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how do you refinance an fha mortgage ?

  • May 27 2011 - Wildwood
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Answers (5)

glen. Refinancing a FHA mortgage is not hard to do.  The harder part is whether it makes sense to do.  As of April the monthly MI increased again (double what it was back before the 1st change in Oct.  With FHA rates over the last year or so never going over 5%, it may be hard to see significant savings.  Best to talk it over with an experienced loan officer.  If you would like to talk, you can contact me through my profile.
  • May 27 2011
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How long have you had your current FHA mortgage? Some experts say it's not worth the refinancing costs if it's not 1.5% lower then your current interest rate(if you factor in closing costs).

These are all things to consider.
  • May 27 2011
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Any FHA lender can walk you through it. A streamline refi needs the least amount of paperwork.
If you wanted cash out then a regular refi would work. Cash out goes to 85% loan to value. If you wanted cash out to remodel your home then you need a 203K FHA. This can go up to 110% of value.
All closing cost are usually put into the mortgage.
  • May 27 2011
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Contact a loan officer at a local bank to walk you through the process.
  • May 27 2011
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Easy, do you have equity an a 580 credit score?  Also a job income for 2 years in a row?  Let me know I can help you get more direction if you get me some more information.
  • May 27 2011
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