Mortgage ratew, new programs and what is the shut down doing to the mortgage world/

[13SECSS]

Hey Guys, As all of you know, the Goverment still has yet to agree with oneanother, thus keeping the Goverment on shut down. The only upside to this, is the market and rates have turned in our favor. Back in May of this year, all long term rate's climbed at rate of 1.25% in less than 72 hours, taking rate's to the highest level since 2008. Rate's on a 30 year fixed in June near 5%, this did nothing but slow the housing market for purchse business as well as refi business. After the Feds seen what the market did after they pulled back on the recovery program, it only took them a few months to drop rates back down to a much more favorable level. The Goverment shut down as also allowed rates to drop to very low 4s. With that said, the home values have begun to rise and we have launced another great program for homeowners looking to PURCHASE OR REFI their home. We can now offer a refinance or purchase on Conventional loan with NO PMI. What does this mean for you?? if you have an FHA loan, and your home has alteast 5% equity, we can refi you out of that FHA and in some cases, save on the upwards of $200.00 per month!

For example, a homeowner with a FHA loan in the amount of $150,000 is paying over $165.00 per month in FHA PMI. We can offer 3 ways to refiance into a conventional loan with NO PMI saving you $2,000 a year. This will not only put money in your pocket each month, but it will allow for your home to be paid off faster as now that savings each month can go toward your principal balance.

Even if your FHA rate is say 3.75 righ now and current rates are say 4.25, even with the raise in the rate, the savings of elminating PMI is huge.

Please fee free to email me ([email protected]) or call me (313-701-2771) at anytime and I would be happy to run numbers for you!

Thanks Guys

Steve Frankiewicz
Vice President
Capital Mortgage Funding
A Division of USFS, LLC
NMLS 164041

 

[cjmatt]

If I dont qualify for an FHA loan, Can I still get out of the PMI? Ive got alot saved up, so I can put about 15% down on a house Ive been eyeballing, but I didnt want to have to deal with PMI, so Ive been saving to get myself over the 20% threshold

 

[red347lx]

What about us that are locked into HARP Program loans?

 

[13SECSS]

Shoot me an email in regards to the not qualifing for an FHA. Id like some more info from you. Thanks

If I dont qualify for an FHA loan, Can I still get out of the PMI? Ive got alot saved up, so I can put about 15% down on a house Ive been eyeballing, but I didnt want to have to deal with PMI, so Ive been saving to get myself over the 20% threshold

 

[13SECSS]

HARP with only allow for 1 refinance per client, per home. If the home has gained some value, we can refi you out of a HARP all day long. I just closed on my refi, which was a HARP loan. I refinanced mine into a HARP 2 years ago when I was underwater. My home now has about 10 percent equity, which allowed me to refinance into a stanard conventional. Let me know if you have questions. Thanks

What about us that are locked into HARP Program loans?

 

[Anthony]

Maybe I'll try a refi again Steve...... 100 a month wasn't worth it last time

 

[SuperStang90]

How lon before you can refinance an Fha loan? A year?

 

[13SECSS]

90 days my friend. Shoot me an email with my questions.

 

[13SECSS]

Give me a call, let's run the numbers. Thank bud.




QUOTE=Anthony;2684076]Maybe I'll try a refi again Steve...... 100 a month wasn't worth it last time[/QUOTE]

 

[Speedy]

Steve is the man when it comes to this! I saved almost $200 when I refi'd back in the spring through Steve

 

[04GoaT]

How exactly does one owe 150k and have a pmi of your quoted amount? I'm on FHA, and I will say my pmi is no where near that, not even in the ballpark.

I'm sorry for saying this but, "after the Feds seen..." Just made me stop believing everything else stated.

 

[fyoung7]

We just did my house last week 144,900 3.5 % down. PMI is almost 170. Steve has the numbers. you can post if you want.

 

[SuperStang90]

My PMI is like 176 on a 175k loan. 3.5% Down as well

 

[04GoaT]

Sure, new FHA loans have much higher pmi, but then you're likely not a candidate to refi as rates have gone up and in such a short period of time no one will meet the criteria to do so. As refi-ing a FHA loan requires a certain percentage reduction in payment. If I were to refi my 4year old FHA I wouldn't go for it, even if I did qualify. There's just simply no reduction in payment, the lower rates are mitigated by the increase in the new pmi. Factor in the additional interest you pay upfront in the loan to refi, just not worth it.

As always with this, there is much more than just "great, I'll refi tomorrow".

 

[13SECSS]

FHA pmi has changed many times over many years. Today and for the past 2 years, FHA is 1.35% percent of the loan amount monthly.

If your pmi monthly is far less than what i stated, then you took an fha loan prior to 2010 when fha pmi rates were .55 percent, then .78 percent, then .90 percent, then 1.15 percent, then 1.25 percent then, 1.35 pecent after the most recent hike. FHA pmi increased every 1-2 years over the last 8 years.

This is why yours is far less than what I used an example.

FYI. If you have been in a FHA for that long, you really need to think about looking into a conventional loan as you have paid thousands upon thousands in monthly Pmi.

How exactly does one owe 150k and have a pmi of your quoted amount? I'm on FHA, and I will say my pmi is no where near that, not even in the ballpark.

I'm sorry for saying this but, "after the Feds seen..." Just made me stop believing everything else stated.

 

[13SECSS]

That is not true as you can see in my post. For example: if you bought a home in say 2011' your rate on FHA was prolly high 3s and your pmi was 1.35 percent or there about per month. On 175k at 3.75 rate your mortgage only payment would be 810 plus 180 for pmi. If you refinanced at todays rates on a conventional loan with a rate of 4.25 your mortgage only payment would be 877 in turn saving you 113 per month. To some that is a lot, and that is the reason for my post. If I can save someone a cable or dte bill per month, then I will do my best to do so.






QUOTE=04GoaT;2684228]Sure, new FHA loans have much higher pmi, but then you're likely not a candidate to refi as rates have gone up and in such a short period of time no one will meet the criteria to do so. As refi-ing a FHA loan requires a certain percentage reduction in payment. If I were to refi my 4year old FHA I wouldn't go for it, even if I did qualify. There's just simply no reduction in payment, the lower rates are mitigated by the increase in the new pmi. Factor in the additional interest you pay upfront in the loan to refi, just not worth it.

As always with this, there is much more than just "great, I'll refi tomorrow".[/QUOTE]

 

[13SECSS]

Not sure who is giving you your info but, if your FHA was closed prior to June 2009, you can refi into another FHA loan at a lower rate and keep your CURRENT, pmi percent calculation of .55 percent. Any FHA closed prior to June 1st 2009 had this option.

Also, the net Benefit to the client that must be met when going from FHA to FHA is 5 percent reduction in principal and interest payment plus pmi per month. NO reduction in payment needs to be met when going from FHA to conventional.




QUOTE=04GoaT;2684228]Sure, new FHA loans have much higher pmi, but then you're likely not a candidate to refi as rates have gone up and in such a short period of time no one will meet the criteria to do so. As refi-ing a FHA loan requires a certain percentage reduction in payment. If I were to refi my 4year old FHA I wouldn't go for it, even if I did qualify. There's just simply no reduction in payment, the lower rates are mitigated by the increase in the new pmi. Factor in the additional interest you pay upfront in the loan to refi, just not worth it.

As always with this, there is much more than just "great, I'll refi tomorrow".[/QUOTE]