Is it a good idea to go from a big name lender home loan to a FHA loan?

We bough a house a year ago and we have a 30 year fixed rate 5,000.00 loan at 6.5% and a payment of ,475 with a huge name lender. Our loan officer called and said we should refinance now for a better rate. She says we should go from our current loan to a FHA loan for a lower rate. I don't know what the new rate is yet but I need any kind of advice about refinancing and if its a excellent thought in the first place. If we refinance do we get cash in hand or just a lower rate and hopefully lower payment?

On a side question: I also remember reading a while ago that if you refinance or take a second mortgage against your house the homestead act/law doesn't apply to you anymore. Making its simpler to loose your home to creditors etc than if you only have the original loan. Is this right or did I miss-interpret what I read?

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Tags: 30 year fixed rate, bough, creditors, fha loan, FHA Refinance Rates, homestead act, loan officer, refinancing, second mortgage, side question

This entry was posted on Monday, June 15th, 2009 at 3:48 pm and is filed under FHA Refinance Rates. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.
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One Response to “Is it a good idea to go from a big name lender home loan to a FHA loan?”

Beverly S says:

June 15, 2009 at 3:48 pm

The homestead act does not change regardless of whether you refinance- I work in the mortgage business & just refinanced my home in Sept. to a lower rate. I didn't want cash out- I just wanted a lower payment which I got- rates are in the 5's now for FHA- probably worth you doing. Just get the #s & make the choice then- usually if you can save 1% it's worth doing.

Tags: 30 year fixed rate, bough, creditors, fha loan, homestead act, loan officer, refinancing, second mortgage, side question,

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