Refinance Your Fha Home Mortgage Loan Refinancing With The Streamline Process

Refinance Your Fha Home Mortgage Loan - Refinancing With the​ Streamline Process
You can now refinance your FHA loan with their streamlined process .​
With reduced paperwork,​ your lender can process your mortgage much quicker .​
There are some unique requirements to​ refinance your FHA loan,​ but you​ continued to​ be backed by the​ FHA through this process.
Basic Requirements
In addition to​ having a​ good credit record to​ refinance your home,​ the​ FHA also requires you​ to​ already be FHA insured and be current on​ your mortgage .​
Refinancing also has to​ lower the​ borrower’s monthly payment,​ and no equity can be withdrawn.
Refinancing Packages
Financing companies offer a​ couple of​ different refinancing packages for FHA mortgages .​
a​ common package offers no up front payment to​ refinance .​
Often these types of​ mortgages are touted as​ no cost,​ but you​ pay higher interest rates for this option.
Another type of​ refinancing package allows closing costs to​ be included as​ part of​ the​ mortgage amount .​
This option is​ only available if​ there is​ enough equity in​ the​ property,​ which is​ determined by a​ FHA appraiser.
You can also choose a​ traditional refinancing package where you​ pay loan fees and points up front .​
This option will give you​ the​ best rates.
Mortgage Terms
In addition to​ low interest rates,​ you​ can save money and build up your equity faster by choosing a​ short term loan rate .​
By converting from a​ 30 to​ 15 year mortgage,​ you​ qualify for a​ lower rate and reduce you​ overall interest payments by at​ least half.
If you​ have an​ adjustable rate mortgage,​ you​ can also save on​ interest rates in​ the​ long term by locking into a​ fixed rate mortgage .​
However,​ if​ you​ think interest rates will fall in​ the​ future,​ stick with an​ ARM.
FHA Lenders
Only HUD approved lenders can refinance FHA loans .​
Fortunately,​ most lending companies are HUD approved .​
You should also compare rates and fees of​ these lenders to​ be sure that you​ find the​ lowest rates and fees.
To save time,​ use an​ online mortgage broker to​ request quotes .​
Within a​ matter minutes you​ can have a​ list of​ lenders with their rates to​ compare .​
From this list you​ can request more information from lenders or​ apply online for speedy processing .​
Online lenders will also offer discounts since they have less overhead costs than traditional financing companies.
Refinance Your Fha Home Mortgage Loan Refinancing With The Streamline Process Refinance Your Fha Home Mortgage Loan Refinancing With The Streamline
Process Reviewed by Henda Yesti on June 26, 2018 Rating: 5

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