We have been hearing a lot about the incentives for first time home buyers, and the fact that it is possible to get mortgage loans for lower interest. However, sometimes we forget about mortgage refinancing. These types of mortgage loans can provide help for home owners, and even save them money.

First of all, a lower mortgage interest rate can result in thousands saved over the life of the loan. If you refinance for a shorter term (for instance, if you only have 20 years left on your mortgage, and that’s what you refinance for), you can save a great deal of money in the long run.

If you are more concerned about the short term, you can do that as well. You can refinance with a 30-year loan. Combined with the lower interest rate, the extended term can result in lower short-term payments. While you might still pay more in the long run, depending on how things fall out, if you are squeezed in the short term, this can be a sensible solution.

Check into FHA loan refinance options, and see if you qualify for refinancing under Making Home Affordable. This way, you might be able save more money, and possibly get better terms.