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MortgagePros Mortgage Pros logo for a mortgage brokerage broker company

MTGPros Store

MortgagePros Mortgage Pros logo for a mortgage brokerage broker company

MTGPros Store

Get the Best FHA Refinance Rate Available in Michigan

Still on your original FHA rate? Michigan homeowners who refinance with MTGPros are seeing real monthly savings. Get your personalized rate quote — no credit impact, no pressure.

  • Serving all 83 Michigan counties
  • Lower interest rates with fast refinancing
  • Credit scores from 580 accepted
  • Competitive rates
  • FHA Streamline available - Minimal documentation refinance
  • Reduce monthly payments
  • Quick refinancing - Closing in as little as 10-14 days
  • Cash-out refi options available
  • No appraisal needed*

No appraisal typically required for VA IRRRL or FHA Streamline Refinance only. Cash-out refinances generally require an appraisal.

See Your FHA Refinance Options in Michigan

No Credit Check - No Pressure - 2 Minutes to Complete

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By clicking See My Options or Request My Personalized Rate Quote, I provide my express written consent for MortgagePros, LLC and its affiliates and partners to contact me at the telephone number I have provided, including through the use of an automatic telephone dialing system, prerecorded or artificial voice messages, or other automated technologies, even if my number is on a Do-Not-Call registry. Message and data rates may apply. Messaging frequency may vary. Text STOP to opt out at any time. Consent is not required as a condition of purchase or service.

FHA Refinances Closed
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Google Rating (3,900+)
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Average Refi Closing
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Licensed states AND Counting!
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Today's FHA Rate 30 YR: 6.95%

Why Refinance Your FHA Mortgage with MortgagePros?

Lower Your Payment

See if today’s FHA rates can reduce your monthly mortgage payment. Our Michigan team reviews your options at no cost to you.

Cash-Out Refi

Access your home equity for renovations, debt consolidation, or emergencies

Current FHA Owner?

You may qualify for a refinance even if your credit has changed since your original loan. We specialize in existing FHA borrowers.

Streamline Refinance

Minimal documentation refi option for existing FHA borrowers — fastest closing available.

Quick Closing

Average 10-14 days closing (vs. 30 for new purchase) – refinance faster

Why Michigan homeowners choose us

Michigan FHA Specialists

Our team understands Michigan’s housing market, county-level rates, and FHA guidelines — not a call center reading from a script.

Clear Communication

We explain everything in plain English. No confusing jargon. You’ll always know your current rate, new rate, and what to expect next.

Personal Service

You’ll work with a dedicated refinance specialist who knows your situation. Refi updates via text, call, or email – we respond within 1 hour during business hours.

Honest Advice

If refinancing isn’t the best fit for you, we’ll tell you. We’re here to find the right solution that saves you money, not just make a sale.

Find Out What FHA Rate Our Michigan Team Can Get You

Start Your Free Consultation

Or call us at 248-416-1361

FHA vs Conventional Loans

Check If You Qualify for Streamline Refi
Feature Streamline Refi Traditional Refi
Credit Score Required 580 (often not required) 620-680
Appraisal Required No Yes
Property Inspection Not Required May be Required
Documentation Minimal (Streamlined) Full Documentation
Processing Time 7-10 days Average 14-21 days Average
Closing Timeline 10-14 days 20-30 days
Cash-Out Available Limited Up to 80% equity
Rate Reduction Must show 0.5% benefit Any rate improvement
Best For Existing FHA owners wanting speed & simplicity Maximum cash-out or larger rate drops

FHA Refinance Savings Calculator

Refinance Calculator

$50K $2M
$0 $300,000
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Monthly Payment

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Principal & Interest $0
Property Tax $0
Home Insurance $0
HOA Fees $0
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Disclaimer: This calculator is provided for informational and educational purposes only. The results are estimates based on the information you provide and should not be considered financial, legal, or tax advice. Actual rates, payments, and terms may vary based on your individual financial situation, credit history, lender requirements, and market conditions. All figures, including interest rates, property taxes, insurance costs, and other fees are subject to change. Please consult with a qualified mortgage professional or financial advisor for personalized guidance and accurate quotes specific to your circumstances.

How to Refinance Your FHA Mortgage in 4 Simple Steps

1. Check Your Rate

Complete our quick 2-minute form and see your potential monthly savings with no credit impact.

2. Get Your Quote

Get your detailed refi quote within 2 hours showing your new rate, terms, and monthly payment.

3. Review & Approve

Work with your specialist to review options. Minimal documentation needed for streamline refi.

4.Close & Save

Average 10-14 days to closing. Lock in your new rate and start saving immediately.

OUR PROMISE

The MTGPros FHA Refinance Guarantee

We stand behind your refinance with these commitments:

Fast Refinance Approval

Most FHA refinances close in 21–30 days, with Streamline Refinances often closing even faster. We keep the process simple so you can start saving without delays.

Best Rate Promise

If you find a lower FHA refinance rate from a licensed lender with the same terms, we’ll match it*. Our goal is to maximize your monthly savings.

Transparent Refinance Pricing

You’ll receive a clear, detailed Loan Estimate within 3 business days of application—no hidden fees, no last-minute changes.

Always Available

Direct access to your refinance specialist by call, text, or email. We respond within 2 business hours during the workday.

Ready to Lower Your FHA Mortgage Payment?

Join 3,456+ homeowners who trusted MTGPros to refinance smarter, faster, and with confidence.

