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https://moreirateam.com/mortgage-products/fha-refinance/ If you have an FHA loan, the interest rate will be fixed for the full length of your loan term. This is beneficial because if rates were to rise, your payments would not increase but instead remain the same. If you refinance to a fixed rate loan term, you pay less per month. When you take out an FHA, the agency will pay off the mortgage and then assume the right to sell your property to recover the loan balance. You can then refinance again in thirty years to lower your monthly payments and extend your loan term.