January 28, 2020

Vimeo Channel YouTube Channel

Articles Tagged With: FHA Interest Rates

FHA Home Loan Rules For Verifying Your Credit History

FHA Refinance Loans: Is There A No-Credit Check Refi?

Some borrowers need to know: is there an FHA refinance loan that has no credit check? This question is more common than you might think and the answer depends on several variables. FHA Refinance Loans That Require Credit Checks There are many FHA mortgage loans that require both a new credit check and a new appraisal. Cash-out refinance loans are in this category, as are FHA reverse mortgages also known as Home Equity Conversion Mortgages (FHA HECM). The lender is tasked with making sure the borrower can afford the new loan and that the borrower is an acceptable credit risk. After all, cash is going back to the borrower in the case of both an FHA reverse mortgage and an FHA Cash-Out Refinance loan and the financial institution will need | more...

 
Why You Can't Buy An Airbnb With An FHA Mortgage

Choosing The Right Options For Your FHA Mortgage

Which options should you choose for your FHA mortgage? There are some things that are not required to be done in connection with your home loan which SHOULD be done, and there are choices to make that have more to do with the borrower’s financial needs and goals. Making the right choices means making informed decisions about whether to commit to things like a home inspection, financing your Up Front Mortgage Insurance Premium, or entering into a mortgage rate lock commitment with your lender. FHA Loan Options That Shouldn’t Be Considered Optional By The Borrower There are two very important aspects of home loans that are technically optional but have the power to affect your home loan experience in very crucial ways. One is the home inspection-a procedure arranged and | more...

 
FHA Cash-Out Refinance Loans: Common Questions

What You Should Know About FHA Mortgage Loan Rate Lock Agreements

What should FHA home loan applicants know about the practice of mortgage interest rate lock commitments? This is an important detail of your home loan and it’s best to know how the interest rate lock agreement works ahead of time so you know how and why this part of the mortgage loan process works. What Is An FHA Mortgage Loan Interest Rate Lock Agreement? An interest rate lock protects a borrower from the daily mortgage rate fluctuations that happen naturally due to investor behavior, or other market forces that can change rates. An interest rate lock commitment is not automatic; it must be formally agreed to in writing between the borrower and the lender. An interest rate lock commitment does exactly what it sounds like it does-the lender and borrower | more...

 
It Pays To Shop Around For An FHA Home Loan

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...

 
The Difference Between FHA Loan Credit Score Requirements And Your Lender's FICO Score Rules

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...

 
FHA Mortgage Loans: Do Interest Rates Matter?

FHA Mortgage Loans: Do Interest Rates Matter?

If you are a first time home buyer you might wonder whether FHA home loan interest rates quoted to you at the appropriate time actually matter-after all, aren’t these rates subject to change depending on market forces and isn’t the borrower basically being offered the “going rate” no matter what? The short answer is, interest rates DO matter and the rates you are offered are not necessarily the “going rate”, whatever that may be. Why? There are a few variables that affect the mortgage loan interest rate you are offered by the lender. Market forces are one of those variables. Depending on breaking news, market activity, and even overseas financial developments, the rates offered at any given time may be different than the last time you checked the rates. Another | more...

 
FHA Appraisal Rules You Need To Know

What Is My FHA Home Loan Interest Rate?

What is my FHA home loan interest rate? Borrowers want to know because it affects the overall cost of the mortgage for the lifetime of the loan, and when you are buying a home with an FHA mortgage (or any other kind of home loan) it’s important to think long-term; knowing how the interest rate affects your loan costs is a detail worth learning more about. But interest rates on FHA home loans are not (to the surprise of some) set or regulated by the FHA or HUD. The only real guidelines for basic FHA loan interest rates are that the rates must be applied in a manner that is reasonable and “customary” for the housing market you are buying in. The FHA does have regulations on how Adjustable Rate | more...

 
FHA Refinance Loans For Non-FHA Mortgages

What Are The Interest Rates On FHA Mortgage Loans?

What are the interest rates on FHA mortgage loans? This is a question that can be tough to answer because there are variables involved. Some of those variables are with the lender, but some are associated with the borrower. FHA Interest Rates Are Not Set By The FHA One very important aspect of FHA loans to be mindful of; the FHA and HUD do not set or regulate the interest rates on FHA mortgage loans, refinance loans, or loan assumptions. Interest rates will be negotiated between the lender and the borrower. FHA Mortgage Loan Interest Rates Are Not The Same For All Borrowers FHA loan interest rates, like other mortgage loan rates, are determined in part by market forces, but also by the borrower’s financial qualifications. The greater credit risk | more...

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

What Is An FHA Loan And How Does It Work?

What is an FHA loan and how does it work? There are many differences between conventional and FHA mortgages, and those differences could mean significant savings depending on your home buying needs and goals. What An FHA Loan Is Not An FHA loan is a mortgage loan, first and foremost. It is intended to buy or refinance a property. An FHA “forward mortgage” or new home loan not intended to act as a personal loan, with cash back to the borrower at closing time. FHA loan rules don’t permit the borrower to apply for a loan greater than the adjusted value of the property plus additional costs that may be rolled into the loan. While your FHA mortgage may be greater than the total adjusted value of the property, you | more...

 
When Is An FHA Loan Better Than A Conventional Loan?

When Is An FHA Loan Better Than A Conventional Loan? Refinancing Issues

When is an FHA loan better than a conventional loan? If you are exploring your refinance options, you may find your FHA loan options provide you with some unexpected flexibility. Refinancing Conventional To FHA Yes, FHA loan rules permit those who have existing conventional, VA, or other non-FHA mortgages to refinance them into an FHA loan using cash-out refinancing or no cash-out FHA refinancing. Borrowers will need to budget for a new appraisal for these FHA refinance loan transactions, and you’ll be required to do the usual credit and employment checks. Refinancing from a conventional loan to an FHA loan also includes flexibility where interest rates are concerned. Have you ever compared FHA fixed-rate mortgage loans with FHA adjustable rate mortgages (ARM loans)? For some borrowers, refinancing out of an | more...