Just as the name implies, FHA loans allow you, the borrower to simply lower your interest rate. many times without even having to qualify or without having to get a current FHA appraisal. This FHA Loan program is just what the name implies. Reducing your current mortgage interest rate will (in most cases) reduce your monthly mortgage payments. The times that when you Reduce your current mortgage rate and your payment does not go down or get reduced, that means that you must be getting cash back, consolidating "other" debt or else your lender is charging way to much in  fees and  if that is the case, you should seriously reconsider your Rate Reduction FHA Loan program. Just by merely reducing your currently mortgage interest rate does not ensure you that you will be saving money each and every month.

I have hear that a good rule of thumb is "that you must lower your existing rate by at least 2% to make it worth while. What a bunch of garbage that is! First off, is the person who is telling you that helping you to pay your current monthly bills? if so, then perhaps listen, If not, tell them to go "pound sand". That amount of your monthly savings has more to do with the size or the amount that you own on your mortgage. Meaning, if you only owe $50.000 on your present mortgage and you reduce your current mortgage interest rate, you can expect to save only a few dollars each and every month. The reason for that is simply that most likely you will add back into your existing loan all of the loan costs, so while you are reducing your interest rate, you are increasing your loan balance. Now compare that to having a loan balance of $400,000 and only being able to recue your current interest rate by only 1/2 %. Now I realize that saving 1/2% does not sound like a lot, but because that the mortgage balance is high, you would be saving well over $150.00 a month.. So do not let anyone else tell you or advise you as to what amount of monthly savings is right for you, only you get to decide that.

One call to The FHA CONNECTION and within minutes, we will be able to calculate for your the different scenarios to see of a rate Reduction program with FHA make financial sense to you. Or take the guess work out and do not put the cart in front of the horse and get your FHA Rate Reduction Program Today.

Call 1-678-770-5046 or submit on line, either way, we are The FHA CONNECTION