January 24, 2021

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Articles in Category: Cash-Out Refinance

Cash out refinancing

Do You Need To Refinance Your Home Loan?

2021 may be a very good time for some home owners to consider their refinance options. At the time of this writing, FHA mortgage loan interest rates are reported at a best-execution (ideal qualifications assumed) 2.34% by multiple sources, and FHA loan limits are higher in 2021 too making this a very good year to consider an FHA loan (even if it’s not a refi). Should you refinance with an FHA mortgage? You can refinance an existing FHA loan or a non-FHA mortgage; do you want a more competitive interest rate? Perhaps you want to get out of an adjustable-rate loan and into a lower mortgage rate than a conventional loan? Here are some scenarios you should think about when considering the options. Refinancing To Get A Better Interest Rate | more...

 
Cash out refinancing

FHA Cash-Out Refinance Loan Questions And Answers

Do you know what to expect when you want to refinance your mortgage in order to cash in on the value of your home? Are you wondering how much money will you get in cash at closing time? These and other questions are important–knowing the answers before you commit or at least knowing how to arrive at those answers is crucial before you commit to the refi loan. Here are some common questions about FHA Cash-Out Refinancing loan options you should know: Do FHA Cash-Out Refinance Loans Cost The Same In All Housing Markets? The short answer is no, and the reason for this is that all housing markets differ, lender standards differ, and your own personal needs and goals may affect the type of transaction you need. For those | more...

 
FHA disaster relief changes

FHA Refinance Loans For Home Improvements

FHA refinance loan options include the ability to apply for a refi loan to do home improvements–a very important option for those with existing FHA mortgages or non-FHA loans alike. How can FHA refinance loans help a borrower make upgrades or improvements? There’s more than one way to approach the refinance loan question if you want a refi AND funds to perform approved upgrades or remodeling to your house. Participating FHA lenders may offer a range of FHA loan products that can help in this area including the FHA Energy Efficient Mortgage program (EEM), and FHA Rehab loans. Most of these options will require the borrower to work more closely with the lender to determine what may be funded using FHA refinance loans, but many projects are possible. For FHA | more...

 
FHA 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...

 
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...

 
FHA Mortgage Loan Issues: "Identity Of Interest"

FHA Purchase and Refinance Loan Interest Rate Trends And Your New Home

FHA home loans have a low minimum required down payment of 3.5%, which makes them perfect for both experienced homeowners and first-time homebuyers alike. With an FHA mortgage it’s possible to purchase or refinance a fixer-upper (with an FHA 203(k) rehab loan), buy or refinance a condo, mobile home, existing construction houses, and you can even apply to have a home built for you on your own lot with an FHA One-Time Close construction loan. As we head into the second month of 2020, we are reminded that 2019 was the best year for mortgage loan interest rates in almost a decade and the trends that kept rates low last year continue to exert some influence as new issues also conspire to push mortgage rates lower. At least in the | more...

 
FHA Refinance Loans And Current Interest Rates

FHA Refinance Loans And Current Interest Rates

Is your mortgage payment too high? Need to refinance to bring down the monthly cost? Recent headlines about mortgage loan interest rates have contained the word “refinance” a lot lately; world events including the Wuhan virus, impeachment proceedings, and other news have conspired to help push mortgage rates lower. Those things themselves do not directly influence mortgage loan interest rates, but investor behavior DOES. And because of that investor behavior, we have seen FHA loan interest rates move significantly lower. Some writers refer to that move in terms of historical context. “Mortgage Rates At Three Year Lows!” screamed some headlines in early 2020. One consequence of those low rates? A surge in refinance loan applications as consumers rush to take advantage of the lower interest rates to save money on | more...

 
FHA Loan Limits: Where To Find Them

Can I Refinance An Inherited Home With An FHA Cash-Out Refi Loan?

Home owners who inherit property have the opportunity to refinance that property with an FHA mortgage, and those refi options can include cash-out refinancing. But there are some rules you need to know before you start the refinance application process. FHA home loan rules generally state that a borrower should be prepared to live in the home they wish to refinance with an FHA cash-out refinance loan for as long as 12 months first. That is a general rule and not specific to inherited properties. HUD 4000.1, the FHA loan handbook for single-family home loans, instructs the lender that it’s required to document, “that the Borrower has made all payments for all their Mortgages within the month due for the previous 12 months or since the Borrower obtained the Mortgages, | more...

 
Cash out refinancing

FHA Refinance Loan Options Millenials Should Know

Should millennials explore refinance options right now? Some finance and mortgage publications seem to think so, and recent headlines indicate that many are taking advantage of recent lower mortgage loan interest rates to explore their refi options. Some note that in recent times, some millennials have overlooked FHA refinance loans; one source indicates that FHA refinance applications dropped some nine percent during July 2019 among millennials; some blame that in part on a communication breakdown between lender and borrower where FHA loan benefits are concerned. What FHA refinance options should you know about before choosing the right kind of loan for you? FHA loans can be used to refinance conventional, VA, USDA, and other non-FHA mortgages. You can refinance an existing FHA mortgage with cash-out refinancing to convert the equity | more...