Check Your FHA Refinance Options
Call 248-416-1361

3,900+ MTGPros Customer Reviews Say It All

Don't just take our word for it. See what thousands of satisfied homebuyers have to say about their FHA loan experience with MTGPros.

FHA Refinance Loans: Lower Your Payment, Simplify Your Mortgage

Refinancing with an FHA loan can help you lower your monthly payment, reduce interest costs, or access your home’s equity—even if your credit isn’t perfect. FHA refinance options are designed to be flexible, affordable, and accessible for homeowners who may not qualify for conventional refinancing.

Whether you currently have an FHA loan or a conventional mortgage, FHA refinance programs offer powerful solutions to improve your financial picture.

 

FHA Refinance Options Explained

FHA Streamline Refinance

Fast. Simple. Minimal paperwork.

If you already have an FHA loan, the FHA Streamline Refinance is one of the easiest ways to lower your payment.
Key benefits:

  • No appraisal required in most cases
  • No income or employment verification
  • Reduced documentation
  • Lower interest rate or monthly payment required
  • Available even if your home value has declined

This program is ideal for homeowners looking to reduce their payment quickly with minimal hassle.

FHA Rate & Term Refinance

Switch loan types or improve your terms.
An FHA Rate & Term Refinance allows you to:
Refinance from a conventional loan into FHA

  • Lower your interest rate
  • Convert an adjustable-rate mortgage to a fixed-rate
  • Shorten or extend your loan term

This option is perfect if your credit score has dropped, your income is harder to document, or you want more payment stability.

FHA Cash-Out Refinance

Access your home’s equity responsibly.

Need cash for debt consolidation, home improvements, or major expenses? An FHA Cash-Out Refinance allows you to borrow against your home’s equity while maintaining FHA’s flexible guidelines.

Highlights:

  • Borrow up to 80% loan-to-value
  • Credit scores as low as 580 may qualify
  • Use funds for almost any purpose
  • More forgiving underwriting than conventional cash-out loans

FHA Refinance Requirements

Credit Score Flexibility

FHA refinance programs are more forgiving than conventional loans:

  • 580+ credit score for most refinance options
  • Some cases may allow lower scores with compensating factors
  • Recent payment history matters more than past credit mistakes

Previous bankruptcy or foreclosure may not disqualify you if enough time has passed.

Mortgage Insurance Considerations

FHA refinance loans require mortgage insurance:
  • Upfront MIP: 1.75% (can be rolled into the loan)
  • Annual MIP: Paid monthly

Many homeowners use FHA refinancing as a temporary strategy, then refinance into a conventional loan once they reach 20% equity—eliminating mortgage insurance later.

When an FHA Refinance Makes Sense

An FHA refinance may be right for you if:
  • Your credit score has dropped since purchasing
  • You’re upside down or low on equity
  • You want to lower your monthly payment
  • You need cash but don’t qualify for conventional options
  • You want a simpler refinance process

FHA Refinance in 30+ States

We’re licensed and ready to help homeowners refinance across more than 30 states.

FHA Refinance Loan Questions – Answered

Most FHA refinance programs allow credit scores as low as 580. FHA Streamline Refinances are even more flexible since they typically don’t require a full credit review. If your credit has taken a hit since buying your home, FHA refinancing may still be an option.

It depends on the refinance type:

  • FHA Streamline Refinance: Usually no appraisal required
  • FHA Rate & Term or Cash-Out Refinance: Appraisal required

This makes Streamline refinances ideal if your home value has dropped or you’re unsure how much equity you have.

Yes. FHA Streamline Refinances do not require a minimum loan-to-value, meaning you may qualify even if your home is underwater. This is one of the biggest advantages of FHA refinancing.

Absolutely. FHA Rate & Term Refinances allow homeowners to switch from conventional to FHA financing, often benefiting borrowers with lower credit scores, higher debt ratios, or limited documentation.

You must:

  • Make at least 6 on-time payments
  • Wait 210 days from your first FHA loan payment

Additionally, the refinance must provide a net tangible benefit, such as a lower payment or interest rate.

Yes. FHA Cash-Out Refinances allow you to borrow up to 80% of your home’s value. Funds can be used for debt consolidation, home improvements, or other financial needs.

Yes. FHA refinances include:

  • Upfront Mortgage Insurance Premium (1.75%)
  • Monthly Mortgage Insurance Premium

Many homeowners use FHA refinancing as a short-term solution, then refinance into a conventional loan once they reach 20% equity.

Most FHA refinances close in 21–30 days, with FHA Streamline Refinances often closing even faster due to reduced documentation requirements.

No. While FHA Streamline Refinances are only for current FHA borrowers, FHA Rate & Term and Cash-Out refinances are available to homeowners with conventional loans as well.

Yes, in many cases. FHA has more forgiving waiting periods than conventional loans, and your recent payment history matters more than past credit events.

* MortgagePros, LLC – NMLS #1925352 is a licensed mortgage broker. Equal Housing Lender. This is not a commitment to lend. All loans are subject to credit approval and underwriting. Rates and terms are subject to change without notice. For licensing information, visit www.nmlsconsumeraccess.org. Licensed in AL, AR, AZ, CA, CO, CT, DE, FL, GA, IA, ID, IL, IN, KS, KY, LA, MA, MD, MI, MN, MO, MS, MT, NC, ND, NE, NJ, NM, NV, NY, OH, OK, OR, PA, RI, SC, SD, TN, TX, UT, VA, VT, WA, WI, WV, and WY. State license numbers are available upon request or at www.nmlsconsumeraccess.org.