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.