Already have an FHA loan? Here are a few ways to lower your payments

If you have an FHA loan and the interest rates have fallen since you made your purchase, you may be eligible to refinance at current interest rates and lower your monthly out-of-pocket expenses. Or if you have an Adjustable Rate Mortgage (ARM), you may want to consider converting it into a fixed-rate loan so that you can lock in a lower interest rate and reduce your monthly payments.

Here’s another option to consider: decreasing your loan’s term. If the interest rate has dropped since you got your loan, you may be able to pay the same amount each month but own your home sooner. This can save you a significant amount of money in interest payments. Visit our blog to learn more about refinancing options.

Contact a Caliber Home Loans, Inc. to discuss how much you can save by refinancing your FHA loan with Caliber Home Loans, Inc.

Key Features and Benefits of FHA Streamline Refinance: 

• Minimum 620 credit score requirement.
• A new property appraisal may not be required.
• You may qualify to finance energy-efficient improvements for your home.
• To qualify, you’re required to be current on your monthly loan payments