December 1, 2020

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Articles Tagged With: ARM (Adjustable Rate Mortgage)

FHA Loan Rules And Your Personal Information

Do You Know What Kind Of FHA Home Loan You Need?

Do you know what type of FHA home loan you need? There are many options with an FHA mortgage and not all of them involve purchasing a new home; you can apply for FHA rehab loans, FHA refinance loans, even an FHA reverse mortgage for qualified borrowers aged 62 or older. FHA One-Time Close Construction Loans For Building A New Home FHA loans do not require you to purchase property that has already been built; did you know there’s an FHA construction loan option that features only one loan application and closing date? Many participating lenders offer FHA One-Time Close construction loans; for those who financially qualify this allows you to have a house built for you from the ground up. You may find some lenders willing (or unwilling) to | more...

 
FHA Fixed-Rate Mortgages Versus Adjustable Rate Mortgages

FHA Fixed-Rate Mortgages Versus Adjustable Rate Mortgages

What’s the difference between a fixed-rate mortgage and an adjustable-rate home loan? FHA single-family home loans come in a variety of types including both fixed-rate loans and those with adjustable rates. The rules for these loans, commonly referred to as FHA ARM loans, are spelled out in HUD 4000.1, the FHA Lender’s Handbook. Fixed rate home loans backed by the FHA are essentially what their name implies; a mortgage with a rate negotiated between the borrower and lender that does not change for the entire loan term. Borrowers who later want to apply for a lower rate can apply for FHA refinancing including options such as the FHA Streamline Refinance loan program for FHA-to-FHA refinances or the FHA cash-out or no-cash-out refi loan for non-FHA mortgages. Yes, you read that | 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...

 
FHA Home Loan Interest Rates Lower

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...

 
FHA Home Loans And Interest Rates: What You Should Know About Low Rates

FHA Home Loans And Interest Rates: What You Should Know About Low Rates

At the time of this writing, what you should know about FHA Home loan interest rates includes the idea that interest rates at the moment are low for FHA mortgages, that the rates are subject to change, and that your credit report will play an important part in the rate you are offered. What do you need to know about FHA home loan interest rates in today’s housing market? FHA Loan Interest Rates Are Currently Very Low Some market watchers are quoting rates as low as 3.25%, and while that mortgage rate assumes a very well-qualified borrower, it is an indication of how low rates have gone in 2019. What’s good for the economy is often bad for mortgage loan interest rates, and the reverse can also be true. With | more...

 
Mortgage Loan Interest Rates: What You Need To Know About Trends

Mortgage Loan Interest Rates: What You Need To Know About Trends

What should borrowers know about mortgage loan interest rate trends? Especially when those trends are pushing rates toward historic lows? It’s a very good idea to be aware of the forces that affect mortgage rates; understanding how they work is a step toward making a more informed purchase as a house hunter or first-time home buyer. Interest Rate Trends Are Affected By The Economy What is good for the economy is often bad for mortgage loan interest rates, and vice versa. You will see rates pushing higher when there is good economic news, and rates trend lower when there is bad economic news. Except when they don’t. The thing to remember about mortgage loan rates is that no single factor affects them; it’s a combination of things and sometimes interest | more...

 
First Time Home Buyers: Improve Your Credit With Credit Monitoring

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...

 
FHA Refinance Options

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...

 
Credit Requirements For Your FHA Home Loan In 2020

FHA Home Loans And Interest Rates: Explore Your Options

Concerned about reports of home loan interest rates going up and wondering how to explore your options? There are many ways an FHA home loan can help you in your search for the right home; exploring all your options among several lenders is a great way to start researching and planning for your new mortgage. FHA Home Loan Interest Rates May Be Lower Than Conventional Rates For The Same Kind Of Mortgage The key to understanding your options when it comes to mortgage loan interest rates is knowing that your credit scores and other financial qualifications may affect the rate a lender offers you. Knowing that ahead of time can help you make smarter choices when shopping around for a lender. To start, compare conventional terms and requirements with the | more...

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

FHA Lenders With The Lowest Mortgage Loan Interest Rates

Which FHA lender offers the lowest interest rates? This is a question on the minds of all FHA borrowers, whether you are looking for an FHA new purchase loan, an FHA cash-out refinance, or even an FHA Reverse Mortgage. The answer to this question, however, is more complicated than “Lender X offers the best rates”. It Pays To Shop Around For FHA Loan Interest Rates If you need to know the lowest interest rate offered by a group of lenders, you will need to check with each participating lender. But there’s a catch-interest rates fluctuate, and can change daily. The rates you see today may not apply tomorrow, and those interest rates are listed without reference to a borrower’s credit rating and credit history. Shopping around for an interest rate | more...