- An FHA loan or Fha Refinancing Rates will allow a borrower to refinance or purchase a home with a low down payment. These are great loans for first time home buyers. Also, because of the many changes in the housing markets Americans have the ability to refinance through FHA approval.
- Home equity credit lines are great for people who have been paying off a mortgage and want to use some of this built up equity in the form of a loan. Many people will use the equity they've built up to pay off debt in other areas of their life, make home improvements, and fund a business or further education, or even travel.
- Veteran mortgage loans are designed for military service members both former and present. The benefits for those that qualify are many.
FHA loans and mortgage refinancing
Many people find that they are eligible for Federal Housing Assistance. Often for first time home buyers this requires very little cash upfront to make a down payment on a new home. It is also suitable for all income levels so no matter what you’re financial situation is, it is important to explore this option. There is also much less paperwork involved as applying for FHA mortgages are much more streamlined.
For people who are currently paying a mortgage they should take a look at how much progress they have made to pay off the principal. At a certain point it becomes possible to explore home equity lines of credit. These are loans taken out against the principal you have paid off and can often be substantial. If you have been paying off your mortgage steadily, then you have built up a certain amount of equity. A home equity loan is easily accessible and can be used at any time for whatever you wish. Perhaps you want to further your education, or start a business. Think of the possibilities! More information on home equity loan can be found at Real-Estate-Yogi.com
Service member’s home ownership
For veterans who qualify, mortgages are available to help them own homes. Active duty personnel can qualify for mortgages if they have served continuously for at least 90 days. People who once served in the military can be eligible for mortgages depending on whether their service was during wartime or peacetime. If they served during peacetime they must have served a minimum of 181 days continuously without a dishonorably discharge. If they were discharged at any point because of a service related disability they could still be eligible. For those that served during wartime a minimum of 90 days active duty must be achieved. Their discharge from the military must be either honorable or related to anything other than dishonorable.
More information on veteran’s mortgages can be found at www.real-estate-yogi.com. They can also help you find the best FHA refinance mortgage rates available in your part of the country. Once you have visited the site and done some research, call a representative directly and get started to see which home ownership is best for you. 1-800-987-1397.