*Question by HadTheSurgery*: How many years do you have to pay on a mortgage before you can refinance?

We have a fixed rate FHA mortgage. How many years do we need to pay into it before refinancing will help lower our monthly bill?

**Best answer:**

*Answer by Paul D*

Need to know your balance, current interest rate, remaining term (number of payments, if the payments are monthly), and current payment, not including escrow payments.

Also, estimated sale price for your home.

**Give your answer to this question below!**

NONE. As long as you can convince a new lender to loan you enough to pay of the old mortgage, you can refinance the day after you close on the first loan. Naturally, that NEVER makes practical sense, but it is 100% legal.

The interest rate and refinancing costs are what determine if refinancing is worth while. You can’t predict the change in interest rates based on the age of the loan.

If you have had at least 6 months of on-time payment history, there is a program called the FHA Streamline which allows you to lower your monthly bill without appraisal, without income verification, and at very low cost (if any).

I work for an FHA-approved lender, If you would like more information, I would encourage you to reach out to me.