Welcome to the Jill on Money Coronavirus Market Update. It is Wednesday, September 2nd.

And we are so grateful that you are joining us today. And we are also grateful that you send

us questions and you should continue to do so because here we are coming into the last four months of the year and I'm sure you're going to need to make a lot of financial

decisions for you and your family so why not send us an email and maybe we can help you out along the way. The address

Ask Jill at Jill on money.com. Ask Jill at Jill on money.com. Jason writes

I've been paying on time for 13 years for an FHA loan at 6% interest.

Would it make sense to refinance with the rates the way they are?

I don't want to go back to another 30-year loan at a lower rate because my interest

to principal curve is evening out.

Can I and should I refinance to a shorter loan say knocking off seven years at a lower interest rates?

I'm finding out that no one is offering me to refinance down to a ten they seem to to only offer 15s. I don't think it's worth it for me to knock off two years. I want to knock

off seven years and refinance to a 10 year at a lower rate. Okay, why can't I find anyone to off? Because I think

FHA loans are different, that's why. He basically says, I wish I refinance a long

time ago. You know, the problem is that there isn't a lot you can do if they're not going to write the

loan you know they want a longer term I guess I'm not sure but you know

FHA loans which require a lot less money down,

often have some problems, right?

Because, you know, this is, there aren't as many folks

who can do this and they have their own process for

FHA loans as opposed to a conventional mortgage. So the only way that you can do this

is to be able to try to look at your whole

situation and see if you can make a longer term work for you and then compare

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