FHA refinancing ?s

[RosemaryS-F]

Hi all, I wonder if anyone has any information for me. I am so overwhelmed by the internet google searches. Here is our situation. I wonder if it would be worth it to refinance w/ an FHA loan.

Bought home for: 260k
Home now valued at: 291k
original mortgage: 200k
outstanding balance: 181k
current rate: 5.85%
principal and interest monthly payments: $1,183.08
taxes and insurance monthly: 294.10

I would LOVE to lower our monthly payments. Has anyone got suggestions for me? TIA

[Ellien C]

I don't have a lot of advice - but just to checked - you've dropped and PMI you might have had, right? I think sometimes it doesn't go away automatically and you have to get if off yourself.

Congrats that your home has appreciated and you don't owe more than it's worth.

[RosemaryS-F]

Originally Posted by Ellien C

I don't have a lot of advice - but just to checked - you've dropped and PMI you might have had, right? I think sometimes it doesn't go away automatically and you have to get if off yourself.

Congrats that your home has appreciated and you don't owe more than it's worth.

I forgot to say that i have excellent credit. we don't have pmi.

[MissMommyNiceNice]

I would just call your current company and ask them what they can do. Banks are rabid to refinance now. We lowered our payment by $200/mo and locked in a full 2% lower than our first loan. Plus, the first time we didn't take advantage of any first time homeowners insurance or the like, so we got to take it this time around.

Especially if you have a good payment history, they'll want to keep your business. I doubt that you'll find a better rate than what they can offer you new. We checked a few other companies just to be sure and it didn't come close (our bank, our credit union).