San Diego FHA Streamline Refinance Mortgage Loan Q & A (2019 Update)

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Scott Taylor with licensed in the City of California for both real estate and mortgages with an emphasis on San Diego.

Now you filled out an online form regarding the FHA streamline refinance, and that’s what this educational video is all about.

Now I broke down what an FHA streamline refinance was, so watch that video and this is kind of more of a Q&A for people that watched that video and have some questions for me.

You might have the same questions, so I just wanted to shoot one more video.

So one of the questions is,

“How soon can I do an FHA streamline refinance?”

Which is a great question.

A lot of people get an FHA mortgage and then they get maybe for a little bit higher rate, maybe they get an FHA 2 or 3K, which is a construction.

Maybe, the rates were just higher, maybe there’s another reason.

“So how soon can they do it?”

Six consecutive payments, okay, at least 210 days have to pass.

So, that’s it, one of those…well, both.

I’m sorry, both of those things have to happen.

Six consecutive payments,

200 days… 210 days have passed since the date of your last closing to the day that you submit with me,

Okay and in actuality it’s better to refi as soon as possible when you can and say have that 5% net tangible benefit, because you get a portion of your UFMIP Upfront Mortgage Insurance Premium, refunded back to you.

And as soon as you do it, you get more and then you have three years for each month is less and less and less to the point where you don’t get any refund at all.

So,“how can we make it a no cost refi to me?”

So, there’s really two ways that you can pay closing costs for your FHA streamline refinance:

[one] you can pay closing costs out of pocket, meaning from your bank account, from your…under your mattress or whatever. The other one is called a no-cost refinance, right.

You always hear about this, oh it’s no cost,

Guess what?

There’s always costs in every single mortgage loan, it depends on how you structure it.

So, what you’re going to do is called a lender rebate, very simplified.

Let’s assume that we can qualify you at four percent,

we would then do it at four point two 5%, that point two 5% on the back end,

we’ll have some money there, that money would pay your closing costs and that’s how it is, very simplified.

So, always keep in mind, no cost doesn’t mean you actually don’t pay it, it’s just how we actually structure it.

So, “What’s the process and how long does it take with you?”

So the process is very, very simple, you can apply online in 20 minutes,

I pull your credit and then I send you a list of the needed supporting documents that we’re going to need, as soon as you upload it or send it to me via email, we’re off to the races.

Within 24 hours we open Escrow, we submit it to the lender and we can close very quickly, certainly less than 21 days and often around that, that 15 day mark or so, so we can do it very, very quickly.

So, “Why use you versus my current lender or major banks?”

That’s a great question.

So, I work for a mortgage broker,

So I’m in between you, the borrower, there’s me and then we have wholesale lenders,

So we’re approved with a lot of them, through the state of California, and we can take your loan to any one of those lenders, right?

Sometimes they have a better FHA rate, sometimes they have discounts for this month, sometimes they have less fees for this month, etc.

So once that comes in, we shop…my team shops who’s the best lender at that time?

And we submit.

The difference is, if you walk into a credit union or bank, you just get their loan products at their rates, just that one place.

So, you’d have to shop each one if you wanted to or come to someone like me.

The other benefit or difference is, don’t forget you’re walking in and your retail, at my end is called wholesale, so it’s much better.

And “how then how do I know if it makes sense? Right.

So we know that you have to have at least, you know, all the criteria;

Six consecutive payments, 210 days have passed, current on your mortgage, only 130 day in 12 months, and then the 5% net tangible benefit, right?

So we know that all those you have to meet.

So, I would say, and this is very…rates change a little bit all the time, depending on when you’re watching this, it might be up a little bit, it might be down a little bit, it might be the same, right?

I would say as you’re watching this,

If your interest rate is anything around a four point 5% or higher, you should at least fill out that application and I should at least run your credit to check and see what rates are at that time.

Thank you so much for watching and I look forward to doing your mortgage loan very soon.

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