If you already have an FHA mortgage, you may be eligible for a very easy mortgage refinance. FHA loans are eligible for a “streamline” refinance to lower the interest rate. As long as you do not need to get cash out, you do not need to have your property appraised. You also do not need to give the mortgage lender any income documentation. You must have good credit and be making your monthly mortgage payments on time. You may have to provide bank statements if money is required out-of-pocket at the close of escrow.
Low Interest Rates
FHA loans have among the very lowest interest rates in the mortgage market. Thirty-year fixed rates have been in the 5% range for several weeks. Now is a good time to do a mortgage refinance, especially if you have an FHA loan. Act now to refinance while interest rates are still low.
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