Is it a good idea to refinance a FHA loan?
I currently have a FHA loan now at 6.5% I'm not sure if I should refinance or not.
- nikki93Lv 41 decade agoBest Answer
Its a good idea as interest rates have dropped dramatically over the past 30 days. Some things to think about though......do you know if your property value has fallen over the past year? If so, refinancing will affect you negatively. Do you have good credit? If not, you may not be approved or if you are the rate might be the same as you already have.
I would seek out a reputable mortgage professional in your area. They will may out several scenarios for you and talk to you about all of your options and fees associated with refinancing. Once you have all of this information on paper, you can decide if its worth it.
- Anonymous1 decade ago
If you can get the loan at a lower fixed interest rate, go for it. The purpose of the FHA loan is to provide funding where a conventional loan may not be obtained. The good that comes out of refinancing is lower monthly payments, but it also stretches out your time to repay the mortgage - right now, with the interest rate steadily falling, I would think it is a good time to refinance before that interest rate starts going back up.
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