I currently have a FHA mortgage for 88K at 6.75%. There is a program called Streamlining That reduces the interest rate at almost no cost to me. It sounds pretty good and have talked to one lender. He says the program states that I can streamline 3 times a year till im at my prime, no more than half a percent at a time. They say its cheap because I pay no points, there is no appraisal, title search or any of that type of stuff involved. So they tell me, at no cost to me I can go to a 6.25 30 year fixed for the next 4 months, then the next I can streamline again to 5.75, again a 30 year fixed. After 4 months do it again. The good thing is that each time I will be in a fixed loan so if the interest rates jump up, I'm safe, I dont have to streamline.
Here is the link to the program
http://www.hud.gov/offices/hsg/sfh/buying/streamli.cfm
Anyone used this or work with this before? Thanks for the input.