Articles in Category: Cash-Out Refinance

May 29, 2019

FHA Refinance Loans: Questions To Ask

Are you ready for a refinance loan? Maybe you seek a lower interest rate, or maybe you want to get cash back on the transaction? Whatever your motivation for applying for an FHA refinance loan, there are some important questions to ask yourself-the answers will help determine your readiness for the new loan. Have I Checked My credit Score and History Lately? All consumers are entitled to a free credit report, which you should review long before attempting a mortgage refinance. If you find any evidence of identity theft, outdated or erroneous information, you will need time to contest that problem. Contesting your credit report could involve (in the case of identity theft and related issues) filing police reports, working with investigators, etc. Do not waste your time paying for | more...

April 11, 2019

First-Time Refinance Advice

By Bruce Reichstein

Buying your first home with an FHA loan means, for some borrowers, the need to think about a first-time refinance later down the line. What do first-time home owners need to know about refinance loans and their FHA loan options? Decide Ahead Of Time On Your Goals For The Refinance Loan FHA refinance loans can help you do a number of things depending on the need for the loan. For example, you may wish to do repairs or upgrades in the home, and for that purpose an FHA 203(k) rehabilitation loan is an excellent option to pursue. Rehab loans allow you to simultaneously refinance and repair or upgrade the house with approved projects, but if you are looking for cash back to use in any way you see fit, the | more...

February 27, 2019

FHA Refinance Loans For Non-FHA Mortgages

By Bruce Reichstein

Did you buy your first home with the help of a real estate agent but without the benefit of an FHA mortgage? When you compare online mortgage rates you will notice that the websites publishing these interest rates listing FHA loans with mortgage interest rates than conventional equivalents. While it’s true that your FICO scores and other financial qualifications will play an important part in the rate you are offered, when it’s time to refinance you may find an advantage with FHA mortgages, and not just in the interest rate department. FHA Refinance Loans For Non-FHA Mortgages The FHA refinance loan options a non-FHA borrower has include cash-out refinancing, the equivalent of such a loan but with no cash back, and FHA rehabilitation mortgages known as FHA 203(k) rehab refinance | more...

January 25, 2019

Refinancing Your Home Loan With An FHA Mortgage

By Joe Wallace

With recent interest rate headlines, some may be interested in refinancing their first home loan in 2019, especially those in adjustable rate mortgages who want to lock in an interest rate to avoid future mortgage loan rate fluctuations. Some will ask how much of the credit-check process is needed for an FHA refinance loan compared to when the original mortgage was applied for, and much depends on the type of refinance loan being applied for. Some refinance loans, such as FHA Streamline Refinancing, also known as an FHA Interest Rate Reduction Refinance Loans (VA IRRRL) do not feature a government-mandated credit check. Qualified borrowers will use the original credit check and other information used on the first mortgage as a guide. Your participating FHA lender is, however, free to require | more...

FHA Home Loans: Things To Do, Things Not To Do

December 4, 2018

FHA Cash Out Refinance In 2019

By Joe Wallace

There are many uses for an FHA cash-out refinance loan in 2019. Are you considering paying down student loan debt? Taking equity out of your home in cash for use to to home improvements, or to make a down payment on a new vehicle? FHA loan rules don’t restrict how you can use the funds from your cash out loan. FHA Cash-Out Refinance Loans In 2019 Some borrowers may be concerned about the rising home loan interest rates of 2018, but interest rate trends go in cycles and some mortgage experts are looking to the new year for some corrections or a slowing of interest rates going up based on the notion that further increases might damage consumer confidence. That would encourage the Fed to avoid more rate hikes at | more...

November 28, 2018

Can I Refinance With An FHA Loan?

By Joe Wallace

Need to refinance your loan with an FHA mortgage? Depending on what type of property you are refinancing, you may be eligible for an FHA refinance loan for cash out, a rehab loan refi, or even an FHA-to-FHA Streamline refinance loan with no FHA-required credit check. One of the most important factors in determining if you can refinance with an FHA loan is the reason why you wish to refinance. Those who want to get a lower interest rate on an investment property, for example, would be ineligible to apply for an FHA Single Family Refinance Loan as these loans are restricted to owner/occupiers only. Those who want to switch from a conventional home loan to an FHA mortgage loan would be permitted to apply if they are using the | more...

October 29, 2018

Five Uses For FHA Refinance Loans

By Bruce Reichstein

Need to know your FHA refinance loan options? There are many good uses for an FHA refi loan including using cash-out refinance options to reduce existing debt or make a large future purchase to help with school, a job, etc. #5: FHA Refinance Loans Can Be Used To Get A Lower Interest Rate FHA interest rates are negotiated between borrower and lender. The rate you are offered with an FHA mortgage may be lower than conventional rates, so if you currently pay on a conventional mortgage it is a very good idea to ask a participating FHA lender how you may be able to get a better rate. Home loan interest rates offered to you are dependent in part on your credit, but don’t assume just because you have had | more...

Coronavirus And Home Loan Appraisals: What You Need To Know Now

October 25, 2018

Home Repairs With An FHA Loan In 2019

By Joe Wallace

Credit card use data from a company called Argus, and other studies indicate that as many as one in three home owners paid for home renovations in 2017 using a credit card. It’s estimated that more than $140 billion worth of home improvements were financed by credit card. Credit card interest rates vary, but if you’re paying more than 10% interest on that credit card and thinking about using one to finance your home repairs in 2019, you are likely paying too much in interest compared to an FHA home loan or refinance loan. What are the options with FHA mortgages and home repair? Can you apply for an FHA mortgage at a lower interest rate than your credit cards and get your home repairs accomplished without paying unnecessary interest? | more...

FHA Home Loans And The Biggest Credit Mistake You Can Make

October 24, 2018

Four Things To Check Before Refinancing Your Home Loan

By Joe Wallace

What do you need to check before applying for an FHA refinance loan? There are some important areas to consider in the planning stages of your new loan that include interest rates, property values, and more. FHA Refinance Loans And Interest Rates Are you in a non-FHA loan hoping to get a lower interest rate through refinancing? Do an online search and you’ll find that lending websites indicate FHA home loans feature lower rates than conventional mortgages. The rates actually offered to you are contingent on your financial qualifications and how rates are performing at the time. It is very important to shop around for the best rates available to you. In certain times when rates are much lower, it may be tempting to wait or “float” to see if | more...

September 25, 2018

Types Of FHA Mortgages: Refinance Loans

By Joe Wallace

FHA home loans come in both forward mortgages for purchasing homes but also refinance loan options. You can refinance a home with FHA cash-out loans, FHA Streamline loans, and Reverse Mortgages. The type of FHA refinance that’s right for you depends on your financial needs and goals, but there is a refinance loan option for most needs. Which one is right for you? FHA Cash-Out Refinance Loans FHA cash-out refinancing is for any mortgage, FHA or non-FHA. You do not have to have an existing FHA mortgage to apply for an FHA cash-out refinance and you do not have to use the same lender that issued your original mortgage. Cash-out refinancing requires a new appraisal and the amount of cash back to you depends on how much of your new | more...