However, your ultimate goal is to reduce your monthly payments and at the same time save your home.

If there is enough equity in the house FHA will insure mortgages that include missed mortgage payments.

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So if the current interest rates are low, it's a smart move to refinance before the rates are still high and you are helpless.

Part of its popularity is due to the fact that many buyers rush to take advantage of record low lending rates.

Your payment will be higher, but the interest you pay much less over the life of the loan, thus saving your hard earned money.

After this, the client does not need to deal with their previous company more funding.