professional folks here on Lender411.

Just because the loan is classified as a streamline does not mean there are no closing costs. The cost for this refinance are essentially the same as a regular refinance depending upon the type that you do. One streamline option requires an appraisal and other does not. It is possible for lenders to pay your closing costs for you for a higher interest rate but you will need to discuss this with a skilled and trained loan officer. If you intend to sell your house within a few years a no closing cost option would be best. If you plan to retain your home for a long-term and pay it off, paying your own closing costs would be best.

Closing costs are limited compared to a normal refinance. For instance, we reduce our underwriting fee from $800 to $295, FHA reduces the upfront Mortgage Insurance premium from 1.75% of the loan to 0.001% and there is no appraisal required on most loans saving you about $400. The balance of the closing cost remain the same and vary depending on the loan amount and local costs. Many times these can be absorbed into the new "lower" rate if closing cash is an issue. Talk to a local lender and request a Good Faith Estimate. I believe you will be happily surprised at what you find. Good Luck Ben!!!

Many of the costs are pretty similar to a purchase mortgage. In some cases, it makes sense to let the lender pay all or most of the closing costs for you. The interest rate might be slightly higher but you are not bringing cash to the closing or increasing what you owe on the house. Each situation will be slightly different and a good mortgage officer will talk to you about your plans and make recommendations based on your individual situation.

We don't have any underwriting or lender fees which helps a lot on a streamline. The upfront mortgage insurance is only .01% so really nothing. Then you will have your title fees, escrows and recording fees. If I can help please get into touch with me: P: 888-320-7888 - www.MortgagesforAmerica.org - Ken Burrows

The cost for title insurance, the largest item of expense, depends on the amount of the loan. Your loan officer can give you a quote.

There are closing costs on ALL Mortgage loans... How you pay them can vary greatly. www.streamline-refinance-mn.com