Welcome to Mortgage Refinancing Guide
Fha Home Loan Mortgage Refinancing Va Article
. For a permanent link to this article, or to bookmark it for further reading, click here.
from: Refinancing Your Mortgage With A FHA LoanRefinancing a mortgage is often a smart and practical way of saving money, gaining equity, and paying off debts. When interest rates are on the decline refinancing becomes more popular. When you refinance a mortgage you take out a new mortgage and pay off the old one, the refinanced mortgage is at a lower interest rate and usually has better terms. Refinancing has the possibility of saving the home owner hundreds of dollars depending upon his or hers financial status including credit scores, payment history, and other factors. Refinancing your mortgage can be of great benefit as long as the new interest rate is at least two points lower then the old one.
There are several ways to go about getting your mortgage refinanced. Taking out a FHA loan is just one option.
The FHA, or Federal Housing Administration was created as a direct result of the Depression. In an attempt to curb the effects the Depression and the crisis it put on many home owners, the FHA developed a way for home owners to refinance even if they may not have been able to afford it on their own. This loan pretty much guaranteed that the home owner would be able to refinance by insuring the lender that if something should happen, like a default in payment, that the lender will be able to receive their money back.
Now, there are several benefits of using a FHA loan which makes it far more desirable then traditional refinancing loans. The qualification process is quicker and easier than traditional loans, which means that you will be able to get refinanced with very little fuss or muss. This is due to the fact that the FHA guarantees your loan so lenders do not really have anything to loose should you go into foreclosure.
Bad credit is not really an issue with an FHA refinance loan. This goes back to the first point that the loan is guaranteed so the lender will be able to refinance even if your credit score is less then ideal.
Less money out of pocket, is always a great reason for pretty much anything, and a FHA loan will be able to get you a lower down payment for refinancing. Where traditional loans require a down payment up to and possibly exceeding 20%, an FHA loan can be as low as 3% leaving you with more money to maybe fix up the home the way you want it.
Another benefit of a FHA loan is perhaps the most appealing, lower interest rates. Low interest rates are the main reason people refinance their mortgages in the first place, so the possibility of receiving rates that are even lower then the market price is of great interest and benefit.
The FHA is able to give refinancing so many perks and benefits because they are backed by the Federal government which provides little to no risk to lenders. Almost anyone can qualify for a FHA loan, which can be used to refinance their mortgage; all it takes is a few phone calls.
Fha Home Loan Mortgage Refinancing Va Specific links
Fha Home Loan Mortgage Refinancing Va News
Loan modifiers accused of bilking homeowners - Atlanta Journal Constitution
Loan modifiers accused of bilking homeowners Atlanta Journal Constitution, USA - Vienna, Va.-based Mortgage Analysis and Consulting, for example, charges $150 for a consultation and $250 to $500 for a preliminary audit. ... |
New Mortgage Loan Applications Double in December 2008; 7 of 10 ... - PR Newswire (press release)
New Mortgage Loan Applications Double in December 2008; 7 of 10 ... PR Newswire (press release), NY - Rodney has over 25 years of experience, and is the #1 FHA/VA lender in the country, the top originator in the state of Texas, and the #4 originator in the ... |
Lower Interest Rates A Holiday Surprise For Homeowners - TheDenverChannel.com
Lower Interest Rates A Holiday Surprise For Homeowners TheDenverChannel.com, CO - ... acknowledged sagging home values have impeded some homeowners from having the equity needed to refinance, but that some FHA and VA “streamline” loans do ... |
Fannie, Freddie May Waive Appraisals for Refinancings (Update2) - Bloomberg
Fannie, Freddie May Waive Appraisals for Refinancings (Update2) Bloomberg - Fannie and Freddie, which own or guarantee $5.3 trillion of the $12 trillion US home loan market, must consider that some homeowners who need to refinance ... |
Lower rates spark refinancing mortgage boom - Rocky Mountain News
Lower rates spark refinancing mortgage boom Rocky Mountain News, CO - The biggest problem is that unless the homeowner has an FHA- insured loan, the house still needs to appraise at a high enough value to refinance. ... |
Borrowers hope to capitalize on near-record-low loan rates - Arizona Republic
Borrowers hope to capitalize on near-record-low loan rates Arizona Republic, AZ - "Anybody who is currently sitting on an FHA or VA loan can do a rapid refi," said Hoogendyk, who is also president of HomePoint Mortgage in Phoenix. |