* Mortgage Term: Suppose you seek to refinance your current 15-year mortgage to a 30-year mortgage, your house will be paid off quicker.
* Lower Interest Rate: FHA refinancing enables you to lower your interest rate. A low interest rate would help you save thousands of dollars over the life of the loan.
* Reduce Monthly Payments: Lower interest rates automatically translate to reduced monthly payments. Or, you may choose to retain same levels of monthly payments and payoff your mortgage principal and thereby become debt-free sooner.
* Refinance to a 3-year ARM: You could refinance to a 3-year adjustable rate mortgage if you are moving out of your house in 3 or 5 years.
