Interest rates are slightly above recent lows and now may be the perfect time to refinance. Especially if you currently have an FHA loan.
The FHA Streamline Refinance is an extremely easy mortgage program. FHA has guidelines that permit borrowers to ignore most traditional mortgage verifications associated with a refinance, including those for income, credit and employment.
And with FHA mortgage rates in the 3 percent range, refinancing homeowners can also ignore the FHA mortgage insurance premiums. That alone could save you a huge amount of money.