How to get a Super Low Interest Rate without Moving

Take advantage of recent low interest rates (before they climb up again) by refinancing your FHA loan. Ask your lender (or mine!) about an FHA streamline refinance.

If you bought when interest rates were higher -- and many people have, since interest rates at the moment have not been so low since 50 years ago as they are today -- you may be keen to refinance and free up your monthly income. This refinance simply results in a lower interest rate.

Here are the details:

-- you don't need an appraisal
-- you don't need to verify income
-- you will pay a couple of hundred dollars for the service
-- you can't refinance a 30-year term into a 15-year term, you must trade apples for apples

Here are the basics:

-- your mortgage must already be FHA-insured
-- you, the borrower, must be current on payments
-- the refinance must result in a lowering of your monthly payments  and/or a conversion of an adjustable rate mortgage to a fixed-rate mortgage
-- not possible to do a cash-out refinance

Make sure to go with a lender who, first of all, doesn't play possum when you mention an FHA streamline refinance. Sometimes you may even find a lower interest rate when you refinance with a non-FHA (conventional) loan, instead.

No matter what kind of loan you get, always go with a lender who is willing to do the work for you, and who will exactly to the penny explain how, and to what extent, a refinance will advantage you: know all the details about the interest rate, costs to refinance, length of the term of the new loan, and whether it has a fixed or variable rate.