September 29, 2020

Vimeo Channel YouTube Channel

Articles in Category: FHA Refinance

FHA Refinance Loan Tips

FHA Refinance Loan Tips

During the COVID-19 pandemic, many borrowers took advantage of foreclosure moratoriums and other financial relief measures to save their homes from going into mortgage default. Other borrowers may choose to explore their refinancing options to get a lower interest rate or other advantages that can help them financially over the long term. If you are thinking about a refinance loan, there are some tips you should know that can help you make the most informed choice about refinancing. Remember that there are many different options if you want to refinance a home loan. Cash-out refinancing is one option, borrowers can also select no cash-out versions and a borrower with an existing FHA mortgage may find a benefit using something called the FHA Streamline Refinance, which has no FHA-required appraisal or | more...

 
First Time Home Buyers: Improve Your Credit With Credit Monitoring

Househunters, Do You Need Credit Advice?

Are you a house hunter worried about your credit ahead of your loan application? It doesn’t matter if you want to buy a mobile home, a condo, or even build a house on your own lot with a construction loan, you’ll need to examine your credit closely long before you apply for your mortgage. Many borrowers are afraid to look at their credit report, or they don’t know how to access one. Fortunately, you can get help accessing and reviewing your credit with professional credit monitoring, and there are some things you can do on your own to improve your credit ahead of your loan application. Start As Early As You Can Working on your credit, no matter what state it may be in, takes time. If you find issues | more...

 
FHA Refinance Options

Do You Need To Refinance?

Do you need to refinance your home loan, but aren’t sure what the difference is between an FHA Streamline Refinance loan and FHA cash-out refinancing? These loans have important differences, beginning with the availability of cash paid to the borrower at closing time. One refi option permits cash back, the other does not. FHA Cash-Out Refinancing Loans FHA cash-out refi loans allow the borrower to be paid cash at closing when the costs of the new loan have been satisfied and the original loan has been paid off. These cash-out loans are offered by both FHA lenders and conventional lenders; why should a borrower choose an FHA cash-out refinance? Interest rates are generally lower on government-backed mortgages like FHA refinance loans. That said, your FICO scores will affect the actual | more...

 
FHA Refinance Options

Intro To FHA Refinance Loans

The year 2020 has brought with it historic low interest rates on conventional mortgages and FHA home loans alike. Those low rates have many more homeowners thinking about their refinance loan options and how they can take advantage of some of the lowest interest rates in recent history. Refinancing helps some borrowers save money in interest payments over the long term. It can also, depending on circumstances, help you get into a lower monthly payment. Refinancing can also result in cash back to the borrower once the original loan has been paid off and the associated closing costs dealt with. Not every refinance loan offers this, but FHA loan programs do include cash-out options. If you need to refinance your home loan because you want cash out, your loan will | more...

 
Credit Monitoring For First-Time Home Buyers

Reverse Mortgage And Foreclosure Relief Scams: What You Need To Know

Mortgage scams and reverse mortgage scams involve people coming to you with offers to save you from a pending foreclosure, or offer you a reverse mortgage to help cash in on the equity you have built up in the home. But scammers aren’t there to help, they are there to profit from your problems; fortunately, there are ways to tell if you are being scammed and stop a con game dead in its’ tracks. Advice About Scams From The U.S. Government The Department of Justice offers advice about scams–have you been contacted by third party agencies without having contacted them first? What should you do to prevent being taken advantage of if you need foreclosure relief, or need a home equity loan or reverse mortgage? The first step–identifying the biggest | more...

 
Conventional Loan Interest Rates Make History, FHA Loan Rates Still Incredibly Low

Refinance Loan Options: Choose Wisely!

Mortgage loan interest rates have been on a wild ride in 2020. Coronavirus, incredible lows for rates, market volatility, and much more have all created an environment that feels as unpredictable as mortgage rates have seemed. And the rollercoaster isn’t over yet. Finance blogs are still reporting as late as June 1, 2020, that refinance loan demand has actually grown larger than the demand for new purchase mortgages. That isn’t shocking in an era where rates have, at least on paper, dipped below the three percent range at times (your experience will definitely vary). Those with the ability to refinance into a lower interest rate save money over the course of the mortgage, assuming these borrowers pay on the mortgage over a long period of time. Understanding The Refinance Loan | more...

 
Do You Need to Refinance Your Home Loan?

Do You Need To Refinance Your Home Loan?

Thinking about refinancing your FHA home loan or non-FHA mortgage? You can refinance either one into an FHA loan. Whether you are looking for cash back on the transaction, or you need a lower payment or interest rate, there’s a refi option for you. There are even FHA mortgages that can help you refinance out of an adjustable-rate mortgage and into a fixed-rate loan. Some refinance loans are only for existing FHA mortgages, others can refinance any home loan for a primary residence. Refinance Loans And Cash Back Cash-out refinancing is definitely an FHA home loan refinance option, but only one FHA refinance offers it; the FHA cash-out loan provides cash back to the borrower once the original loan is paid off and other expenses are settled. No other FHA | more...

 
Mortgage Relief Scams To Avoid

Save Money On Your FHA Mortgage With Streamline Refinancing

How can refinancing your FHA mortgage help save you money? Not every refinance loan can lower your interest rate or your monthly mortgage payments, but the FHA Streamline Refinance loan is designed to provide some benefit to the borrower, which can include a lower payment. How does it work? Streamline Refinance loans have no FHA-required appraisal, and no FHA-required credit check. That is a very important factor to consider as cash-out refinancing always requires both, and most other refinance loans will too. Features of the FHA Streamline Refinance loan include the following: Streamline loans refinance existing FHA mortgages; FHA Streamline Refinance loans allow an add-on called the FHA Energy-Efficient Mortgage which provides extra loan funds for approved energy-saving improvements to the home; Streamline loans normally must result in a tangible | more...

 
Home loan approval and debt

Refinance Loan Options You Should Know

At one point during the coronavirus crisis, refinance applications spiked. Some sources report that spike hitting over 100% at the height of the application surge; people rushed to take advantage of sub-three-percent mortgage loan interest rates. Part of the surge may also have been due (this is speculation) to a misconception that when the Fed performed emergency interest rate cuts, it directly cut mortgage rates. The Fed doesn’t function that way, but the misunderstanding of how the Fed works may have contributed to the overall impression that refinance loan rates were going still lower. In the news, talk of an economic recession puts fear in the minds of some homeowners; what can you do to protect your bottom line in a time when many businesses are temporarily closed and paychecks | more...

 
HUD Begins Foreclosure Relief For FHA Borrowers Affected By The Coronavirus Outbreak

HUD Begins Foreclosure Relief For FHA Borrowers Affected By The Coronavirus Outbreak

The Department of Housing and Urban Development is providing FHA borrowers a 60-day foreclosure moratorium described as “immediate relief” for those who may be struggling to make FHA mortgage loan payments during the health crisis. Details From HUD The HUD official site has published details of the HUD-mandated moratorium on all foreclosures on FHA Single-Family home loans and Reverse Mortgages, a move similar to what happens to borrowers in federally-declared disaster areas after a natural disaster such as a hurricane, flood, forest fire, landslide, etc. FHA Mortgage Foreclosure Evictions Also Suspended The HUD foreclosure moratorium announcement includes a suspension of evictions related to those foreclosures, also for sixty days. The eviction process suspension is a critical part of foreclosure relief for some borrowers. The HUD official site’s press release addresses | more...