FHA Mortgage Refinancing Plans And FHA Mortgage Refinance Rates

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.

Why refinance?

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 benefits

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…

To Qualify

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.

How To Qualify For FHA Mortgage Refinance, FHA Mortgage Refinance Rates

I recently learned about all the advantages of FHA mortgage refinance options. I feel that it’s necessary to share this information with everyone who is in the market for a house or feels the time is right to refinance on their current mortgage. There are many buyers out there right now and few sellers, so it’s possible you should consider holding on to your home and checking out the FHA mortgage refinance rates available in your area of the currently. Perhaps with so many buyers out there you can raise the value of your home due to the competition, but it isn’t going to hurt you to hold on for a while and watch that value rise even more. Here are some aspects of FHA mortgage refinancing that will come in handy while you wait for the market to open up in the future.

• There are two options when refinancing an FHA mortgage. You can refinance into another FHA loan, or refinance into a conventional loan. Decide which product is right for you.
• There are less requirements and qualifications attached to your credit score. This means you can have a lower score and still refinance!
• Unlike a conventional loan however you can’t take cash out of your equity. This is something to consider if you ever come into money problems in the future.

Many people have low credit scores right now and own a home. The tough economy has hurt credit scores across the board, but an FHA mortgage refinance doesn't necessarily require a sterling report. Don’t let that stop you from exploring your options. Once you have identified a suitable loan product you will want to shop for the best rate available. You can often find great websites where you can compare loan rates across the country. Keep track of who is offering the best deals.

The loan application

The next step is completing the loan application process. If you are simply refinancing into another FHA loan you can just contact your current lender. In this case you will ask for a streamlined FHA loan. There will be much less paperwork involved and the funds from the loan will come sooner. Remember to have the proper documents with you such as pay stubs and bank statements if you are refinancing to a conventional loan.

Then you should ask for a list of the closing costs associated. If you refinance with you current lender you might not have any cost refinances. However if you refinance with a new lender you should negotiate a closing cost. It is often possible to negotiate fees associated with an attorney or the application process.

The finished product

Finally the day comes when you receive the closing documents. Review them carefully. The lender will contact you with this information once it has been approved. Together you should make sure that the interest rates, the principal of the loan and the monthly payments are all correct.

If you need expert guidance on FHA loans and other mortgage options visit www.real-estate-yogi.com. You can also call them for a free consultation with one of their experts located around the country by calling 1-800-987-1397. 

Qualifying For FHA Mortgage Refinancing: Check out FHA Refinance Mortgage Rates

My mortgage payment is getting to be difficult to afford. I had to take a cut in pay at my job, and that really hurt me financially. I don’t quite know what to do. I was talking to my mother, telling her how tough things are getting, and she suggested I go to Real-estate-yogi.com to find out about FHA mortgage refinance options. I‘d never heard of this free consumer resource website, but I checked it out, and I’m really glad I did!  I learned so much about refinancing through the Federal Housing Administration that I was able to get my mortgage payment lowered, allowing me to keep my home.

I didn't know if I qualified for FHA mortgage refinancing, so I asked about it at Real-estate-yogi.com and found out that I was eligible. Here are some of the requirements. My mortgage had to be FHA-insured. I had to be up to date on my payments, so delinquency would have disqualified me. The refinance has to lower both the principal of my mortgage and the interest rate on it. I could not get any cash back from the refinance loan. Other kinds of refinance loans do offer cash-out options, but this one does not.

I was able to meet the eligibility requirements for an FHA mortgage refinance. For people who may not qualify for standard refinancing, there’s the FHA Streamline refinance option. As I continued reading through Real-estate-yogi.com, I learned that this type of refinance is the simplest, quickest method for FHA-insured homeowners to refinance. The great thing about this type of refinance is that it doesn't require an appraisal of the home. Rather than appraising the home, the FHA will allow you to use the original price of it as its current value. Additionally, there are no verification of your income, your employment status, or your credit score prior to refinancing.

I didn't realize that FHA-insured loans are underwritten by private, FHA-approved lenders and that FHA mortgage refinance rates are considerably lower than those of non-FHA loans. The qualification requirements are also more relaxed than traditional lenders’ are. I got this information from Real-estate-yogi.com, just by asking about it. I also found out that Massachusetts has its own FHA loan program with some slightly different eligibility conditions. To obtain mortgage refinance there, you must have at least two full years of employment, preferably at the same job, and your income must have been increasing during that time. Bankruptcy must be at least 2 years old, and the credit you've built since then must be good, too.

If you’d like to learn more about this subject, contact Real-Estate-Yogi.Com at 1-800-987-1397 for a free preliminary conference. There’s always knowledgeable staff on site to speak with you, no matter what time it is, so call them. You won’t regret it.

