Can I lower my mortgage rates by refinancing from a conventional loan to an FHA loan?

Probably not.. but the info you provided is not enough to properly advise you.. if you have mortgage insurance on your conventional loan, then it will be generally less than what you would pay with FHA.. and when you go FHA, you will be required to pay mortgage insurance at a rate of 1.25% annually... so if you qualify for a 3.25% FHA loan, once you add MI.. your effective rate is 4.5%.. Conventional MI is usually much less than FHA, but it really depends on how much you put down when you initiated your loan.. if you put 20% or more down, you have no MI.. so even if you refi conventionally at 3.75%, your still better off going Conventional than FHA.. The best advice I can give you is to contact a LOCAL mortgage broker and apply with them. Not the local "Big" bank, and certainly not one of those 50 states internet lenders...By applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with numerous lenders, seeking out the best loan terms for your particular scenario. Because he has lower overhead, he can offer you lower rates and lower fees than most of the larger lenders.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Sure, but depending on your credit and equity situation, moving from a Conventional at 6% to a conventional at 3.5% might be better than moving to an FHA at 3% because FHA requires Mortgage Insurance. To know for sure which is best for you, Work with a local Licensed Mortgage Professional. You should always work with a local Mortgage Banker/Broker, rather than one of the big banks or big national mortgage factories. Unlike a bank employee, who is most likely just an order taker, a Mortgage Broker/Banker is Trained, Tested and Licensed in all aspects of Mortgage Origination. We have access to loan products of MANY lenders, not just those of ONE bank, and can properly guide you. But more importantly, we are trained to take a look at the various different options available to you and guide you into the one that makes the best sense for your situation. Don't forget to check out your selected Mortgage Originator at the National Mortgage Licensing System at www.NMLSConsumerAccess.org ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ Licensed in California and Arizona ~ www.LoansA2z.com 888-889-9950

In a short answer yes, However if you qualify for a conventional loan then it would be a better route and you could lower your rate, the key is going to be the funding fee and mortgage insurance that you would pay depending on the term of the loan and the loan to value. based on a high credit score and a rate of around 6% you need to look at a refinance. I do buisness coast to coast and would be happy to work up some options for you to see it there would be a bennifit to your situation. thanks .... John Schweer SR. Mortgage Loan Originator...Office: 816-412-3568...Fax: 816-410-2754...Email: jschweer@dfckc.com

As mentioned by the other lenders, its all dependent on your overall circumstances. The first key is how much equity you have in your home. If at least 20% then the conventional loan would usually be better unless you have poor credit scores, or have high Debt to Income ratios. In that case the FHA may be the better option. Please feel free to call me at 703-293-6146 in Farifax VA.Scott Kinne NMLS# 182351Vice President First Heritgage Mortgage - Branch NMLS# 86548

As you are seeing from other answers, the details matter especially the amount of equity you have in the house and the length of the new mortgage, 15 vs. 30 years. In some cases even if you don't have 20% equity a conventional loan would be a better option. I recently helped some friends who only had 3% equity refinance to a conventional loan because it was the best option based on their qualifications. Yes you can do it but a good mortgage lender will evaluate all your options based on your qualifications and the details of the financing needed. I occasionally lend in VA if you'd like me to help you work through your options.

Yes, you potentially can. It's best too look at both situations with your lender and see the savings that would occur with each loan program. While you might be able to get a lower rate with an FHA loan, you will need to pay monthly mortgage insurance. So, look at the costs for both conventional and FHA including the monthly mortgage insurance premium.

Although the prior responses covered this well a final answer will be determined by information we don't have . I would be happy to give you an answer today.Call Mark 302-449-7373. We are approved for FHA,VA and can help capture the best rates and fees on this or conventional.