Don’t be afraid of your mortgage lending company. Remember, they are the ones who helped or can help you realize a dream. They are in the business of home ownership and they want you to own that home and make mortgage payments. However the way one mortgage currently is constructed might not fit with your lifestyle. If you have fluid lines of communication with your lender, and make payments on time every month, than you will be developing an honest and trustworthy reputation. They might be happy to help you refinance an FHA mortgage. Here are some reasons most people approach their lenders in an effort towards refinancing an FHA mortgage.
- Often homeowners are paying a higher fixed rate mortgage and the opportunity presents itself to refinance to a lower rate. This can increase your overall cash flow!
- Some homeowners are paying high adjustable rate mortgages and wish to switch to a more manageable fixed rate mortgage when interest rates are low.
- FHA loans are excellent choices for first time home buyers because of the low down payment.
There have been many changes recently to the housing market and thousands of Americans now have the opportunity to refinance home mortgages through the FHA. FHA specialists provide help and advice for people who are interested in lowering their monthly benefits. Refinancing on a FHA mortgage often requires very little upfront money for a down payment which makes it suitable for all income levels. Another great reason people choose to refinance an FHA mortgage is because the mortgage is assumable. Often parents help their children own a home by placing the mortgage under their name for a period of time. At some point the mortgage can change hands over to their children.
The fact that this mortgage is assumable has wide ranging benefits. This means that the mortgage stipulations can change hands to a new buyer should the home owner want to sell their home. It also means that a co-applicant with a good credit score can help you qualify for a loan even if they don’t live with you! The paperwork is easy and streamlined. The key is finding an FHA approved home. They are in high demand and not always easy to find. However…
Qualifying for an FHA loan should you find a suitable home is relatively easy. If you are refinance FHA home loan the Federal Housing Administration will want the lender to confirm that there are real financial benefits associated that actually result in lower monthly payments for the borrower. You also have to have made at least six payments on the current FHA mortgage and have had a perfect payment history for the past three months. You will not qualify if you’ve had more than one late payment within the past twelve months. Refinancing an FHA mortgage has to lower the payments by at least five percent.
Go to www.real-estate-yogi.com and see how they can help you with your FHA mortgage plans. They are experts and can hook you up with agents in any part of the country. Call them directly at 1-800-987-1397.