Should I refinance into a conventional loan or get a streamline FHA refinance?

I think your lender may have been suggesting prices in Malvern have moved lower. My recent refinanes in Malvern have shown price increases so maybe the lender you are speaking with isnt familiar with the area. If your home has increased in value, definitely go conventional. Even it its at 85% LTV. Get a 1st & a 2nd to avoid PMI. If you want some idea what your property may appraise for, call me at 610 304 2665 or email probanker1@gmail.comMike

Ok.. So your question is very confusing, and I'm not sure what you mean by "the current refinance in my neighborhood being lower"?? That is confusing.. So here's the rules.. FHA requires at least 6 months of payments be made prior to a refinance, and the total monthly payment must be at least 5% lower than your paying now.. In order to avoid MI for FHA, you need to refinance at 15 years, and have a LTV lower than 78%. You will need an appraisal, and you will have to full up qualify.. Tax returns, pay stubs, bank statements, etc... if your loan was initiated prior to May 2009, then there are reduced upfront MI and monthly MI rates that apply, so you could streamline without appraisal, and all the other income stuff.. If your loan was initiated after May 2009, then you will be subject to the current MI and upfront MI factors.. This could eat away at your potential savings, making it not worth going after.. For conventional, you need to have 20% equity, pay for an appraisal, provide all the income documentation, but rates will not be that much better, however you will not need monthly MI... So it really comes down to your home's value.. if you contact a local broker, they should be able to get you some accurate valuations and put together a side by side comparison so you can let the numbers dictate which way you should go... 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

The answer to your question lies in the value a new appraisal will show. If the value reduces your LTV to 80% or below, then it may make sense. But beware. In the lending world, your purchase price is the value until you have owned the property for at least one year. Make sure you have your Mortgage Banker/broker calculate your breakeven point. If this is in time frame you plan to still be the owner of the home, then a refinance now will probably make sense. Even a 4% loan with lender paid closing costs that gets rid of MI will save you as well. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ Licensed in California and Arizona ~ www.LoansA2z.com 888-889-9950

I'm not sure either and I have been in the mortgage business for over 30 years.I am very familiar with Malvern and can find out what your value is and then help you with the loan.Call me at 215 238 9400Fred GlickNMLS #133975U S Loans Mortgage LLCusloans.com

Depending on when you did the 4% FHA mortgage. You may not qualify for a streamline due to the change in FHA premiums. If it was before 6/1/2009 then you may actually be better off doing the a streamline because rates are lower on goverment backed mortgages right now. You have a lot of variables in there that will make or break your file. Also depending the actual appraised value you may or may not be able to get the conventinal loan with out MI