October 21, 2018

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Articles Tagged With: FHA Refinance

What Is A Home Loan Seasoning Period And Does This Affect My FHA Mortgage Application?

What Is A Home Loan Seasoning Period And Does This Affect My FHA Mortgage Application?

What is a seasoning period and how does it affect an FHA mortgage loan? Simply put, the seasoning period is a required amount of time a borrower may be required to wait before even being allowed to apply for a new loan. Who does the seasoning period concept affect and why? What are the FHA home loan rules for these periods and when are they applicable? FHA Loan Seasoning Periods: The Basics A seasoning period on an FHA mortgage may be applicable for a new purchase loan in some cases, and refinance loans in others. For new purchase FHA home loans, the seasoning period applies most often to those who have had a negative credit event such as a bankruptcy or foreclosure. Bankruptcies and foreclosures require the borrower to wait | more...

 
Types Of FHA Mortgages: Refinance Loans

Types Of FHA Mortgages: Refinance Loans

FHA home loans come in both forward mortgages for purchasing homes but also refinance loan options. You can refinance a home with FHA cash-out loans, FHA Streamline loans, and Reverse Mortgages. The type of FHA refinance that’s right for you depends on your financial needs and goals, but there is a refinance loan option for most needs. Which one is right for you? FHA Cash-Out Refinance Loans FHA cash-out refinancing is for any mortgage, FHA or non-FHA. You do not have to have an existing FHA mortgage to apply for an FHA cash-out refinance and you do not have to use the same lender that issued your original mortgage. Cash-out refinancing requires a new appraisal and the amount of cash back to you depends on how much of your new | more...

 
Lower Your Monthly Mortgage Payment

Lower Your Monthly Mortgage Payment

Do you need to lower your monthly mortgage payment? There are several FHA refinance loan options to help you do that, and depending on your financial needs and goals you may find that an FHA refinance is exactly what you need to get into that lower monthly obligation. Lower Mortgage Payments Before They Begin Some applying for an FHA home loan have the option of not financing certain up front costs such as the FHA Up-Front Mortgage Insurance Premium. Any expense you add to the loan amount potentially increases your monthly payments. One of the best things you can do when looking for a new home loan is to try to avoid adding more funds to the loan amount if you do not need to. For some, it’s already too | more...

 
FHA Cash-Out Refinance Loan Options

FHA Cash-Out Refinance Loan Options

With home values on the rise in many housing markets, FHA borrowers are often tempted to consider applying for a cash-out refinance to take advantage of their new property values. A National Association of Realtors report says home values for existing construction increased from more than $190 thousand (2009) well over $275 thousand in 2018. That can translate into serious borrowing power for some home owners. But knowing your FHA cash-out refinance loan options is important; know the details before you apply for the loan! Who Qualifies For An FHA Cash-Out Refinance Loan? The legal title holder (presumably the original borrower or one of the original borrowers) who intends to remain or become an owner-occupier of the home may apply for FHA cash-out refinancing. HUD 4000.1, the FHA loan handbook, | more...

 
FHA Cash-Out Refinance Loan Rules You Should Know

FHA Cash-Out Refinance Loan Rules You Should Know

What should borrowers know about FHA cash-out refinance loans? There are many areas, but some of the most important include how you can use the proceeds of a cash-out refinance loan, and the rules the lender is required to follow when verifying the borrower is eligible for a cash-out loan. Borrowers may wish to pay off credit card debt with a cash out loan, or use the money to pay off nuisance debt, buy a car, go on vacation, etc. What are the rules for FHA cash out refinance loans and the money back to the borrower? How To Use FHA Cash Out Refinance Loan Proceeds Did you know that some FHA loans have specific guidelines as to how the loan funds may be used? For example, if you applied | more...

 
Am I Ready To Apply For An FHA Mortgage?

FHA Cash-Out Refinance Loans: How Soon Can I Apply After Buying My Home?

How soon can I apply for an FHA cash-out refinance loan after buying my home? Some borrowers want to know because they have purchased a home using an adjustable rate mortgage and may be nearing the end of the introductory interest rate period sometimes known as the “teaser rate” period. Others find themselves in a housing market with quickly rising property values and want to take advantage of those rising values. FHA loan rules have some specific things to say about the timing of cash out refinance loans, and who can apply for them. FHA Cash-Out Refinance Loans Are For Any Type Of Mortgage You don’t have to have an existing FHA loan to apply for an FHA cash-out refinance. You can refinance a USDA loan, VA mortgage, conventional loan, | more...

 
The Credit Check For FHA Cash-Out Refinances

The Credit Check For FHA Cash-Out Refinances

Is the credit check for an FHA cash out refinance loan the same as for a new purchase home loan? Borrowers want to know how their credit will measure up to lender standards when it’s time to apply for a refinance loan. Some make the same common mistakes in the months leading up to a refi loan application that others do when applying for a new purchase home loan. What can you do to increase your chances at refinance loan approval? Treat An FHA Cash-Out Refinance Loan The Same As Your Original Mortgage FHA cash out refi loans require both a new credit check and a new appraisal. The reason for the new appraisal is to make sure you are getting the value in your home that market values currently | more...

 
FHA Home Loans And The Accuracy Of Your Credit Data

FHA Mortgage Loans And Your Monthly Mortgage Payment

What should all borrowers know about FHA mortgage loans and the monthly mortgage payment? Up to the time of FHA home loan approval, borrowers know they need 12 solid months of on-time payments on all financial obligations, avoid running up credit card debt, and avoid opening new lines of credit. But what happens after the home loan is approved? Borrowers are encouraged to be mindful of their mortgage payments on the FHA loan in the same way as they have been careful to make those on-time payments in the year leading up to FHA loan approval. Why is continuing to pay on time even after loan approval and the closing date so critical? In short it’s because a borrower may wish to refinance her mortgage loan at some point and | more...

 
When It's Time To Refinance Your Mortgage

When It’s Time To Refinance Your Mortgage

You might not be thinking about an FHA refinance loan today. Or tomorrow. But eventually the idea of refinancing your mortgage will become an option worth examining whether it’s because housing market conditions have increased your property values and you want to take value out of your home in cash, or getting into a lower mortgage payment, or even to get out of an adjustable rate loan and into an FHA fixed rate mortgage. When it’s time to refinance your mortgage, it’s important to ask yourself some important questions. The answers will tell you a lot about what kind of refinance loan to pursue. Do You Want Cash Back On Your FHA Refinance Loan? If taking cash back on your refinance loan is a priority, the FHA Cash-Out refinance option | more...

 
The Credit Check For FHA Cash-Out Refinances

Should You Sell Your Home? The FHA Cash-Out Refinance Option

There are a lot of websites urging home owners to consider selling your home, especially for those who own homes on the West Coast. Home owners on the West Coast and other increasingly profitable housing markets have the potential (at the time of this writing) to earn more than ever by selling a house. But borrowers looking to get cash from their homes in a housing market where property values are going up have another option to consider. It doesn’t matter if your home is in San Jose, San Francisco, Seattle, or Nashville, if your home could appraise for more money today due to the influence of a hot housing market? It could be worth an amount worth considering in the form of an FHA cash-out refinance. If you are | more...