Articles Tagged With: FHA Cash-out Refinance

November 25, 2020

Prepare Now For Your Refinance Loan In 2021

Are you excited by the historic low interest rates that happened in 2020 and have your eye on a refinance loan in the new year come 2021? Do you need a lower mortgage payment? Perhaps you would like a lower interest rate on your current home loan? Some borrowers have different needs–some feel stuck in adjustable rate mortgages and want to refinance into a fixed-rate mortgage loan instead. These scenarios can be addressed with an FHA refinance loan and if you’re thinking about applying in 2021 its best to become as familiar as you can with the types of refinance options open to you when it’s time to refinance a non-FHA mortgage or an existing FHA home loan. Consider An FHA Refinance Loan In 2021 The same kinds of preparations | more...

November 12, 2020

Reasons To Refinance

By Joe Wallace

There are good reasons to refinance your mortgage, and there are reasons that aren’t advisable. What do you want to accomplish with your refinance loan? Borrowers looking for cash out might list that as the primary reason but what you plan to do with that cash could be just as important as the home loan itself. There are many reasons to consider refinancing your home loan with an FHA refi loan. One is to get into a lower interest rate–whether you have an existing FHA mortgage or a non-FHA loan, you can refinance into an FHA loan with the goal of getting a lower rate. It’s a very good idea to let your participating FHA lender know the specific reason you want to apply for refinancing. If getting a lower | more...

November 2, 2020

Will Credit Problems Affect My FHA Home Loan?

By Joe Wallace

Can past credit problems become an issue when trying to get a home loan approved? Some borrowers have less trouble than others getting their mortgage application completed and approved–why is it that some seem to sail through home loan approval and others struggle? Work On Your Credit Today Some people have had past credit issues but did a very smart thing–they made sure they had a full year or more of on-time payments on all financial obligations before applying for their mortgage loan. This tactic really works, and it’s FREE. You don’t pay a third party to “fix” your credit, you take matters into your own hands and pay on time, every time. This will have the result (over time) of raising your credit score and making you a more | more...

October 8, 2020

FHA Cash-Out Refinance Loan Questions And Answers

By Bruce Reichstein

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...

October 6, 2020

The FHA Refinance Loan

By Joe Wallace

Mortgage loan interest rates have, at the time of this writing in October 2020, been hovering at or near historic lows, though in recent days FHA mortgage loan interest rates have moved out of the two percent range and into the three percent zone. Many watched mortgage rates dip below that three percent zone and there were plenty of home owners interested in taking advantage of those low rates to refinance their mortgages. There are many reasons to consider refinancing including saving money over the lifetime of the loan by paying a lower interest rate and/or getting into a lower monthly mortgage payment. If you are ready to commit to a refinance loan, you have multiple options to refinance out of a conventional loan or other non-FHA mortgage. You can | more...

September 14, 2020

FHA Refinance Loan Tips

By Joe Wallace

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...

August 14, 2020

Do You Need To Refinance?

By Joe Wallace

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...

Planning To Buy A Home? Credit Resources You Need

July 10, 2020

FHA Cash-Out Refinance Loans: What You Need To Know Today

By Joe Wallace

Are you looking at the current low mortgage loan interest rates and wondering about your cash-out refinance loan options? If you are a homeowner looking for an FHA cash-out loan, you should know that you don’t have to have an existing FHA mortgage to refinance a loan with an FHA cash-out loan. No matter which type of home loan you are looking to refinance, there are rules and requirements you should know–some refinance loan options are better than others depending on the purpose of your loan. Rehab And Refinance For example, some borrowers want to rehab a home while refinancing it–there is a separate FHA refi loan for that purpose, though the loan proceeds from the FHA 203(k) Rehabilitation Refinance loan can only be used for approved purposes where cash-out | more...

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

June 1, 2020

Refinance Loan Options: Choose Wisely!

By Bruce Reichstein

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...

Buying A Home With An FHA Loan: What's Allowed, What's Now

March 13, 2020

Repair Your Credit Before Your Home Loan

By Joe Wallace

Interested in applying for an FHA mortgage or a refinance loan? It’s not as easy as finding a lender and applying; you will need plenty of time to save for the expenses of the loan including the down payment and closing costs. But you also need more time in another way; taking a preliminary step as early as possible in your loan process can make the difference between loan approval and rejection. What is that preliminary step? Reviewing your credit report for errors and identity theft evidence. It’s also about working on raising your FICO scores based on the results of your credit report review. All Americans are entitled to a free copy of their credit report once per year, so there is no cost to obtain one. You can | more...