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Refinancing options

Hello guys, I bought a house 4 years ago for $119K at 6.4 percent for 30 years through FHA. Current'y owe $113K. I ran my credit score and its at an even 700. Do I continue to improve my credit score and refinance later ? Or try to refinance now? If so, 30 years or 15 years fixed ? Help !

  • July 30 2012 - Philadelphia
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Answers (3)

Profile picture for Fred Glick
Refi now!

Your credit score is great and it would not improve your deal by getting better.

The choice of 30 or 15 depends on many things but you should call a qualified, licensed mortgage broker (like I am) to go over all the details of your situation.

Fred Glick
  • July 30 2012
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Being that you are in an FHA loan now your best bet is to streamline to a new FHA loan being that you took the mortgage out 4 years ago.  The reason for that is you will be able to take advantage of the new lower mortgage insurance premium FHA is charging homeowners like yourself to get them into lower rate mortgages.  You will have to refinance into another 30 year mortgage but with the savings you should be able to pay extra, get it paid off sooner and still save money from what you are paying now.

If you would like to discuss further please do not hesitate to contact me through my profile.

Thanks

Jonathan Mosca
  • July 30 2012
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With the rates being so low, I would suggest you look into refinancing out of an FHA loan to get rid of the mortgage insurance. Conventional rates start in the mid to high 3% range for a 30 year. If you would like a quote or to talk about some more options, please feel free to contact me.


Stan Bril
NMLS # 181322

  • July 31 2012
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