streamlined refi worth it?

[Frank]

Ah yes. One of the favorite subjects for dfwmustangers as we "grow up".

Prob rehashed in exhaustion, but...

I had a 30 fixed, 5%. I'm 3 years into it. I was listening to a company claim they could do a streamlined refi with no closing cost and get me possibly a 25 fixed about 4% and drop my MI. I haven't looked into it previously as I didn't think there was any advantage.

I am also not a fan of my mortgage sold off to who knows. Maybe its not a big deal but I kinda like knowing who I would be dealing with long term.

Pros/cons of a streamlined refi?

[fivelstang4]

i have done one before. It's really as easy as they say. As long as you have no late payments within the last 90 days its done. no credit, no appraisal.

[The King]

Can you possibly get into a 15-year fixed instead?

[slow99]

Rates this low, I went fixed for as long as I possibly could.

[Frank]

Can you possibly get into a 15-year fixed instead?

No idea yet, haven't ran the numbers, but the person I spoke with mentioned they don't do variable, only fixed is what they would quote.

[Counterfiend]

What company was it?
I'm at 4.5% 4th year in with PMI.

Would like to eliminate that.

[DamonH]

I've got an FHA loan on a rent house I'd like to streamline refinance. I keep putting off looking into it, let me know what you find!

[Chili]

I've got an FHA loan on a rent house I'd like to streamline refinance. I keep putting off looking into it, let me know what you find!

You may need to confirm that you can do a streamlined refi on a non-owner occupied home. I know much of my mortgage experience is long since out of date, but back in the late 90's my company would not do streamlined on an investment property. Just something to look into.

[Shorty]

Rates this low, I went fixed for as long as I possibly could.

Dave Ramsey wept.

[black2002ls]

We have only been in our home for 13 months but we have added 10-12k in value through repairs and remodel. If i can get an appraisal at that increased amount, we can show 20% in equity and hopefully drop the PMI.

Thoughts? Suggestions?

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[03mustangdude]

Need to do this to get rid of pmi but i feel that will neglect my incentive to pay it off early.

[slow99]

We have only been in our home for 13 months but we have added 10-12k in value through repairs and remodel. If i can get an appraisal at that increased amount, we can show 20% in equity and hopefully drop the PMI.

Thoughts? Suggestions?

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The thread from a couple months ago when we were discussing this said conventional can do this, FHA cannot. I'm doing it in August.

Edit: you have to be in it 2 years before you can do that.

[CWO]

SVTLurch

[Big A]

Need to do this to get rid of pmi but i feel that will neglect my incentive to pay it off early.

Once removed, take what you're currently paying in PMI and put it towards the principal.

[Taylor]

I'd like to know as well, I have shit tier FHA with PMI, just finished my second year in the home. Would loooove to ditch PMI any way possible while maintaining the nice rate.