September 19, 2019

Vimeo Channel YouTube Channel

Articles in Category: Adjustable Rate Mortgage

How to apply for an FHA Adjustable Rate Mortgage

How To Apply For An Adjustable Rate Mortgage

Do you know how to apply for an FHA adjustable rate mortgage loan (ARM)? The loan limits are the same on FHA ARMs as they are for fixed-rate mortgages, but your strategy for the loan should be quite different. It’s important to apply for an adjustable rate loan with a purpose; if you aren’t sure why a fixed rate loan is better for some than an ARM, you aren’t ready for an ARM loan application yet. The government’s Consumer Financial Protection Bureau has published some sound advice for house hunters interested in an adjustable rate mortgage; that advice includes knowing when you would want an ARM loan and when you would not want one. The basic difference between a fixed rate FHA mortgage and an adjustable rate is that with | more...

 
Will FHA Mortgage Loan Interest Rates Drop Even More?

Will FHA Mortgage Loan Interest Rates Drop Even More?

Mortgage loan rates have been reported at historic lows in recent times and many are wondering if now is the right time to buy or refinance a home, or if it’s better to wait to see if rates sink even lower. Should you wait to refinance? Is it better to hold off on buying? There is no good answer to these questions for one reason-all home loan transactions are different, not all get offered the same interest rates, and your experience may vary. First-time home buyers should know that when you are looking for a new home to purchase with an FHA mortgage, the interest rates you see today may not be the same tomorrow, or the next day. If you are house hunting and have not found a home | more...

 
Home Values Dropping: FHA Loan Rules You Should Know

Do You Have An FHA Adjustable Rate Mortgage?

Do you have an FHA adjustable rate mortgage, also known as an FHA ARM loan? Is your introductory rate about to expire? Borrowers with adjustable rate mortgages may get a bit nervous when the end of their introductory interest rate period, also known as a “teaser rate” period is about to and and the first adjustment to the ARM loan’s interest rate becomes due. Borrowers can negotiate an introductory rate that lasts as little as one year and as many as 10 years with the lender, but eventually that initial rate will end and the first adjustment will come due. If you have an FHA ARM loan you may be eligible for either a credit-qualifying Streamline Refinance loan or a non-credit qualifying FHA Streamline refi. In many cases FHA streamline | more...

 
Four Questions About FHA Home Loans

Get Out Of An Adjustable Rate Mortgage With An FHA Refinance Loan

Are you currently paying on an Adjustable Rate Mortgage (ARM) and concerned about your next interest rate hike? It’s possible to end the uncertainty about your mortgage payments and how the next interest rate increase will affect them by refinancing into a fixed-rate FHA mortgage loan. FHA Refinance Loans Are Available As Fixed Rate Loans You can refinance an existing FHA mortgage or a non-FHA loan such as a VA mortgage, conventional loan, etc. FHA loans are designed to help borrowers get into affordable mortgages using your current income and FICO scores to qualify. If you have an FHA adjustable rate mortgage, you can refinance to an FHA fixed-rate loan using the FHA Streamline Refinance loan program. The main feature of the FHA Streamline refi is that it generally requires | more...

 
Preparing For An FHA Mortgage? What You Need To Know About "Contingent Liabilities"

When It’s Time To Refinance Your Mortgage

You might not be thinking about an FHA refinance loan today. Or tomorrow. But eventually the idea of refinancing your mortgage will become an option worth examining whether it’s because housing market conditions have increased your property values and you want to take value out of your home in cash, or getting into a lower mortgage payment, or even to get out of an adjustable rate loan and into an FHA fixed rate mortgage. When it’s time to refinance your mortgage, it’s important to ask yourself some important questions. The answers will tell you a lot about what kind of refinance loan to pursue. Do You Want Cash Back On Your FHA Refinance Loan? If taking cash back on your refinance loan is a priority, the FHA Cash-Out refinance option | more...

 
FHA Mortgage Loans: Do Interest Rates Matter?

FHA Mortgage Loans: Do Interest Rates Matter?

If you are a first time home buyer you might wonder whether FHA home loan interest rates quoted to you at the appropriate time actually matter-after all, aren’t these rates subject to change depending on market forces and isn’t the borrower basically being offered the “going rate” no matter what? The short answer is, interest rates DO matter and the rates you are offered are not necessarily the “going rate”, whatever that may be. Why? There are a few variables that affect the mortgage loan interest rate you are offered by the lender. Market forces are one of those variables. Depending on breaking news, market activity, and even overseas financial developments, the rates offered at any given time may be different than the last time you checked the rates. Another | more...

 
Four Questions About FHA Home Loans

Know Your FHA Loan Options

Do you know your FHA home loan options? There are many things you can do with an FHA mortgage and buying a new home is just one of them. You can use an FHA home loan to buy, refinance, rehab, or upgrade a principal residence, with lower down payments and protections for the borrower when paying off early. FHA New Home Loans Did you know you can use an FHA mortgage to buy an existing home or have one built for you from the ground up? Buying an existing property is one of the most common uses of an FHA mortgage, but you can apply for an FHA One-Time Close Construction Loan (also known as an FHA Construction-To-Permanent loan) using an approved builder to have a house built brand new. | more...

 
Rent Or Buy? Arguments For Purchasing A Home With An FHA Mortgage

Does FHA Offer Adjustable Rate Mortgages?

Does FHA offer adjustable rate mortgages? When you shop around for a participating FHA lender, be sure to ask about this type of FHA loan, sometimes known as an FHA ARM. Not all participating lenders may offer an FHA adjustable rate mortgage, but for those working with a lender that does, it is important to know some basics about the mortgage and how FHA loan rules govern the adjustments in the interest rates. Borrowers who apply for an FHA ARM loan must sign a disclosure statement that outlines the terms and conditions of the mortgage. The rules that govern FHA ARM loans are found in HUD 4000.1, and those rules begin with a definition of what the FHA considers to be an ARM loan. “An Adjustable Rate Mortgage (ARM) refers | more...

 
Issues That Affect FHA Home Loan Approval

FHA Loan Options For 2018

Exploring your FHA loan options for 2018? Whether you are a first-time home buyer or an experienced house hunter, FHA loans have something to offer. You don’t have to be in the market for a new home, either-there are refinance loan options to help you get into a fixed rate FHA mortgage. New Purchase FHA Home Loans For First Time Borrowers While there is no FHA-sponsored special deal for first time home buyers or first time borrowers, FHA loans offer excellent options including a lower required minimum down payment-only 3.5% of the adjusted value of the home down as the minimum. FHA loans can offer more competitive interest rates depending on the lender, the borrower’s financial qualifications, and other factors. You will need to work with your lender to negotiate | more...

 
What Can I Rehab With An FHA 203(k) Mortgage?

What Is An FHA Loan Rate? FHA ARM Loans and Fixed Rate FHA Mortgages

What is an FHA loan rate? We discussed this question in our last blog post-that the FHA and HUD do not set or regulate interest rates on FHA mortgages, the ability of the borrower to buy discount points in order to lower the FHA loan rate up front, and how a borrower’s FICO scores can affect the kind of mortgage rates offered by the lender. But there is still an important issue to cover-the difference between how fixed rate FHA mortgages work and how FHA adjustable rate mortgage loans (ARM loans) work. What are the primary differences between an FHA fixed-rate loan and an FHA ARM loan? FHA Fixed Rate Mortgage Loans FHA fixed rate mortgages feature one interest rate, negotiated up front between the borrower and lender. Once the | more...