is designed to show the amount you could save on your mortgage based
on today's best national rates*. It is intended to be a quick reference
tool only, showing approximate savings. Your interest rate may vary
based on your FHA loan and state requirements. A loan officer will provide
the actual rate, points and APR when you complete an official loan
Enter your information as accurately as possible to ensure the best
Variable rate vs fixed rate FHA Loans:
Variable rates can be very rewarding in the right situations,
and are typically quite a bit lower than fixed rates. Unfortunately,
many people don't consider variable rates because they don't understand
how they work, which usually means that they end up paying a lot
of extra money on a fixed rate.
you know that a FHA variable rate is only allowed to go up by
a maximum of 1% per year, and can never go 5% over your original
rate? In addition, a variable rate only changes once a year on
the loan's anniversary. With this in mind, we offer the following
you plan on living in your house five years or less a variable
rate is probably a good choice at this time. The reason? If
you took the absolute worst case scenario, your average rate over
5 years would still equal the best current fixed rate that you
could get today. Since the worst case scenario is very unlikely,
you could save thousands more on your mortgage!
you don't like risk and plan on living in your house over 5-10
years, then you should probably stay with a fixed rate and
watch the rates over time, refinancing whenever the current rate
drops more than a half a point below your existing rate.
shown are subject to banking holidays and available information
provided by the lenders themselves.
**Figures are based on customer input and may differ slightly
from final refinance amount shown.
This web site contains general information only and is not
intended to provide anyone with specific refinance rates or
advice. Furthermore, because the laws are constantly changing,
the information in this site may change without notice. Should
you wish to refinance your FHA home loan, we encourage you
to contact one of our loan officers (listed in the contact
us page or provided to you when you click on one of the links
above) to discuss the specific state requirements, rates,
points and APR for your refinance.