As a person in the Mortgage Lending business, now is a great time to think about what to do with your curent mortgage.  Is the rate in the 5.5% or above range?  If so, you can refinance right now to much lower rates, or drop your term to 10 to 15 years!  In some cases, the 15 year rate will allow you to have a payment about the same as your 30 year rate.  My suggestion is to allow us to take a look.  We can line up three to four loans side be side and you can see the comparisons, then determine if refinancing is something you may want to do. 

FHA is coming with a new streamline refinance starting in June of this year.  There is no income verification and no appraisal needed.  You will have to prove you have made your payments on time for at least 12 months, and we can do that with your credit report or do a verification of mortgage (VOM). The upfront mortgage insurance will only be 1% instead of the 1.75% for a new purchase.  Also, the monthly mortgage insurance will be set at 0.5% instead of the 1.25% on a new purchase.  Therefore, should you currently own an FHA mortgage, and you originated that mortgage before June 1, 2009, you are elligible to participate.  This is an excellent program and my only wish is that HUD would allow the origination to be at least June of 2010 for elligibility!  Call me if you have questions. 601-829-5001.
Joe