If you have an FHA mortgage with a rate at 5.5% or higher we recommend you contact us in the sidebar. Mortgage interest rates are hovering near their historic lows still and people with FHA loans are eligible for a “streamline refinance”. A streamline allows FHA loan holders to reduce their interest rates significantly without having to get an appraisal or even prove income and assets in most cases. Plus closing costs for FHA streamlines are usually paid for by an FHA-approved lender rather than rolled into the new loan.
But FHA streamlines will become more difficult to utilize in mid-April when the FHA is planning to increase mortgage insurance rates across the board for all FHA refinances. So if you have an FHA loan you will probably benefit by starting the refinance process before about April 18th. After that date all FHA refinances will come with higher fees. Contact us about this FHA streamline program in the sidebar.