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To answer your question, I’d need more information on your current loan and you.
When did you take out your existing FHA mortgage? If it was insured with FHA before May 31, 2009, you will get a far better deal than if it was after……(lower costs to FHA on the new loan, and lower monthly FHA insurance cost)
What is your credit score? Some lenders have pricing adjustments based on credit scores, higher scores get better pricing.
Do you have any mortgage lates (over 30 days late) within the last year?
Do you live in the home?
Pricing can also vary based on whether you do a true streamline (no paystubs, etc), or a qualifying one (prove your income is adequate to do the loan). Generally, if you have good income with respect to your monthly payments and can prove it, you’ll get better pricing compared to the “true” streamline….
Rates will also vary depending on whether you pay the closing costs or your lender does. With a relatively low loan size, it will be a little harder for your lender to pay all costs, especially if you’re in a state with higher closing costs and/or state fees connected with refinancing.
Please let me know if you’d like more info……rather give you the most accurate info possible than generalize, which is all anyone can do until you provide a little more info. Hope that helps!
Ted
what should the monthly payment and rate be?
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