October 15, 2019

Vimeo Channel YouTube Channel

Articles Tagged With: FHA Refi

What Is Ahead For Home Loan Interest Rates?

What Is Ahead For Home Loan Interest Rates?

Last week, mortgage loan interest rates moved higher, reported as a significant increase after hitting lows not seen in some time. At one point in the earliest of October rate changes, mortgage rates went to multi-year lows, taking FHA mortgage loan interest rates below 3.50% for the most well-qualified borrowers. So what is ahead for FHA home loan interest rates? At the time of this writing, FHA rates for a 30-year fixed rate forward mortgage loan (for the most well-qualified applicants) are somewhere at or near 3.375%. Will this low-rate trend last? Is now the right time to buy or refinance a home? The answer depends on plenty of variables including your financial goals for the home–do you plan to stay in it long term or do you know you | more...

 
FHA Refinance Options

FHA Refinance Options And Low Interest Rates

At the time of this writing, some market watchers are noting that mortgage rates have moved lower each week for three consecutive weeks. That puts FHA mortgage loan interest rates for purchase loans at a best-execution 3.375% for the most financially qualified borrowers. And while many fully anticipate a slowdown or correction in rates any time now, the refinance loan trends lately show many are willing to take full advantage of a time when home prices are on the rise and mortgage rates are falling. And who can blame a home owner for being tempted to cash in with a refinance loan to get into that lower rate, to pull rising value out of the home in cash, or repair and renovate a property? FHA refinance loan options are available | more...

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

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...

 
Five FHA Home Loan Questions To Ask Your Lender

Rising Equity And FHA Refinance Loans

With reports of rising equity in many housing markets over the last year, it makes sense for those with mortgages to consider an FHA refinance loan. If your financial goals include being able to pull the value of your home out in cash with an FHA refi, there are options to consider alongside the cash out refi loan that could make the difference when deciding which refinance loan is right for your needs. A CoreLogic Homeowner Equity Report reveals that in the last year, home equity in some markets went up nearly five percent since the second quarter of 2018. How much is that increase worth to the home owner? Nearly $5 thousand. Overall, the amount of money homes are worth increased nationwide in the last 12 calendar months to | more...

 
What You Need To Know About FHA Refinance Loan Options

What You Need To Know About FHA Refinance Loan Options

At the time of this writing, mortgage loan interest rates have fallen to historic lows; VA and FHA mortgage loan interest rates are at a best-execution 3.75% (offered to the most financially qualified applicants) and many homeowners may be saving thousands over the lifetime of their mortgages by refinancing into a lower interest rate. But what do you need to know about refinancing? There are several aspects to consider before you commit to a specific home loan refinance option. FHA loans offer a variety refinance loan options including the typical simple refinance (offering no cash back at closing time), cash-out refinancing, and for those who have existing FHA mortgages, the FHA-to-FHA Streamline refinance option offers a lot to a borrower with a low interest rate and a requirement that (for | more...

 
Mortgage Loans, Interest Rates, and Refinance Loans

Mortgage Loans, Interest Rates, and Refinance Loans

If you have been following mortgage loan interest rate trends recently, you know that FHA mortgage loan rates have been at historic lows and that last week there was a fairly significant market correction to rates. Fast forward to the end of last week and we see what some finance blogs are describing as a “correction to the correction”; FHA mortgage loan rates (best execution) were reported down from 3.5% to a best execution 3.375%. And for those who already have home loans, the temptation to refinance at the current time to take advantage of mortgage loan interest rates is strong; who wouldn’t want to save more money on their monthly payments or take equity out of the home in cash? Refinancing to make upgrades and improvements to a home | 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...

 
What You Should Know About Mortgage Loan Interest Rates And The Fed Rate Cut

FHA Refinance Loan Options Millenials Should Know

Should millennials explore their 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 | more...

 
Why Consider An FHA 203k Rehab Loan

Why Consider An FHA 203k Rehab Loan

Why consider a 203k FHA Rehab Loan for buying or refinancing a property that needs repairs? For some the answer is simple. Some house hunters may be looking for a project home to customize. Others may be home owners who want to refinance to make upgrades and renovations to the home. The FHA 203k Rehab Loan and Refinance Loan option is a good one to explore. Some are tempted to make home improvements with a credit card rather than a mortgage or refinance loan; this might work for those who already own the home, but it’s important to compare the costs of financing such projects versus putting them on a credit card. Anyone who is house hunting and finds a property they like but won’t meet building code and/or minimum | more...

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

Can I Do An FHA Cash-Out Refinance On A Rental Property?

When you buy a home with a mortgage loan, you generally have the option later down the line to apply for cash-out refinancing on that home. It doesn’t matter if you have a conventional mortgage, VA loan, or an FHA home loan, cash-out refinance options are available once you have made a minimum amount of mortgage loan payments (not ideal) and the cash-out options only get better the longer you pay on the original mortgage. Why is cash-out refinancing not such a great deal in the earliest days of your mortgage? Partially because you haven’t paid down the loan enough and/or waited for your property values to increase long enough in the right circumstances to get much value out of the property. Generally speaking, the longer you pay on the | more...