Need Help with FHA Refinancing

[prabs99]

Anyone familiar with FHA refinancing? We got our mortgage in July 2010. I want to refinance if it is going to save me money. Any help is appreciated. Thanks.

[ezdriver]

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prabs99 wrote:

Anyone familiar with FHA refinancing? We got our mortgage in July 2010. I want to refinance if it is going to save me money. Any help is appreciated. Thanks.

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What kind of help do you need? Do you have a specific question?

[prabs99]

Have no idea where to start. I keep gettting mailers, but not sure I trust those.

[StartingOver10]

First place to start is with the value of your home and the remaining balance of your mortgage.

What is your current interest rate?

You have a mortgage now (FHA) where the MIP will drop off automatically when the LTV gets to 78% of the original amount borrowed.  If you go for another FHA loan with a high LTV (over 90%) then the MIP will stay for the life of the loan. It might not be worth it to you do refi if you have to refi back into a FHA loan. 

You will want to speak to a correspondent type lender to see what your options are for a refinance. Sometimes it isn't worth the effort.

If your home's value is high enough, and the interest rate is low enough, then refinancing into a conventional loan might be worth your while.

Start with the numbers so see what works for you. By the way, you don't have to get a 30 year loan. You can refinance into a 25 year loan or 20 year loan if the numbers work for you. 

[DallasLoanGuy]

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@prabs99 wrote:

Have no idea where to start. I keep gettting mailers, but not sure I trust those.

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talk to friends/family/coworkers and see if they can refer you to someone they used and liked.

know any realtors?  they all know lenders