Simple questions about refinancing my mortgage?

Hi: If you would like to go over the new monthly principal and interest..would be glad to do that and explain how many yrs it will take to re-coup closing costs etc..If it will save you and compensate your financials then it is your decision to make. I am assuming you have had your FHA loan for more than 5 yrs if so Monthly MI should be removed by now, right? I would suggest looking into a conventional loan where you can avoid the Upfront MIP FHA requires and have more Arm product options if you don't plan to stay in that house a while etc. Also I offer no closing costs refinance .. On a refinance you will not need any cash out of your pocket. (Mike 703 505 5300) www.stconvininc.com NMLS #754875

Hello Brady: Thank you for laying out your situation in detail. However it is really impossible to answer your questions accurately without having seen your income documents versus your debts. It sounds like you are a good condidate for refinancing as long as all your criteria matches what you claimed. Some things to think about: One is that you have already spent two years in this home paying interest for the majority of the two years on your existing loan. When you refinance you start the interst clock all over again. I would look at a 15 year as well as 30 year option. The payment may be a bit higher on the 15 but your rate will be lower and you will have paid much less in interest over the life of the loan. If you do not plan on moving then this option would make the most financial sense if you can comfortably afford the payment. Closing costs can be rolled into the loan if you have the equity to support the figures. You will need to supply all your income documents as you did when you pruchased the home. Anything can happen in 2 years and even with in a month so updated information will need to be provided and checked in order to qualify for a new home loan. fees will range depending upon who you decide to do business with. i would look at doing ano closing cost loan as the rate may be higher then market avg. but you will not be incurring any new debt on the mortgage balance. Keep in mind when you roll closing costs into the loan it is amortized over 3-, 15 years and you pay interest on it as well. Good luck!

The decision to refinance is pretty simple. What is the saving, what is the breakeven period, will you be there long enough to reap any benefit. The is a cool calculator to help you decide at http://www.metzlermortgage.com/refinancing

FHA loans are able to be streamline refinanced with no income verification and no appraisal. This cuts the costs. Our fees are $805 and our rates are the lowest you will see anywhere. However, that may still not be enough for you to refinance. Alot of folks are shortening the term of their loan for the same or less payment than they pay now. THAT may be something you want to look at.Hope this helps. Pat McCarthy, Stonegate Mortgage Corp, NMLS 621695, 614-310-7520