Rates listed below are BASE rates. Rates are based upon a $300,000 minimum loan amount, no cash out and a credit score 720 or greater, closing cost not to exceed $3,000. Please call or email me for a custom rate quote.
No Closing Cost 30 yr fixed rate mortgage:
5% with $2,000 closing cost credit 5.125% Up to $3,000 closing cost credit 5.25% Up to $4500 closing cost credit
No Cost 30 yr fixed JUMBO mortgage rate up to $729,750 :
5.25% up to $4,000 closing cost credit
Lender paid closing cost 30 yr fixed FHA mortgage rate:
5% $1500 closing cost credit 5.25% Up to $3,000 closing cost credit
How long does the mortgage refinance process take?
It is important to have proper expectations as to how long it will take to settle on your refinance. There are many factors that can affect the time that is will take to close. Please read on for a basic time line for a traditional FHA , Fannie Mae and Jumbo refinances.
Step 1: Identify a broker/lender that you trust to handle your loan transaction. Do not be fooled by "low cost/hidden fee" internet chop shops. It is important that you do not lose sight of the fact that your mortgage is your LARGEST financial obligation. You would not go unlicensed doctor in Tijuana for heart surgery, do not go to part time loan officer/full time waiter for your mortgage.
Time elapsed: As long or as short as you would like, or you could call me now
Step 2: Complete a loan application, either in person or online. If you have any doubts about the company that you have chosen, it may be a good idea to visit their office for the application
Time elapsed: Online is about 15 minutes, in person should be within 24 hours (this a real time market, today's rate could be gone tomorrow. I suggest acting quickly)
Step 3: Gather all requested documentation to submit to underwriting. This is where YOU control things. It is imperative that you are as responsive and proactive as possible.
Time elapsed: 48 hours
Step 4: Once your lender/broker has received all necessary documentation, they will submit your complete loan for underwriting. All lenders have different underwriting turn times, some are as little as 8 hours, some are up to 3 weeks. Ask you loan officer who your loan is being underwritten by and how long it will take. This will also be the time when the appraisal is ordered. Under the new regulations, the lender cannot order your appraisal until 4-7 days after you have received your truth in lending agreement.
Time elapsed: Most lenders average 7-10 days
Step 5: Your lender will issue a conditional underwriting approval. Most often, the conditions that they ask for will be easy to satisfy (i.e., updated paystub, updated bank statement, corrections to title work etc....) Gathering and submitting these conditions will take about 48 hours. Once submitted, it can take up to 72 hours for the conditions to be reviewed and approved.
Time elapsed: 6-8 days
Step 6: Schedule loan closing.
Time elapsed: Many lenders require that loans are scheduled no less than 72 hours after the cleared to close is issued
Total time elapsed to apply, submit and close your loan : 28-31 days
This is assuming that you do not have anything go wrong, that you do not have a 2nd mortgage that requires subordination and that your lender is working aggressively on your behalf.
What if you need to close faster?
Choice Finance holds a lenders license and has the ability to underwrite loans right here in our Rockville, Md headquarters. This allows us to close your loan much faster than your average mortgage broker. Visit me online today @ www.joshburley.netand www.choicefinance.net
Contact Josh Burley today to streamline your FHA mortgage 301.881.8900 x125
Work with a LOCAL mortgage lender that you can trust. Choice Finance has been serving the DC Metro area since 1996
If you have an FHA mortgage and you are considering streamlining, Here is what you need to know
1. You ALWAYS want to close at the end of the month! When you payoff an traditional loan, you will only pay interest for the amount of days that you actually have the loan. Example: Your loan funds on 11/2 , you would pay 2 days of interest to your old lender and 28 days interest to your new lender for a total of 30 days interest. On an FHA loan, you have to pay a full 30 days interest to your old lender. The result would be that you would pay 58 days of interest for 1 month! On a $300,000 loan that would be over $1100 in wasted money. ALWAYS CLOSE AT THE END OF THE MONTH!
2. Don't be fooled by "NO COST Streamlines"! While no cost FHA streamlines do in fact exist, make sure that is what you are getting. Just because you are not required to bring cash to the table, does not mean that your loan is NO COST.
3. Most lendersrequire a credit score. Prior to March of this year, lenders were not requiring credit scores for FHA streamline refinances. Today, 95% of lenders require a score of 620. I do still have lenders that will allow no credit score streamlines, but they will question the overall credit worthiness.
4. FHA streamline guidelines are changing on 11/18/2009. While most changes are minor; there are two big changes. 1. the maximum loan amount will now be your payoff MINUS your mortgage insurance refund. This will make streamlines with zero cash out of pocket very difficult to attain. I highly reccomend starting the streamline process prior to 11/18. 2. Borrowers will have had to have made at least 6 payments prior to streamlining. If you purchased a home in the past 6 months and have a rate 5.5% or higher, call me today!
Still good: Relief from tax hit on discharges of debt. A temporary provision aimed at making sure that people who lose their homes do not also take a tax hit in the process has a while to go.
When a lender discharges debt, such as when a home is sold and the proceeds are not enough to cover the loan balance, that amount had been treated as taxable income.
Your mortgage payment for January 2010 actually reflects interest accrued for December 2009. So if you make the payment in December, the interest will be deductible for this year.
As I mentioned in a prior post, the guidelines for FHA streamline refinances without an appraisal are going to drastically change on 11/18/09. If you currently have and FHA mortgage in Maryland, Virginia or Washington D.C., please call me today for a free streamline mortgage estimate.
Why the rush?
1. On November 18th, the maximum loan amount for FHA streamlines will change. As of today, you can obtain a loan amount equal to your old loan amount. This typically allows you to roll most or all closing cost into your new loan. The result is a NO COST streamline.
If your FHA case number is assigned on or after 11/18, your maximum loan amount will be your current balance MINUS your applicable upfront MI refund. The result of this change will be that you will likely have to come out of pocket with several thousand dollars to streamline your FHA loan without an appraisal.
2. Another significant change will be that you must have made 6 payments on your existing mortgage to be eligible for an FHA streamline. Did you purchase in July with a rate of 5.5%? Want a rate at or below 5%? You better act NOW! You will not be eligible for a streamline until February of 2010! Who know what FHA interest rates will look like in 2010? That is right around the time when most pundits predict that we will see significant rate increases!
Why should you contact me for your FHA streamline mortgage?
I am an FHA mortgage expert. Over the past 3 years I have funded HUNDREDS of FHA loans, both as a direct lender for companies owned by Goldman Sachs and Barclays bank, but also as a Loan Officer for Choice Finance in Rockville, MD. Choice Finance is a LOCAL mortgage broker with in house Fannie Mae underwriting. Do not work with a large internet company that does not care about you. Work with a local broker that relies on your referral! That is how you will get the best rate and service for your mortgage transaction.
30 yr fixed FHA jumdo streamline 5.25% zero points
5/1 FHA ARM 4.25% zero points
IMPORTANT NOTE: FHA streamline refinance guidelines will change on November 18th 2009. FHA streamlines will become much more difficult to close with NO OUT OF POCKET expense. Do not wait another day to streamline your FHA mortgage. Contact Josh Burley NOW!
For updated USDA, FHA , VA, Conventional and Jumbo mortgage rates go to www.joshburley.net .
4 condos for salewithin walking distance of Friendship Heights METRO (.33 miles) as of 10/06/09: (Under $800,000 sales price in Montgomery County, Maryland)
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