If you know of anyone in your data base that has a FHA or VA loan, now is the time to make a call to them. If their interest rate is at or above 6% then they should consider a refinance. With FHA and VA there is a "Streamline Refi" available. What this means for the custormer is that even if the home value has gone down there is no need for an appraisal and they could lower their monthly payments. I have saved many of my clients hundreds of dollars per month with these loans. Interest rates are close to historic lows and when the government stops buying up the treasury bonds the rates will rise and people will misss out on these low rates.
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