I get offers in the mail all the time to lower my interest, I currently have a 6% and the letters usually claim to lower my interest to around 4.5. I purchased my home two years ago with my husband, he is the only one working now, we both have good credit score around 700 and no late payments. our mortgage. show more I get offers in the mail all the time to lower my interest, I currently have a 6% and the letters usually claim to lower my interest to around 4.5.
Best Answer: It sounds like you would qualify for an FHA streamline loan. Whether it makes sense to take advantage is another story.
FHA streamlines are designed to lower the payment of borrowers currently in an FHA loan. We look at your credit, and make sure that someone is working. We don't look at value, in most cases you don't need an appraisal. We also don't look at income so it wouldn't matter that you are no longer working.
With the new FHA rules and current rates, your rate would go down, but your monthly mortgage insurance would increase. You would have to weigh this out together with the cost of refinancing to see if it was worth it for you.
You would not have to use a different lender, but it might be to your benefit to do so. I can lock with my bank and also with Chase, Citi, Wells, 5/3, Bank of America and some lesser known investors. I can tell you that Wells does not have the best rates right now.
If you want to message me, I can get some numbers from you (principal balance, payment, taxes, homeowners insurance) and give you an idea of whether it would make sense.
Source(s): Mortgage banker for 15 years. Concentrate on government loans - FHA / VA / USDA and first time home buyers. Lend in 49 states. There is still 100% financing available in some areas! Real estate paralegal for 10 years prior to working in mortgages.