With Conventional loans we have more flexibility to roll closing costs and prepaids into a loan.
FHA has strict rules on what can be rolled into a refinance loan. So, with FHA often times you end up bringing money to close on a refinance because we are limited on the maximum loan amount.
Once your current mortgage servicer pays your property taxes, then we only have to prefund your new escrow account with three months of taxes. …This is the lowest it will be all year.
The property tax bills are being paid this time of the year. …Hence, a good opportunity to refinance.
That’s it for today.
Thanks for reading!
Brett
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