We've got an FHA loan on our house with a 4.75% interest rate.
We get a lot of seemingly junk mail but one item from "American Financial Network" caught my eye:
The Federal Government recently passed the Economic Stimulus Act (H.R. 5140). Homeowners with FHA mortgages have the opportunity to lower their monthly payments through an FHA streamline loan with no points or appraisal fees. Recent changes to FHA guidelines ahve made it possible to Streamline your current FHA mortgage to a new lower rate.
As a part of this Stimulus Act, your mortgage can now be streamlined to a 30-year-fixed loan with an interest rate as low as 3.875%. This loan will be insured by the Department of Housing and Urban Development and is subject to FHA underwriting guidelines. Call 866-444-2494 for answers to any questions that you may have
This really is an extraordinary opportunity, and we look forward to serving you. Please call one of our polite and informative representatives today.
There's a lot of red flags here that make me suspicious but I'm wondering if there's any real value I could be overlooking.
Thoughts? Could this be legit?