My husband and I bought our home in 2008 using an Fha loan. We were lucky to get a home that we loved in a great neighborhood for a price that fit in our budget. Working at Quicken Loans, it's hard not to notice that mortgage rates have been at record lows and I began to wonder if we could refinance our house.
Like a lot of people, I was concerned with our property value. I started using property value estimating sites to research what our home value might be. I was shocked to see that agreeing to these sites, in just two years, our property value decreased ,000. I assumed that there was no way we were going to be able to refinance. I prolonged to play colse to with our mortgage amortization calculator and dream of a time that we would be able to refinance.
Fha Streamline Refinance - My Personal feel
Suddenly, I came to my senses. Why was I development an assumption about our potential to refinance? Sure, I saw what a website said our home value would be, but why wasn't I personally talking to person about our specific situation. I contacted a Home Loan specialist and before I knew it, I was in process and working toward end our Fha streamline refinance.
Because we are in an Fha loan, we were able to refinance without a new appraisal. Refinancing for us means that we've lowered our mortgage rate by nearly 2 points (or 2%) and we're salvage 0/month which is huge for us! Even with our original mortgage rate, we were able to afford an extra cost each year which reduced our 30-year term by about 10 years. We refinanced to another 30-year Fha loan, but we still plan on development that extra cost each year. We're going to pay our loan off sooner and save 0/month. It's pretty amazing.
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