Posted on: 23rd Sep, 2008 02:50 pm
Hey,
I have an FHA loan with 5.75%. I was wondering is there any new laws passed that would help lower my interest rate? Bought the house in December 2007 and since then I've been hearing alot about government trying to help those who are struggling...
Thanks
I have an FHA loan with 5.75%. I was wondering is there any new laws passed that would help lower my interest rate? Bought the house in December 2007 and since then I've been hearing alot about government trying to help those who are struggling...
Thanks
hi guru_blowfish!
welcome to forums!
as far as i know, fha interest rates are presently at an all time low. if you have taken a fha loan, then you will get the lowest interest, minimum down payment and lowest closing rates. these rates also depend on your present credit situation. people having a good credit record and fico score will get fha loans at the lowest interest rates. in case, if you are in a fixed rate mortgage and the rate of interest goes down further, you should go for refinancing to get lowered rates. you can opt for fha streamline refinance.
feel free to ask if you have further queries.
sussane
welcome to forums!
as far as i know, fha interest rates are presently at an all time low. if you have taken a fha loan, then you will get the lowest interest, minimum down payment and lowest closing rates. these rates also depend on your present credit situation. people having a good credit record and fico score will get fha loans at the lowest interest rates. in case, if you are in a fixed rate mortgage and the rate of interest goes down further, you should go for refinancing to get lowered rates. you can opt for fha streamline refinance.
feel free to ask if you have further queries.
sussane