Advantages Of FHA Home Loan Refinance

We have an FHA-insured mortgage and are looking into FHA home loan refinancing because we need to lower our monthly payment. The problem is that I have no idea how to go about getting such a refinance. I was talking with my girlfriend about this, and she enthusiastically suggested that I go online to Real-estate-yogi.com to find the information I need. Am I ever glad I listened to her! This free consumer resource website is a veritable font of all sorts of property-associated financial information! It’s easy to navigate the website and get to where you need to go, so I strongly recommend that you, too, go to it for your property financing inquiry responses.

I’d like to share with you just some of what I learned from Real-estate-yogi.com. The Federal Housing Authority has a few options for FHA home loan refinance. First, there’s the FHA Secure program, which was designed to help those who currently have FHA-insured loans to avoid defaulting on their mortgage loans and avoid foreclosures. Also, homeowners who have non-FHA-insured adjustable rate mortgages can qualify for this program. Then there’s the FHA Streamline refinance, which is the fastest way for an FHA-insured homeowner to refinance his mortgage. It’s easy to qualify for because there is no credit check, no income verification, or proof of employment. Eligibility requirements for this program include that a homeowner have a perfect payment history going back at least 3 full months, the loan must have a purpose, and the amount of it cannot be increased to cover the costs of the loan. Not too tough, eh?

Additional information about FHA refinance of a home loan contains such interesting tidbits as the existence of an FHA Streamline MIP refinance for mortgages originated before June 1, 2009. If this is the case for you, your loan insurance has been “grandfathered,” so you’re able to refinance via the FHA Streamline program and to pay both your straight MIP and your annual mortgage insurance premiums at a reduce rate. According to Real-estate-yogi.com, there is yet one more FHA home refinance with low rates. It’s called the Hope for Homeowners program and it was designed to offer homeowners who were stuck in high interest mortgage the opportunity to refinance in to a lower rate one. There is a catch to this program, though: If a person were to sell the home after receiving the refinance, she would have to split the equity in it with the FHA. I don’t think that’s such a bad thing because the FHA is helping someone out, but I guess others weren’t too fond of that stipulation.

www.Real-Estate-Yogi.com had wants you to know that it has knowledge about FHA home loan refinance rates, too, and that you can contact the website at 1-800-987-1397 to access it any time of day or night.

FHA Mortgage Refinance Considerations for the Homeowner and Buyer!

Refinancing with an FHA home loan can be a viable option for people with limited cash to put on a down payment, and even for those who have less than ideal credit scores. If you can find a home that the Federal Housing Administration approves for a mortgage, than you can save a lot of money and get yourself a very solid and stable fixed rate or adjustable rate home mortgage. Some things to consider when exploring FHA home refinance rates are:

• The down payment is usually just 3.5 percent in most cases. You most likely won't find something less than this unless you qualify for a Veteran's Administration or USDA rural housing loan. However, if your credit score is below 580 you must put down 10 percent.
• Lenders are more willing to work with people with less money if they are FHA approved because the government guarantees the mortgage. Shop among several FHA approved lending companies to get the best rate possible.
• This guarantee doesn't come free. You pay an upfront FHA refinance mortgage insurance premium as well as an annual premium.
• Remember to include closing costs for the total purchase of a home. They will add up to at least a few thousand dollars no matter what type of mortgage you get. You can finance closing costs as part of the loan however.

First Time Home Buyers

FHA loans are often excellent choices for first time home buyers mainly due to the fact that less is required for a down payment. It is not always so easy to find houses that qualify for FHA loans in the areas you are searching. Speak with real estate agents local to the area where you are looking to relocate.

Existing mortgage refinance options

For people with existing mortgages refinancing with FHA approval can often save thousands in the long run. If you are currently paying a high fixed rate mortgage you can lower your monthly payments by switching to a lower rate in this manner. This will increase your cash flow by refinancing an FHA mortgage to a longer repayment term.

It is also possible to lower monthly payments by switching from an adjustable rate mortgage to a fixed rate once you notice that interest rates have fallen. Then you can access the equity you have put into your home to make home improvements, consolidate your debts, or fund other areas in your life financially. The options are wide ranging with countless benefits.

Eligibility

Before you make the decision to apply for FHA mortgage refinancing you should speak with a professional and knowledgeable real estate expert. Although it isn't difficult to qualify for an FHA mortgage refinance program, you still need to find out if you are eligible. The Federal Housing Administration will want to know if there is a real benefit that results in lower payments for the homeowner. You will have needed to be up to date on your payments with a good history with at least six payments made on a current FHA mortgage. No late payments over the past six months. The new mortgage must lower the monthly payment by at least five percent.

