Articles in Category: Streamline Refinance

August 8, 2022

What To Ask About FHA Refinance Loans

Getting ready to refinance? Even if you are considering using the same lender that you got your mortgage from originally, there are some important questions to ask your loan officer about the refinance transaction. Do you know how much your loan will cost? Do you understand the differences between a simple refinance, an FHA Streamline refi loan, and other types of mortgages? Find out more today and get ready to find the best deal for your needs. FHA Refinance Loan Questions: How Much Will My Loan Cost? In the earliest stages of the refinance loan process, don’t expect to get exact figures, but do ask your loan officer for estimates based on the typical set of costs for the refinance loan you need. You may not be charged identical costs | more...

May 23, 2022

FHA Refinance Loans Versus Loan Forbearance

By Joe Wallace

If you have an FHA mortgage and get into financial difficulty that makes it hard to make your current home loan payments, you might be wondering how to prevent the loan from going into default or foreclosure. Should you seek a loan forbearance in such cases, or try to get an FHA refinance loan instead? In some instances, forbearance is the right course of action but in others? A refinance loan may be the right choice. Loan forbearance is sometimes necessary to avoid loan default and eventual foreclosure. The Consumer Financial Protection Bureau defines loan forbearances as an arrangement where your lender, “temporarily to pay your mortgage at a lower rate or temporarily to stop paying your mortgage.” This may be needed in cases where a homeowner has had a | more...

May 9, 2022

Refinancing A Mortgage Without A Credit Check

By Joe Wallace

Is there such a thing as a no-credit-check FHA loan? There are zero-down payment home loan options offered by the Department of Veterans Affairs and USDA, is there a similar type of loan for those who don’t want a credit check? When it comes to purchase loans, FHA mortgages require a credit check, employment verification, and other financial information to approve or deny the loan. You won’t find a home loan issued by a traditional lender that has no credit pull. That does not mean you cannot purchase property without undergoing a credit check. A 100% cash transaction between borrower and seller would technically not require one unless some kind of credit was needed. And depending on the state where you live, community property laws may or may not require | more...

March 9, 2022

Your FHA Refinance Loan Options

By Bruce Reichstein

FHA home loans feature a refinance option. There are multiple options to refinance with an FHA mortgage and you can choose to refinance out of a conventional mortgage into an FHA loan, get cash back at closing time, and more. What do you need to know about FHA refinance options? FHA Cash-Out Refinance loans are not the only option to refinance a non-FHA mortgage. You can also apply for a no-cash-out version and get out of your current loan and into a new FHA mortgage. Some choose to do this because they want out of an adjustable-rate mortgage, others choose an FHA loan because they are interested in a lower rate. When you are reviewing your refinance options, it pays to have an idea of your financial goals for the | more...

November 16, 2021

FHA Refinance Loans Versus Freddie Mac Refi Possible

By Joe Wallace

FHA refinance loans are a good option for borrowers who may need a more flexible credit score requirement to apply, and for those who want to get out of an adjustable-rate mortgage into a fixed-rate home loan. But how does the FHA refinance loan program compare to the conventional Freddie Mac Refi Possible program? Some wonder if they shouldn’t consider a conventional refinance loan program like Refi Possible instead of an FHA refinance option. Should you get a Refi Possible loan instead of an FHA Streamline Refinance or an FHA Cash-Out Refinance? For some borrowers, who meet the Freddie Mac requirements for this program, the answer is yes. These are borrowers that meet the Freddie Mac income restrictions for the program (income at or below the area median income guidelines for | more...

October 21, 2021

Can I Refinance My FHA Mortgage Without A Credit Check?

By Joe Wallace

Some borrowers need to get a lower interest rate. Some borrowers want out of an adjustable-rate mortgage. Others are interested in pulling the equity built up in their home. The way to get these things done with an existing mortgage is to refinance the loan. FHA home loans include refinance options for all of the needs mentioned above, plus there is an option to apply for a rehab refinance loan (the FHA 203(k) Rehabilitation Refinance) to simultaneously refinance the home and get loan money for approved repairs, improvements, and upgrades to the home. You can also apply for FHA cash-out refinancing to cash in on the equity in your home. In most cases, a refinance loan will require a new credit check and an appraisal–especially if you’re looking for cash | more...

October 13, 2021

FHA Streamline Refinance Tips

By Bruce Reichstein

Are you interested in a lower interest rate on your home loan? What about a lower monthly payment? Or perhaps you are in an adjustable-rate mortgage and are looking for a way out before your next rate adjustment? These are all motivations to refinance. You’ll read plenty online about what it means to apply for an FHA Streamline refinance, but what do you need to know aside from the things EVERY home loan website talks about? Yes, FHA Streamline Refinance loans are for existing FHA borrowers only. Yes, FHA Streamlines normally require the borrower to get a tangible benefit from the loan like a lower rate, a lower monthly payment, etc. Yes, FHA Streamlines have no FHA-required credit check or appraisal requirement. And yes, the lender is free to require | more...

October 5, 2021

Refinancing With An FHA Loan

By Joe Wallace

Refinancing a mortgage can have pros and cons–knowing them both can help you make a more informed choice about the type of refinance option you choose. There are cash-out refinance loans, no-cash out, and for those with existing FHA mortgages, an FHA Streamline Refinance option that usually requires some type of benefit for the borrower. The pros and cons of a Streamline Refinance are fairly simple. In the “pro” column, you get something that benefits you in the form of a lower monthly payment or lower interest rate. Or you get out of an adjustable rate mortgage into a fixed-rate loan. In the “cons” column, the biggest drawback is–depending on the term of your new loan compared to the term of your original mortgage–a renewed loan term. If you had | more...

August 26, 2021

FHA Refi Loan Rules You Need To Know

By Joe Wallace

Thinking about refinancing your home loan? With an FHA mortgage, you can refinance a conventional, VA or another non-FHA mortgage as well as an existing FHA home loan. Refinancing is great for many reasons but for some borrowers specifically want a refi loan to get a more affordable mortgage with lower payments or a lower interest rate. Some must refinance to catch up on a mortgage after missing payments; some may need to consider a refinance option in order to prevent their home from going into default and foreclosure in such cases. So for our purposes here, we are not discussing FHA cash-out refinancing options as these loans have rules specifying how much equity is needed in the home to cash out and some borrowers may have to wait longer | more...

July 22, 2021

The FHA Streamline Refinance Loan: No FHA-Required Credit Check

By Joe Wallace

FHA refinance loan options are looking more attractive to some borrowers with FHA loan rates still well below the three percent line at press time after some ups and downs in 2021. But the range of options confuses some. What do you need to know about the Streamline FHA Refinance loan option compared to FHA cash-out refinancing or FHA 203(k) Rehabilitation Loan refinancing? Streamline FHA Loan Facts You Should Know First-time applicants may be surprised to learn there is no FHA-require appraisal. Your lender is allowed to require one, but if they choose to process your FHA streamline refinance without one, you’re spared the appraisal fee. Most FHA loans require a credit check and have a set of minimum qualifying scores. What about FHA Streamline? FHA Streamline loans allow your | more...