I bought a condo a year ago. We did 100% financing using an FHA loan and a Utah State Housing loan, which I realize may have not been ideal. I have 2 30-year loans on my condo:
Mortgage: $157,633 - Rate: 3.99%
2nd Loan- $9,415 - Rate: 5.99%
Principal and Interest on 1st loan: $765.17
Escrow Payment: $280.95
2nd loan: $57.09
Total Housing Payment: $1,103.21
Am I doing something wrong here? Is it worth looking at refinancing after only one year? I know interest rates have dropped near the 3% range. Is it advisable to consolidate these loans? Is that even possible with an FHA loan? We plan on staying in this house for at least another 4 years, after which my wife will have finished pharmacy school and our income will increase substantially. At that point we will look into whether or not we want to stay, sell and relocate, or relocate and rent out the condo. Any advice?