Can i refinance my house again?

Latasha
We refinanced our mortgage last year after our ARM readjusted to a stupid amount. We had to jump through hoops and the closing costs to get our 6.5% interest mortgage were over $11, 000. So our $200, 000 mortgage is now $211, 000 and we still have a high interest mortgage due to mortgage rates are now around 4.5% The loan IS a FHA loan. We are NOT behind. We don't want to add another single penny in closing costs to our loan as we now have financed $11, 000 closing costs and we are now under water.What are our options. We will not leave our house nor are we interested in selling it. We just want to get some relief like the others are getting (first time owners, AIG, banks etc)

Geneva
You can do an FHA streamlined refinance. This option allows to you to refi without the normal required documents and is very simple and easy to do.

Glayds
yes you can do a streamline with out an appraisal and get the lower rates nowI am a mortgage banker in TN

Jasper
There are significant costs every time you refinance your loan, as you found. You may be able to do an FHA streamline refi with lower costs. If you can get your lender to do a loan modification, there are few costs to you. The loan remains unchanged, except for the interest rate. Part of the programs coming out of Washington are to be programs encouraging banks to modify loans, so check it out.Unfortunate as your situation is, YOU got yourselves into it. It isn't the bank's fault that your home value has declined, or that you overextended yourselves in buying the house, and particularly in getting an ARM and your additional costs in re-fi. It does seem unfair to bail out the banks who made money off you twice.