| FHA Refinance If you are facing foreclosure we have helped many homeowners refinance out of foreclosure to a fixed rate loan. |
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07-21-2009, 01:07 AM
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Refinance FHA home loan?
I currently have a FHA home loan. 6.25 % back in 2006. I keep getting these things in the mail to refinance. Is it a good idea? The loan was for 123,888. My current house payment is about 850 a month. If I refinanced would it really bring it down that much? Thanks for the help.
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07-21-2009, 01:33 PM
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you don't want to refinance just to bring your payment down. when you refinance have a purpose for doing so. are there bills or debts that you want to pay off, are you wanting to make repairs to the home, etc. every time you refinance you will increase your loan amount with closing cost, and more interest. the payment of the mortgage will depend on your interest rate. also keep in mind that in order to get a better interest rate your credit, assests, and property value must be in order.
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