Amygdala-
You can apply for a streamline FHA loan where by you should not have to reappraise the house or jump through a few other hurdles that you did when you bought. The only set back is that FHA streamlines are limited to the original loan amount so if and when closing costs + new loan amount exceed your current loan amount, you would have to come to the close with that much in funds.

I can tell you right now that the best FHA rate you should get is between 5.00 & 5.25% so you should do the math and see if the monthly savings to you is worth it vs. what you have to pay for it.

If you have any questions or want to qualify, you are welcome to contact me.
Luke Allison
Flagstar Bank
828-777-8828
Luke.Allison@flagstar.com

Apply Online @ flagstarloans.com/lallison

You should check into a streamline FHA refinance with the lenders you talk to. You may not need a new appraisal.

http://fhadirect.hud.gov/offices/hsg/sfh/buying/streamli.cfm

BRAVO for you GREAT QUESTION !

Contact your former mortgage broker request if there are any penalities if refi' your home. Dont have anyone pull your credit it will reduce your credit scores speak with several brokers determine what they state. If it appears you can then go for it save money reinvest those monthly funds

Great question, Amy. Just from asking, I can tell that you are a smart and saavy consumer.

Despite the turmoil in the mortgage industry as well as real estate market, I firmly believe that there will be banks and mortgage brokers out there eager to win your refi business. A couple of points to consider though... Do you plan on staying in the home for at least 3 or more years? Would you be willing to pay a couple thousand dollars in closing costs & fees up-front or have this amount rolled into your loan? How much savings in your monthly payment are you realistically looking to gain? Does the loan on your existing mortgage have a pre-payment penalty (if so, how much)?

My parents refi'd their mortgage less than 2 years ago. Because of the recent drop in rates, they are seriously considering refinancing again soon. Each person's needs are different. I suggest that you ask family members, friends and co-workers if they can refer you to a trusted loan officer at either a bank, credit union or an independent mortgage broker who has access to dozens of financing sources (not just one). explore your options, obtain good faith estimates, and continue to ask pleny of good questions until you are satisfied and comfortable.

Amy.

Please don't view this as being "Greedt."

It is truly a matter of being on top ot things and engaging in good business practice. Do you think the banks would think twice about increasing the interest rates if the market could support it?

Check your mortgage document to see if you have a "refinance restriction." This can sometimes be the case. Our recommendation is to be in touch with a loan specialist to get their insight.

Good luck