Loan Modification Forum - LoanSafe.org - View Single Post - Final Housing Bill Passes House, Bush to Sign into Law

ccsint · 07-25-2008, 12:04 PM

On rates, expect market rates + 1.5% additional FHA insurance.

Someone with good credit might get 8%, others 9%-10% (guessing here).

But your mortgage balance would be significantly lowered, so hopefully it results in the same or less payment.

If you can pay the same but be paying principal (versus interest only), and have a 30 year fixed, would you? I sure would. If I received an 8% rate then I'd be paying $400 a less/month PLUS paying down principal.

Like AmericanNightmare, my home is 30% underwater ($~200,000, in OC). I won't be able to refinance this nor pay down enough in order to keep my house in the coming years.

07-25-2008, 12:04 PM	#21 (permalink)
ccsint Senior Member Join Date: Jan 2008 Posts: 45 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Final Housing Bill Passes House, Bush to Sign into Law On rates, expect market rates + 1.5% additional FHA insurance. Someone with good credit might get 8%, others 9%-10% (guessing here). But your mortgage balance would be significantly lowered, so hopefully it results in the same or less payment. If you can pay the same but be paying principal (versus interest only), and have a 30 year fixed, would you? I sure would. If I received an 8% rate then I'd be paying $400 a less/month PLUS paying down principal. Like AmericanNightmare, my home is 30% underwater ($~200,000, in OC). I won't be able to refinance this nor pay down enough in order to keep my house in the coming years.