Visit www.real-estate-yogi.com today and see what they have to say. They have access to real estate agencies anywhere in the country that are ready to help. Call them directly at 1-800-987-1397 for a free consultation.

FHA Streamlined Mortgage Refinance Options for the Homeowner

FHA streamlined loans are designed to help homeowners lower their monthly mortgage payments as well as their interest rates. However, what do you need to qualify for one? For starters you need to have an existing FHA mortgage. If you don’t have one you can either refinance in the conventional way, or apply for an FHA refinancing loan.

How to Apply

Applying involves the usual credit check where they will look at your debt to income ratio and verify your employment, so mortgage refinance with bad credit can sometimes be difficult. FHA mortgage streamline refinance can get you many of the same results. Refinancing to an FHA mortgage can offer better rates and lower payments than your conventional mortgage.

If you already have an FHA insured home loan requirements for a streamline will include the following.

• You must be current on your existing loan with all the mortgage payments made on time within the last year
• You will need an FHA approved lender in order to refinance. If you do not want to use your current lender whatever bank you choose must also be FHA approved.
• You must have owned the original property for at least six months before you can even qualify for refinancing.
• Closing costs will have to be paid up front but can be arranged through FHA streamlined loans. You can include the closing costs into the loan but you must have enough equity already built up in your home to cover the extra amount.

Streamlined Loans for Home Improvements

One other streamline option to consider is called the FHA Streamline 203(k) loan. This is for people who want to refinance in order to make home improvements. The 203(k) is somewhat similar to other streamline loans with some exceptions. There is a minimum loan amount of $5,000 and a maximum of $35,000. These amounts can be added to your mortgage whenever you make improvements such as weatherizing, removing lead paint, or making other improvements that don’t drastically alter your home.

With these improvements you must hire at least one contractor to do the repair work. You will not be approved for a loan if you intend to do the work yourself, unless you can prove your own expertise. Their guidelines state that you have to get an estimate that is broken down into specifics regarding the project. The contractors have to sign an agreement to do all the work specified within the time noted, and for the agreed price. All building permits must be within the law of your state as well.

FHA streamlined refinanced mortgage rates are low right now and it is a great opportunity if you can find one that works for you. Go to www.real-estate-yogi.com to learn more about your real estate financing options. Speak to an agent directly by calling 1-800-987-1397 toll free.

Refinancing FHA Mortgages And Why They Will Work For You

I recently refinanced my mortgage with an FHA loan. Although I initially was intimidated by the prospect of taking out another loan to help pay off my debt, in hindsight it was fairly straightforward. However it should be comforting for you to know in advance how to refinance an FHA mortgage whether you are buying a home for the first time, or refinancing an existing mortgage like I did. Here are some tips to help you understand FHA loans and if they are right for your situation.

• FHA loan mortgage refinance requires very little money up front for a down payment. Therefore it is suitable for all income levels and is an excellent choice for first time home-buyers.
• The mortgage is also assumable by a new buyer in the event you wish to move or pass the home on to your children one day.
• If you qualify for a streamlines FHA mortgage refinance there will be reduced paperwork involved.
• A co-applicant can help you qualify even if they don't live with you.

Find some professional help along the way

If you think you might qualify for FHA approved loans, first determine how much of a mortgage you will be able to afford. Then get online and find a real estate agent you can work with to explore your FHA mortgage refinance options. There are many available agents ready to help, but don't just pick one with a flashy name tag and company line. Do some homework and find one that has good experience and success in your area of the country, working with your level of income.

Why FHA loans are great

There are great reasons to explore FHA loans with an experienced real estate agent. If you have a high fixed rate mortgage you can lower your monthly payments by refinancing to a lower rate. You might be able to increase your cash flow in this manner by also extending the repayment term. If you have an adjustable rate mortgage you can switch to a fixed rate when interest rates are low. The equity you have invested in your home can be accessed to make home improvements or for anything you might need the money for, and that money is also tax deductible!

How to Qualify

Qualifying for an FHA Mortgage isn't necessarily difficult. An FHA program will want the lender to confirm that there is a benefit involved in lowering the payments for the borrower. There are three main things to concern you with when attempting to qualify. Have you made at least six payments on your current FHA refinance mortgage? Will the monthly refinanced mortgage payments be at least 5% lower than before? Is your payment history over the past three months perfect with no more than one late payment in the past twelve months? This should all give you a good perspective on whether or not an FHA refinanced mortgage is going to work for you.

A great place to get started with your inquiry is www.real-estate-yogi.com. They are experts in all aspects of real estate and can even help you figure out mortgage refinancing with bad credit. Call 1-800-987-1397 to speak with a representative directly.