Is it a good idea to refinance a FHA loan?

Written By: admin on June 26, 2009 One Comment

I currently have a FHA loan now at 6.5% I'm not sure if I should refinance or not.

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nikki93 on: 26 June 2009 at 10:14 am

Its a excellent thought as interest rates have dropped dramatically over the past 30 days. Some things to reckon about though……do you know if your property value has fallen over the past year? If so, refinancing will affect you negatively. Do you have excellent credit? If not, you may not be approved or if you are the rate might be the same as you already have.
I would seek out a reputable mortgage professional in your area. They will may out several scenarios for you and talk to you about all of your options and fees associated with refinancing. Once you have all of this information on paper, you can choose if its worth it.