Refinancing

[timeshare]

live in new york state, kings county. i am 8 years into a 30-year fha mortgage at 7.5% with a monthly payment of $1185. i do not expect to be in this home for the full term of the mortgage, perhaps 8-10 years. is refinancing to a 30-year conventional mortgage at 6.6%-6.875% a smart thing to do? this would reduce my monthly payments by about $120-140. also, what happens to the equity built up over the 8 years of the existing mortgage if i refinance? is it lost? thank you.

 

[HomeGuru]

Have a mortgage broker run the numbers based on your total cost to refi compared with your monthly savings due to the lower interest rate.
On a refi you will not lose equity.