Financing in Salinas>Question Details

Salinas, Home Buyer in Salinas, CA

Is this a good time for FHA mortgage refinancing?

Asked by Salinas, Salinas, CA Sun Aug 29, 2010

I have 5.25% rate on my 250K FHA loan. My monthly payments including everything is $1,824. I have been paying regularly after I bought this house about a year ago. Do you think I can lower my payments to $1,500 range after a zero cost refinancing ? Thank you for your feedback :)

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Answers

2
Dear home owner,

FHA is probably the best way of refinancing your home if you should qualify. Of course a conventional loan is also excellent. As for the zero cost refinancing--I am not sure you will be able to find one. Most direct lenders will tell you that they charge nothing but check the fine print.

If I can be of any assistance, I am a loan officer in Fresno but visit Salinas once or twice per month to visit family members.

You can reach me at bbmanduja@yahoo.com or (559) 977-7238. Frank Mandujano
0 votes Thank Flag Link Mon Dec 6, 2010
Much depends upon how long you plan on staying in the property. If it is long term - and you are not including escorws - you have a chance. Check with a local lender in your area and ask what is currently available in the marketplace with your credit and income profile.

Good Luck!

Gerry Dunn
Associate Broker

Serving Maryland, Virginia and D.C
301-651-8600
0 votes Thank Flag Link Sun Aug 29, 2010
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