my MI is 37 if refinance will be 57 with 20,000 less on balance owed

no ,IT IS not a scam. the new guildlines for FHA. iT all depends when you took out your first FHA, AND now, on any purchase or refi, you will have mortgage insurance .. THERE is no way around it .. I have a great broker for you in ca. linda yourloanpartnerforlife@live.com

It's not a scam however the cost to benefit is too high in my book. There may be other options to illuminate monthly MI payments. Give me a shout at scottpwmson@gmail,com

Vaughn, It's not a scam but if I am not mistaking sounds like you have had this mortgage for at least 24 months, which if that is the case I don't understand why your Broker/Lender is offering you FHA (perhaps because there is more money in it for him) but you should defiantly explore other options, mainly a Conventional Loan which will save you ALOT more if not immediately but in a long run.if you like more information please feel free to call our Sr. Mortgage Advisor Houtan Hormozian at 310-933-4748 or via email houtan.hormozian@crestico.com

As the others have said, no it is Not a scam.

I will also add my 2 cents worth here - agreed that it is not a scam, just in line with changes within FHA. One thing that you should look into is how long have you had your FHA loan - if it has been several years, your MI might drop off after 5 years, as this is how FHA used to be. I would look at that first - because if it does drop off, your current rate is pretty good. If it is doing to drop off and you refinance with a new FHA loan that new loan will have MI for the life of the loan. This is a big consideration.esta.hoffman@mwfinc.com

It's has to do with the federal government, specifically HUD and FHA, since they set the MI rates for government insured loans. The Rates change time to time to stay ln line with the claims being filed.. the more claims, the higher the MI rate will be.. and if you recall, we just went through a heck of a down turn regarding defaulting real estate loans.. so the MI variance is not a scam, but I would question why you would consider refinancing only to save $28 per month.. typical closing costs are going to be $2000 to $4000.. at a $28 per month savings it would take years for the loan to pay for itself. .. 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. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com