Streamline Refinance or Not?

Streamline Refinance or Not?

Posted in the Glade Hill Forum

latinydamopapldi es

Chicago, IL

#1 Nov 7, 2013
adkismoohoognshena wrote:
Streamline Refinance or Not?My wife and I have a $338,000 loan (30yr fixed FHA) at 5% interest rate and we acquired it last May of 2009 at a beginning balance of $343,000. We have the option to do a "streamline FHA refinance" at
4.5% interest rate and having $4,000 in closing costs added onto our current loan of $338,00 taking it back up to $342,000.

We would basically lose about a year's worth of payments but we would be saving $108.00 per month for 30 years which equals $38,880.00

My wife and I are not seeing eye to eye on doing the streamline and getting our loan moved down from 5% to 4 1/2%. She says "it's not worth it" because we would only be saving $100 per month and losing a whole year's worth of payments and basically starting over. I told her it's nothing to worry about because we still have 29 years to go at 5% and locking in 4 1/2% and starting over is a GOOD THING.

I need some professional advice on this subject so that my wife and I can sit down and make a smart decision.

Thanks!.
This site can help you finding the best option for you:@www.credit-solutions.info

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