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    Streamline Compare

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    The document compares the costs and savings of refinancing a current $185,000 FHA loan to a proposed refinance. Refinancing would save $909.92 annually and $27,297.71 over the full loan term. It also details the costs and profits for the broker from a normal refinance versus a no-cost streamline refinance.

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    Streamline Compare

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    The document compares the costs and savings of refinancing a current $185,000 FHA loan to a proposed refinance. Refinancing would save $909.92 annually and $27,297.71 over the full loan term. It also details the costs and profits for the broker from a normal refinance versus a no-cost streamline refinance.

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    The document compares the costs and savings of refinancing a current $185,000 FHA loan to a proposed refinance. Refinancing would save $909.92 annually and $27,297.71 over the full loan term. It also details the costs and profits for the broker from a normal refinance versus a no-cost streamline refinance.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as XLS or read online from Scribd
    Download as xls
    47 views1 page

    Streamline Compare

    Uploaded by

    [email protected]
    The document compares the costs and savings of refinancing a current $185,000 FHA loan to a proposed refinance. Refinancing would save $909.92 annually and $27,297.71 over the full loan term. It also details the costs and profits for the broker from a normal refinance versus a no-cost streamline refinance.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as XLS or read online from Scribd
    Download as xls
    of 1

    Provided by BWEIS CLIENT CONSULTING SERVICES Client ID: JOHNSON-2598PIONEER

    FHA STREAMLINE REFI COMPARISON


    Your Loan Officer: Contact:
    COMPARE PROPOSED REFINANCE

    PROPOSED LOAN CURRENT LOAN

    Loan Amount $185,000 $185,000


    Rate % 6.125% 6.750%

    Principle+Int 1,124.08 1,199.91


    Est Taxes 192.71 192.71
    Est Insurance 53.96 53.96
    Est MI 77.08 77.08

    TOTAL $1,447.83 $1,523.66

    ANNUAL PAYMENT SAVINGS $909.92


    FULL TERM PAYMENT SAVINGS $27,297.71

    NO-COST REFINANCE METHOD


    Brokers receive compensation from loan investors depending on the rate and term of your loan. A NO-COST Streamline
    Refinance is made possible by using the compensation to credit the cost of the borrower's third party fees. If the broker
    can make a profit and pay all third parties then it makes sense. Keep in mind, the lowest rate loans pay little to no
    compensation which means brokers must charge up front, and thus on a no-cost refi your rate will never be the lowest,
    but it will be the cheapest. This means every time rates drop, you can refinance at no-cost. Most brokers are not willing
    to cut profits to benefit their customers, nor are they willing to discuss alternative methods.

    NO/LOW-COST NORMAL
    A) Broker Compensation
    Origination Fee 0.000% 2.000% (avg. 1-2%)
    1 YSP% (paid by lender) 2.250% 0.250% (avg. 1-2%)
    2 SRP% (paid by lender) 0.000% 0.750%
    3 TOTAL (Broker Compensation) $4,162.50 $5,550.00

    B) Estimated 3rd PARTY FEES


    4 Title 240 650
    5 Escrow 250 500
    6 Lender 795 795
    7 Other 15 400
    8 TOTAL 3rd PARTY FEES 1300 2345

    Broker Profit (line 3-8) $2,862.50 $5,550.00


    Total Due from Borrower: $0.00 $7,895.00

    We disclose our profit because we believe a good relationship is based on integrityand trust. This figure may increase or
    decrease depending on the d ate & rate actually locked. If this transaction does not benefit all parties, we are not
    interested in pursuing it. Total Due shows the amount your loan balance would increase.

    ESTIMATED COST SAVINGS $35,192.71


    Are you current on your FHA loan payments? YES | NO
    Is your credit clear of collections? YES | NO | NOT SURE
    Is their a 2nd loan on the property? YES | NO
    Is the property your primary residence? YES | NO
    Would you refer this service to others? YES | NO | NOT SURE

    Your Loan Officer: Joseph Hummel (760) 696-9110 Email: [email protected]

    Loans made by corresponding licensed brokers. Figures intended as precise estimates based on information provided. Rates not guaranteed,
    please lock rate quickly. Savings may not be exact but are assumed based on 30 year terms.

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