Post by: archery288 on April 08, 2010, 03:41:48 PM
I wanted to clarify a few things about FHA streamline refinances.. The first thing that you should know is that the loan amount can't change. The existing loan amount acts as a cap... The reason for stating no closing costs is the lender generally pays for the closing costs in these situations depending on the interest rate.. Most people do not have an extra $2000 - $2500 for bare bones closing costs, plus a pretty standard 1% origination fee on top of that laying around to put on the table for a refinance to keep their loan amount the same.. (Or if they do, most like to hold on to the extra cash and just roll the refinance costs back in to the loan) As stated however, this cannot take place in this situation as the loan amount must stay the same. Sometimes it is achievable to obtain a slightly lower interest rate if one would like to pay for the closing costs out of pocket – yes.. Ads that state no closing costs are simply stating the generality of the situation and what is most commonly done by the consumer. And one nice feature of an FHA streamline refinance is the fact that decreasing housing value does not affect this loan! So regardless of the value, you can lower your rate as the loan amount is based off of the original appraised value of the property.
With 48 hour banked turn times, and the ability for 5-7 day closings if need be, I feel that Allied Home Mortgage is one of the best companies around! We now have a new system that is going in to effect where we not only continue to service our own loans, but we will begin working on a program with most credit unions and banks in the area.. What I mean by this is – when you walk in to your local credit union or bank to sit down with your loan officer and discuss a loan, our company (Allied Home Mortgage) will be the one offering the services and loan programs available to you! That is great news as it is allowing your local bank / credit union to offer a much more extensive list of programs that will help you as the consumer to get your loan done! I will update you with more information along the way! I have had numerous success stories with many realtors in my area that have called me out of the blue for those trying to buy a new home in a very short time period; and after the bank they were dealing with took almost a month to a month and a half only to announce considerably more time was needed, I was able to start the loan and close it in 5 to 7 days! Professionalism, education, efficiency, clear communication, persistence, and being ethical are a must in today’s markets! Being able to offer all of those and more, I feel that I can make your home buying or refinancing decision one of the smoothest and best transactions you'll ever have!
(As some situations require more attention and certain circumstances may arise, I am speaking from the vast majority of my business that I have completed)
Rates are phenomenal right now – don’t miss out on the opportunities available to you!
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Post by: archery288 on June 01, 2010, 04:04:15 PM
One member on this site took a few minutes to see if it was possible, and he is now saving nearly $150 a month for just one quick phone call!
BOY HOWDY ARE THE ELK EVER!
I contacted Jon yesterday "Just to see what he could do". Turns out he was able to streamline my FHA loan and with absolutely no cost to me is saving me 146.00 a month. Plus I have no payment for July or Augest depending on when the paper work goes thru. Although, I can put that payment purely tword the principle shaving years off my mortgage.
He's fast, efficient, profesional and is even coming to my office to do all the signing today. I still cant believe it was that easy. My interest rate was fixed at 6%. Not bad, but with rates were they are now, not that great. Im now fixed at 5% and even if I dont pay it off early or make extra payments he saved me $52,000 :IBCOOL:
Thanks Jon! So far its been a real treat to work with you!
Post by: Bearhunter on June 06, 2010, 09:35:17 PM
Post by: vandeman17 on June 07, 2010, 11:05:06 AM