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Ways to refinance your mortgage

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  • Description

    Fox News legal analyst Bob Massi explains

  • Duration 3:24
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Our next segment is something you've been clamoring for millions of Americans are struggling to refinance their mortgages we told you last week about streamlined.

FHA loans.

They can lower your monthly mortgage payments -- to 300 dollars well.

Apparently you still have a lot of questions about these loans we have some answers for you or not we -- I'm talking about Bob -- is Fox's legal analyst Bob Bob -- can you tell us about what we discussed last week.

Well first of all you know got it just an enormous amount of response Friday and the FHA streamline loan as we talk is it.

Is where you can actually take the original -- that you had that was FHA.

And you could request through your lender to have the the interest rate lowered and you don't have to qualify.

You don't have to they don't that don't have that employment you have no appraisals necessary -- mean it's a very simple process but we got some pretty interesting question yeah.

Access -- let me remind those T this is from one of our viewers -- -- eligible for a streamlined FHA loan.

Do you still have to pay normal closing costs associated -- And you do because it's just like at.

-- whenever you go to get a refinance of any kind of home even though to streamline in other words are taking your interest rates from where was.

And bringing it down -- current competitive.

Race yes you have to go through closing.

You have to play -- closing costs and that's why I stress last week.

To deal with a good mortgage broker or your lenders you completely understand what those costs will be.

All right here's another question can the lenders still ask -- credit check before an FHA loan is approved.

Yeah and this is very interstate -- The FHA streamline.

Guidelines say there is no credit pulling required.

But a lender remember FHA insures -- -- that's what they do.

But the lender could do what they call an overlay I got a lot of emails saying that they called their lender and they still say they have the right to -- the credit.

That is true the -- market say look Bob.

We want to pull your credit we wanna see what your fight those scores are so a lot of times they want fight those scores 620 -- -- of the -- still could control that.

But it is still a process all the more reason why you educate yourself to the mortgage broker your lender.

To learn what the lenders requirements will be but that's about the only thing Bryant everything else is exactly what we talked about last week with the FHA guidelines.

And last question from a viewer how -- -- streamlined FHA loan affect your mortgage insurance.

This is very important most of the loans -- that we got on FHA was pre 2009.

So when you do -- streamline FHA.

Your mortgage insurance is -- like point 01%.

Very very minimal however.

If you're FHA loan was after 2009.

Mortgage insurance could be more again.

Get the opinion from the broker -- at the numbers work.

All right if you have any questions and you want to be port issue.

-- you can email Bob by Latin America boxes friends star being clicking on the shattered dreams and we hopefully will be able to.

Pick that up a little that we -- rebuild your dream dead thanks so much Bob -- They Q.

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