By refinancing your home, you can possibly save a great deal of money. If you are on a budget, this can help so much! Mortgage rates are constantly changing and when they are low, it's time to refinance. That means now is a great time to do so. You must meet the FHA Loan Requirements, though when you follow those, you are set and ready to refinance!
Once you meet the requirements, you can greatly reduce your monthly payments, though your home is still worth the same amount. Can you imagine saving thousands of dollars? We've been trying to save for a summer vacation to Disney World and once we refinance, this trip will finally be possible.
We've also realized that getting a lower interest rate when refinancing means we will pay off our mortgage even earlier! Our home will be paid off right around the time my husband is retiring, which is perfect timing. Not only will we have saved money, but we'll be able to completely enjoy retirement without owing money. Our dream of traveling the world when we retire can finally come true.
How do you save money? Have you considered FHA Streamline Refinance?