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Old 04-01-2009, 07:46 AM   #1
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home refi

just letting everyone know that there is a new way to refi your home that may save some of us a lot of money.

I did an FHA home loan and they now have a "stream line refi" which requires little to no documentation and you can refi at todays rates. I am not sure how many other loans you can do this with. that would be a question for a professional (which I am not).

the rate I heard was 4.7%

my guy is going to do me a cashless refi and save me about $160 monthly. I currently have a loan at 6.5% to give you an idea.

this is a pretty good opportunity to save some money in todays economy.

I am just passing it on for what it's worth. I am not recommending any particular company or person, just saying that now is the time to try even if you owe 95%+ on your home. I am not sure what the limit on that percentage is but it is worth looking into.
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Old 04-01-2009, 09:08 AM   #2
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Along those lines, I discovered something this morning...
http://www.makinghomeaffordable.gov/...ation_yes.html

It's a new government program that (monetarily) encourages lenders to refinance/restructure mortgages such that the montly payment will be less than 31% of gross income.
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Old 04-01-2009, 11:21 AM   #3
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I'm in the process of doing that right now. Going from 6.125% to below 5% (I'll get final numbers this Friday).
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Old 04-01-2009, 02:38 PM   #4
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Aw, I'm missing out on all that fun stuff. Didn't buy cars and toys but paid the house off early.
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