April 4, 2020

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Articles Tagged With: FHA Refinance Loan Rules

Refinance Loan Applications Spike In March 2020

Refinance Loan Applications Spike In March 2020

The week ending March 6, 2020 saw a surge in refinance loan applications and many home loan blogs and market watch websites are talking about the current rush into refinancing as something not seen in roughly eleven years. Low mortgage rates have dominated real estate headlines thanks to investor reactions to coronavirus news and many people are taking the time to look into refinancing their mortgages to save money over the long term. What do you need to know about refinancing your home loan in an extremely volatile interest rate environment? Are You Ready To Refinance? If you have worked on your credit, know your FICO scores and what your lender may find in your credit report and you are willing to commit to the loan, it’s best to do | more...

 
FHA Refinance Loans: Are You Ready?

FHA Refinance Loans: Are You Ready?

Mortgage rates have fallen incredibly low in the earliest weeks of 2020, and many are calling their lenders asking about options to refinance. There are many choices when it’s time to refinance; getting the right FHA refinance loan for you depends on needs and goals for the home. How Long Do You Plan To Own The Home? The basic decision to refinance can often be informed by your goals for the house securing the mortgage. Are you planning to stay in the home long-term? That will affect the type of refinance loan you might investigate as well as the basic nature of the loan as a fixed-rate mortgage or an adjustable-rate loan. Adjustable rate loans are good for borrowers who have a strategy for how to deal with the loan | more...

 
Corona Virus Headlines And FHA Mortgage Rates

Corona Virus Headlines And FHA Mortgage Rates

The headlines recently have said it all; “Coronavirus fears cause mortgage rates to plunge to 8-year low”. That’s courtesy of CNBC, not one of the many many amateur finance blogs or fly-by-night junk stock purveyors. What’s the reality behind the headline? FHA and VA home loan rates for Monday, February 25 2020 were reported at 3.25%, which is definitely one of the lowest points the rates have fallen to in the last several years.  There is speculation that rates might broach new territory where historic lows are concerned; whether this actually happens or not remains to be seen. Why do interest rates move higher and lower? There is no single factor, just as there is no single factor that goes into a home loan transaction; it’s a complex operation featuring | more...

 
Refinancing a Second Home With An FHA Mortgage Loan

Refinancing a Second Home With An FHA Mortgage Loan

Not all borrowers are first-time home buyers; some who seek to buy a home with an FHA mortgage loan already own property and seek to own again. FHA home loan rules do not single out first-time home buyers, though the program is ideal for anyone who needs a lower down payment and more forgiving credit requirements. Those who have purchased a second home, whether or not they were using an FHA mortgage for that purchase, will likely want to consider refinancing at some point. This makes sense as most homeowners will consider a refi loan for one reason or another. How does the owner of a second home get an FHA refinance loan? Much depends on the type of loan you need; cash-out refinancing, a refinance loan to improve the | more...

 
Refinance Loan Applications Spike In March 2020

How To Refinance Your Home

Do you know how to refinance a home loan? If you need to refinance or want to explore your options, there are a variety of mistakes to avoid. Those who don’t check their credit first, those who don’t understand that a refi loan is treated in a similar manner to the original mortgage, and those who don’t shop around for a lender set themselves up to pay more for a loan that is supposed to benefit them. Avoid these common mistakes when exploring your refinance loan options: Refinance Loan Mistakes: Not Checking Your Credit Scores When you applied for your original mortgage, your credit reports were an important part of the process. They will be again, in much the same way in most cases. Know your credit scores and financial | more...

 
Refinance Loan Options You Should Know

How Do I Refinance My Home Loan?

Are you planning to buy your first home and wondering about your refinance loan options later down the line? Do you already own a home you need to refinance? There is good news for you; refinancing with an FHA mortgage can help you get into a lower mortgage payment, get out of an adjustable rate mortgage, or even renovate your house. What does it take to refinance a home loan with an FHA mortgage? Choose The Refinance Loan You Need There are several FHA refinance loan options. If you need to remodel or repair your home at the same time you refinance, you can apply for an FHA 203(k) rehab loan that provides funds for approved upgrades and improvements. But the FHA rehab refinance loan (which is also available as | more...

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

FHA Cash Out Refinance In 2019

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...

 
Corona Virus Headlines And FHA Mortgage Rates

Can I Refinance With An FHA Loan?

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...

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

Five Uses For FHA Refinance Loans

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...

 
Should I Buy A Condo With An FHA Home Loan?

Advantages Of An FHA Cash-Out Refinance Loan

Do you know the advantages of an FHA cash-out refinance loan? There are several, especially if you are considering an FHA loan to get money to renovate your existing home. FHA Cash-Out Refinancing Loans: Good For FHA and Non-FHA Mortgages FHA cash-out loans are for all mortgages, FHA or not. You can refinance a USDA, VA, conventional, existing FHA loan, etc. The rules to qualify are the same no matter what kind of home loan you wish to refinance, and the longer you have been making mortgage payments, the better. FHA Cash-Out Refinance Loan Funds Are Not Restricted The uses you put your cash-out refinance money towards is not restricted; you can use your cash out funds any way you see fit. That includes debt consolidation, vacations, and home repair. FHA | more...