Is it too late to refinance?
By Hector Amendola, Creating Wealth Through Homeownership
(Alterra Home Loans)
I've gotten this call quite a bit lately. There's commercials all over the radio about this. It's a common question. Did we miss out by not refinancing? The answer is more complicated than simply saying yes and no. If you purchased over the last few years using the FHA program, chances are you're being inundated with mailers from banks tricking you in to opening their mail by appearing to be official mail from your previous lender or from FHA or HUD themselves. These lenders are trying to get you to refinance in to another FHA loan. They're likely offering no appraisal and no fees on the loan. While both of these offers are fair and true - to take it at face value without investigating further is doing a disservice to your client. With rising FHA mortgage insurance costs, the savings ar...
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