I noticed your response to another post that mentioned your "stremline refinance" with your mortgage lender and had a couple of question if you don't mind! I've been with my current mortgage lender (Homeside) for over 10 years. Been in my home for 13. Refinanced 4-5 years ago when rates were down at 7.25%. Have a balance of about $47,000. Unfortunately, 2 years ago got in a bind and had to take a 2nd at sub-prime rates of 14.9% which has since been lowered to 13%. It's with Citifinancial. I'd love to get out from under this high rate but until recently I didn't know there WAS anything I could do about those nasty credit marks before I found CR Net. I'm still in the beginning stages though and my scores aren't up as much as I'd like before approaching a lender. Low score is TU at 568 and I've even faxed them the original letters from two OC's to delete and they just won'd update. Other scores in low 600's. I'd love to refinance under one loan at a good rate and get Citi out of the picture. They had the nerve to call me 3 times one week with an offer to "save us some money" and after pulling a hard without my consent, they called back and offered me a rate higher than the existing. I was like "hellllloooo, that is more than I'm paying now" and then all the sudden it was their mistake, couldn't help us. DUH. Anyway, would love to know more about the streamline (any cost involved, rates to expect, etc. ) and might be able to qualify for that right away. My 2nd is a balace of about $12 and the last appraisal on the house was $70,000. So I need to refinance the two loans into one for about $60k and the house is worth at least $70k. Thanks for any help....from anyone! I've regretted the Citi loan from day one but can't find a way to get rid of it.
I know that NO report hard or soft was pulled for my FHA refinance loan. I know to qualify you have to be current for the last 12 months without any latesand it has to currently be a FHA loan. I am not quite sure how the second loan will effect the streamline refinance. My current lender called me to see if I wanted to participate since I met the qualifications. I had a 7.25% and went down to a 6.00%. My scores are just under your (they dont even look for FHA). I would suggest to do what I did and talk with your current lender (mine had lower closing costs and hardly any paperwork) and also do a search on the internet for "FHA Streamline Refinance". I did the refinance first and when I close I am also going to get an Equity loan to pay off all my debts to have two payments.
Thanks a bunch for the info. Mine is currently FHA but not sure if I have had NO 30 day lates in the last 12 months. I think they're all older than that. That's cool that they actually called and offered you a lower rate without even knowing your scores. Hope it all goes well for you at closing! Again, thanks for the info.
I just signed my refi papers last night locking the rate at 5.75%. Jenasea is correct, there is no credit check for fha streamline. What my bank told me is that if you have a second mortgage you can streamline that also as long as the 1st and 2nd do not exceed what your original fha loan was for. For example: Original mortage $20,000 Refi 1st mortgage balance $8k and 2nd $4k = $12k and you qualify for no credit check. Refi 1st mortgage balance $8 and 2nd $13k = $21k and you do not qualify.
