FHA Refinances

by Remington from Logan, Utah, USA

Regarding FHA Refinances: Kate, I have a question about FHA refinances. I keep getting told by my lender that my rate will be 5.25 percent, a great mortgage rate, but I keep getting told by two other friends, (all of us with excellent credit) that they got 5.0 percent.

I am on a float option now waiting to lock in my interest rate. How can I track rate trends and know when to lock in?

Also I know location matters in this situation, so I live in Utah. Also is it worth it to go away from a big reliable bank, and refinance with a smaller company offering a better rate?

Kate Answers: FHA Refinances

Dear Remington, My answer may surprise you. Stop shopping for the lowest mortgage rate!

Instead shop for the best mortgage lender. I have a saying. Qualify your lender. That's what I told my neighbor Robin who has a similar story to yours. You can read it here.

As mortgage borrowers, we are accustomed to making loan application and being subjected to the approval process. But as a consumer, we need to go about this differently. We should actually be qualifying our lender BEFORE our lender qualifies us!

Now I understand there wasn't too much of this taught in school. That's why I wrote the Easy Path To Low Mortgage Payments full of questions to ask your lender. Yes, questions to qualify your lender!

Along the same vein, go to my Six Step Plan where you can learn short cuts to comparing mortgage lenders.

Since you are interested in FHA refinances, I have included more links for you at the bottom of this page, overflowing with useful and convenient information here on this website.

I want to wish you luck with your mortgage. Please feel free to return with more questions.

Best Wishes,

PS If you still have questions regarding FHA Refinances, write me at Ask Kate where every question is a good question.

Finding FHA And VA Help You Need

Today's FHA home loans are new and improved. Could low down payments be the solution for you?

FHA loan requirements, and there's plenty of them, weren't taught in school. But I can help with this. Here's how.

Join in with other Americans benefiting from FHA mortgage loans.

FHA Appraisal - Lenders require appraisals. Your Realtor says every smart buyer uses a home inspection. Why both?

Every time you call an FHA lender about a refinance, do you hear FHA Loan Limits are too low for your area?

What could be simpler than FHA Streamline Refinance?

FHA Refinance - Despite the myths, there are powerful benefits to refinancing with FHA mortgage loans.

Does our government owe you FHA refunds?

FHA Reverse Mortgage - Income and security for Seniors minus the payment.

Leaky roof, broken steps, peeling paint. FHA Rehab Loan to the rescue!

If you attempt an FHA Eligibility Calculator, without knowing the questions lenders will ask, you could miss out on a big opportunity.

Three powerful but simple tips to finding your best FHA Lenders.

VA Mortgage Loans - Zero down payment home loans for active military and veterans.

Ask Kate About FHA And VA - Ask a question to get an answer from Kate.

FHA and VA HQs - A complete collection of questions about FHA and VA, each with a individual answer from Kate.

Home to Get Your Best Mortgage Rate from FHA Refinances

Help Spread The Word

Please come back and visit often. Help me spread the word by sharing FHA Refinances with your friends using these easy social bookmarking buttons. I depend on word of mouth!

The information you obtain at this site is not, nor is it intended to be, a substitute for financial, real estate or legal advice. You should consult an attorney, accountant, lender or real estate agent, as applicable, for advice regarding your individual situation. Comments and opinions found here are not necessarily those of Get-Your-Best-Mortgage-Rate.com