Should we do a streamline refi or wait?

Hello, I haven't seen this question asked so here it goes: My partner and I were financed for a home last July. Only she is currently on the loan as I had a recent job change and some spotty marks on my credit when we closed. So know we are thinking are getting as streamline to drop interest a little. Here are the particulars. FHA loan 7/144.25% interestHouse appraised at 180,00. Bought for 173,500.Our current reported unpaid principal is around 168,000.Current bill is 1272.00 a month. To refi with our current lender, we would be looking at paying 1178.00 a month, so we would save 94.00 a month. We would pay our portion of the new with equity we have in the home (about 7,000) and the lender would cover closing costs. The new loan would be a little more than 170,000 and the new interest rate @ around 4%. My question is would this worth it for us? We plan to stay in the home and even if we did leave the home, we may try to keep it as a rental property. We also want to get out of the mortgage insurance since it's the life of the loan and refi to a conventional eventually. I am not sure using equity now to save about 1200.00 a year is worth it, but than again that's why I am asking for guidance! Sorry to be so wordy but any advice on this would be helpful. Thank you!

Play with a compound interest calculator if you want data, but that's not a bad deal at all even looking at historical market returns ($100/month invested over 30 years is pretty much double what 7K today is worth in 30 years). This is utterly based on your keeping the house for the long term, it all falls apart if you're looking at substantially less time. I'd also add that if you're trying to convert things to rental later, the cheaper the payment you have the better chance you'll have of making that happen in the future. $100/month is worth something like $230 monthly gross income on a 43% DTI calc and for many people that's non-trivial. Don't know what market will be like in a year but pretty certain we're going to be higher rates in 3-4 years short of another major collapse which I'm not betting on anyway, so if you're looking at a FHA Streamline refi now, might make sense to look at conventional or other loan products too depending on your current credit strata.

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xsi wrote:
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Message was edited by: LarryHN
Message was edited by: LarryHN

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minicook wrote:
Hello good people I have a dilemma and am wondering if I should close a couple of accounts that are really serving me no purpose. These stupid First Premier cards and a Credit One card. First Premier like so many others was my first card then Credit One then another First Premier. I also have at the time 3 Capital One cards a Barclay Rewards card and a partially secured BOA card as well as some store cards. I want to close it but do not know all of the pros and cons of doing so. I am only keeping them so my overall cl will be higher especially since I do not have any prime cards or limits over $1300 yet. I want to close them but do not want to shoot myself in the foot what should I do.???I'd close them for sure. You have much better cards that aren't costing you so much money, so you don't need those cards. Their history will continue to help you for quite some time. If you still have enough credit without them, get rid of them. Utilization shouldn't be an issue. If you will end up going over 70% total utilization every month, I'd reccomend paying the card off in the middle of the month so you're not appearing maxed out. The only other thing to do would be to PIF before statement cut on all but one card and leave 1-9% unpaid until the statement is created, but you should only do that when you're applying for new credit. Overall, they aren't helping you enough to justify their cost.

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