Generally, there aren't many loans that have a pre payment penalty anymore. Very Rare. If loan is sold to Fannie or Freddie (in Illinois anyway), there cannot be a PPP on a conforming residential loan.
Quality Mortgage Lending
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well, with FHA you may have little or no closing costs vs a conventional.
How long will you be in the home?
There's quite a few side-by-side comparisons for FHA and Conventional loans.
6.125% is pretty good. to effectively pay it down, see if you can pay in bi-weekly payment and the lender apply it right away to reduce the nominal interest.... more
You would refinance both into one loan given that they don't exceed 125%.
There's this new program I've heard about that government is discussing where lenders would agree to forgive at least 10% for the underwater borrowers, including seconds just letting go of the debt. You should check that out too.
Faith Home Loans