Refinance Loan

Question: Fha refinance loan?

(Posted by: LupusMommy on 2008-04-14 14:38:59)

We are trying to do a cash out refinance and have already done the appraisal of our house. We are looking to do a 95 % cash- out refinance and our mortgage broker suggested an FHA loan. It seems to good to be true. What are the downsides?

Posted by: linkus86 on 2008-04-14, 14:55:13

The down side is that your closing costs tend to be higher. You have to pay 1 1/ 2 points in upfront PMI (often financed in the body of the loan) and regardless of how much your property increases in value, you have to pay your PMI for at least 5 years.

Posted by: Expert Realtor on 2008-04-14, 14:58:00

If you have to refinance cash-out to go from a conventional to an FHA...I say don't do it. That is a bad move overall...and MIP is very difficult to get rid of.

Posted by: Tony D on 2008-04-14, 15:19:34

If you need the cash out, it's likely your only option. Consider it carefully, if it makes sense for you, go for it.

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