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Refinance FHA 30 yr mortgage

I still have $1555k to pay on the loan, original amount was $220k. I have been on time with all of my payments and have stable income ($90k/year). can Ii reduce my loan length and rate? by chavezjuancho50303 from Albuquerque, New Mexico. Jun 22nd 2015 Reply


Jason Berman (jason@jbermangroup.com)
#102 ranked lender in Colorado - 25 contributions

Hello, do you owe $155,000? Was unsure based on loan amount you mentioned. What rate are at right now? You should have no issues refinancing & I would recommend that you look at a 15 year conventional mortgage without mortgage insurance. All FHA loans have mortgage insurance & you have the equity to not worry about MI anymore. Good luck & feel free to post more questions. Thanks, Jason Berman 970.455.4131

Jun 22nd 2015
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Jericho Cherry (Jerichocherry)
#58 ranked lender in Virginia - 1,107 contributions

As Jason said, look into a 15 year CONVENTIONAL MORTGAGE which has NO Mi.

Jun 22nd 2015
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Pete Bass (PeteBass)
#31 ranked lender in Connecticut - 476 contributions

This would depend on your credit profile, debt to income ratio's, etc....You may have options from a Streamline FHA refinance to a conforming refinance without mortgage insurance- e-mail me at pete.bass@everbank .com to learn more

Jun 22nd 2015
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,041 contributions

Yes, but to find out exactly what you would qualify for or what your benefit would be, i would suggest you contact a LOCAL mortgage broker and apply with them. Once they see your complete loan profile, they will be better equipped to advise you properly. Also, by applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with many lenders with each one offering a different type of lending program. This is unlike the local bank which typically only has a few lending programs. The more lenders, the more lending options, and the more likely your scenario will be accepted.. Plus, the broker is experienced in seeking out the best loan terms for your particular scenario, and he has lower overhead which typically results in lower rates and fees than most of the larger lenders.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Jun 22nd 2015
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Cody Bellah (cody@communitymortgagekc.com)
#16 ranked lender in Missouri - 68 contributions

Yes a 15 year CONV would be the way to go.

Jun 22nd 2015
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,565 contributions

Probably, but the answer is.... We don't know... What you need to do is simply contact a local mortgage broker in your area... Someone you can drive to if needed. Give them a full application, and let them review your application to see if you qualify, and what it would look like. For loans in MN, WI, or SD, visiti me at www.Minneapolis-Mortgage.net

Jun 24th 2015
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