Streamline FHA Refinance Opportunity

[Tim Crosby]

Hey, so about 2 weeks ago I was contacted by a company, Village Capital, who said they wanted to help me by refinancing my current FHA mortgage down to a lower interest rate. They said they could offer me this because it was coming up on a year for my current loan through US Bank and because I hadn't missed any payments, they might be able to help lower my payment. After more discussions with this representative, they told me they could get my rate down from 5.5% to 4.25% and their estimates are that this would save me close to $100 a month on the mortgage. This particular property is an FHA loan and I am currently living there, but it's a duplex and I'm looking to leave for a more permanent residence soon, making it a total investment property. Because of all this, that extra $100 just adds to the monthly cashflow and looks like a great deal, but that's what worries me! As they say, "if it sounds to good to be true, ask the people on BP!" Let me know what you guys think about all this. Is this common? Does it sound like a scam?? I looked them up on BBB, they have a B rating, but the complaints are all about how slow they are, not that it's a scam or anything like that. Again, just let me know what you guys think. Thanks!