January 24, 2022

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Articles Tagged With: FHA Streamline Refinance

New FHA Home Loan Guidelines Announced

Getting A Lower Monthly Payment With An FHA Mortgage

If you want a lower mortgage rate, refinancing your home loan can help if the interest rates offered to you at the time are more competitive than what you pay under the original home loan. Lower rates can result in lower monthly payments.  There are also options to refinance for the express purpose of getting a lower payment but for some, this issue is complicated by an option known as mortgage recasting. When you refinance, you apply for a new loan to replace the old one. The new loan may be for a shorter term or for the same number of years you committed to originally. If you refinance an FHA mortgage using an FHA Streamline Refinance loan, one of the benefits from doing so can be a lower monthly | more...

 
FHA Home Loan Income Rules

Qualifying For An FHA Loan Or Refinance Loan

FHA home loans and refinance loans feature similar requirements in terms of FICO scores, credit history, and responsible credit use. When you want to refinance a home loan, it’s smart to treat the process exactly the same as you did when you applied for your first mortgage where applicable. But not all borrowers have the luxury of taking a year or more to plan and save for the loan. Some must act quickly because their homes have been damaged or destroyed in a natural disaster, or they have a job-related relocation or some other issue that requires a faster approach to the loan. Some borrowers need a new purchase loan; a job relocation or an increase in family size may warrant buying a larger home.  Knowing the FHA loan policy | more...

 
FHA Refinance Loans And Current Interest Rates

FHA Streamline Refinance Tips

Are you interested in a lower interest rate on your home loan? What about a lower monthly payment? Or perhaps you are in an adjustable-rate mortgage and are looking for a way out before your next rate adjustment? These are all motivations to refinance. You’ll read plenty online about what it means to apply for an FHA Streamline refinance, but what do you need to know aside from the things EVERY home loan website talks about? Yes, FHA Streamline Refinance loans are for existing FHA borrowers only. Yes, FHA Streamlines normally require the borrower to get a tangible benefit from the loan like a lower rate, a lower monthly payment, etc. Yes, FHA Streamlines have no FHA-required credit check or appraisal requirement. And yes, the lender is free to require | more...

 
Why did my mortgage payment increase

The FHA Streamline Refinance Loan: No FHA-Required Credit Check

FHA refinance loan options are looking more attractive to some borrowers with FHA loan rates still well below the three percent line at press time after some ups and downs in 2021. But the range of options confuses some.  What do you need to know about the Streamline FHA Refinance loan option compared to FHA cash-out refinancing or FHA 203(k) Rehabilitation Loan refinancing? Streamline FHA Loan Facts You Should Know First-time applicants may be surprised to learn there is no FHA-require appraisal. Your lender is allowed to require one, but if they choose to process your FHA streamline refinance without one, you’re spared the appraisal fee. Most FHA loans require a credit check and have a set of minimum qualifying scores. What about FHA Streamline? FHA Streamline loans allow your | more...

 
Reasons To Refinance

Which Refi Is Right For You?

Do you need to refinance your home loan? There are plenty of choices, but two FHA loan products stand out for those who need lower payments or who want to get cash back on their refinance transaction. There are several FHA loan options available when it is time to refinance a home loan. Two of those are FHA cash-out refinancing and FHA Interest Rate Reduction Refinance loans, also known as an FHA IRRRL. Which loan should you apply for? This choice should be informed by your specific needs or goals. Do you want to refinance to get a lower monthly payment? Or do you want to take equity out of the to pay for home improvements, pay off credit cards or student loans? One type of refinancing is definitely better | more...

 
Information You Need To Pre-Qualify Or Get Pre-Approved For A Mortgage

Refinancing Your Mortgage With An FHA Loan

If you have been looking at home loan interest rates in 2021 and considering your refinance loan options, it’s a good idea to take some steps that will help you get closer to refi loan approval. Borrowers who need or want to refinance should shop around for their new loan, and get all the information possible about how much their refinance loan will cost over the loan run and up front. Addressing Credit Issues Before applying for ANY loan, refinance or not, review your credit report in detail. You may have credit problems associated with the pandemic, there may be COVID-19-related factors in your credit that can be accounted for as a one-time problem created due to circumstance. And the Federal Trade Commission advises borrowers that such unique issues will | more...

 
Time is running out for FHA mortgage loan relief

FHA Refinance Loan Options: Why You Should Consider A Streamline Refinance

Do you need to consider refinancing your current FHA home loan? Interest rates are still very low in the earliest weeks of 2021 and while there is no guarantee mortgage rates will remain quite this low for the duration of the year, now is a great time to consider your options for a lower mortgage payment via an FHA Streamline Refinance loan. Interest rates in the opening weeks of 2021 are still at the time of this writing below the three percent line for 30-year fixed rate government-backed mortgages such as FHA loans. A mortgage industry company, Black Knight, has issued a report that noting that at the end of January 2021 there were some 45 thousand people exiting home loan forbearance programs and another nearly 50 thousand loan forbearance | more...

 
FHA Options

Do You Need To Refinance?

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...

 
FHA Options

Intro To FHA Refinance Loans

The year 2020 has brought with it historic low interest rates on conventional mortgages and FHA home loans alike. Those low rates have many more homeowners thinking about their refinance loan options and how they can take advantage of some of the lowest interest rates in recent history. Refinancing helps some borrowers save money in interest payments over the long term. It can also, depending on circumstances, help you get into a lower monthly payment. Refinancing can also result in cash back to the borrower once the original loan has been paid off and the associated closing costs dealt with. Not every refinance loan offers this, but FHA loan programs do include cash-out options. If you need to refinance your home loan because you want cash out, your loan will | more...

 
Reasons To Refinance

Save Money On Your FHA Mortgage With Streamline Refinancing

How can refinancing your FHA mortgage help save you money? Not every refinance loan can lower your interest rate or your monthly mortgage payments, but the FHA Streamline Refinance loan is designed to provide some benefit to the borrower, which can include a lower payment. How does it work? Streamline Refinance loans have no FHA-required appraisal, and no FHA-required credit check. That is a very important factor to consider as cash-out refinancing always requires both, and most other refinance loans will too. Features of the FHA Streamline Refinance loan include the following: Streamline loans refinance existing FHA mortgages; FHA Streamline Refinance loans allow an add-on called the FHA Energy-Efficient Mortgage which provides extra loan funds for approved energy-saving improvements to the home; Streamline loans normally must result in a tangible | more...