Articles Tagged With: FHA Refinance

November 16, 2018

Buying Real Estate With An FHA Mortgage Loan In 2019

If you want to buy real estate with an FHA mortgage in 2019, there are several things you can do to get ready for a successful loan application and closing date. One of those preparations? Learning what you can and cannot buy with an FHA home loan. FHA Mortgages In 2019: Your Real Estate Options Many published reports speculate that in 2019, house prices will begin to come down and areas where the real estate environment is considered a seller’s market may begin to shift toward the borrower again. What kind of real estate inventory you have access to depends on the housing market where you want to live, but there are some things you should know about your home loan options before you decide to start looking. Namely that | more...

FHA Home Loans: Things To Do, Things Not To Do

October 29, 2018

Five Uses For FHA Refinance Loans

By Bruce Reichstein

Need to know your FHA refinance loan options? There are many good uses for an FHA refi loan including using cash-out refinance options to reduce existing debt or make a large future purchase to help with school, a job, etc. #5: FHA Refinance Loans Can Be Used To Get A Lower Interest Rate FHA interest rates are negotiated between borrower and lender. The rate you are offered with an FHA mortgage may be lower than conventional rates, so if you currently pay on a conventional mortgage it is a very good idea to ask a participating FHA lender how you may be able to get a better rate. Home loan interest rates offered to you are dependent in part on your credit, but don’t assume just because you have had | more...

Coronavirus And Home Loan Appraisals: What You Need To Know Now

October 25, 2018

Home Repairs With An FHA Loan In 2019

By Joe Wallace

Credit card use data from a company called Argus, and other studies indicate that as many as one in three home owners paid for home renovations in 2017 using a credit card. It’s estimated that more than $140 billion worth of home improvements were financed by credit card. Credit card interest rates vary, but if you’re paying more than 10% interest on that credit card and thinking about using one to finance your home repairs in 2019, you are likely paying too much in interest compared to an FHA home loan or refinance loan. What are the options with FHA mortgages and home repair? Can you apply for an FHA mortgage at a lower interest rate than your credit cards and get your home repairs accomplished without paying unnecessary interest? | more...

FHA Home Loans And The Biggest Credit Mistake You Can Make

October 24, 2018

Four Things To Check Before Refinancing Your Home Loan

By Joe Wallace

What do you need to check before applying for an FHA refinance loan? There are some important areas to consider in the planning stages of your new loan that include interest rates, property values, and more. FHA Refinance Loans And Interest Rates Are you in a non-FHA loan hoping to get a lower interest rate through refinancing? Do an online search and you’ll find that lending websites indicate FHA home loans feature lower rates than conventional mortgages. The rates actually offered to you are contingent on your financial qualifications and how rates are performing at the time. It is very important to shop around for the best rates available to you. In certain times when rates are much lower, it may be tempting to wait or “float” to see if | more...

October 1, 2018

What Is A Home Loan Seasoning Period And Does This Affect My FHA Mortgage Application?

By Joe Wallace

What is a seasoning period and how does it affect an FHA mortgage loan? Simply put, the seasoning period is a required amount of time a borrower may be required to wait before even being allowed to apply for a new loan. Who does the seasoning period concept affect and why? What are the FHA home loan rules for these periods and when are they applicable? FHA Loan Seasoning Periods: The Basics A seasoning period on an FHA mortgage may be applicable for a new purchase loan in some cases, and refinance loans in others. For new purchase FHA home loans, the seasoning period applies most often to those who have had a negative credit event such as a bankruptcy or foreclosure. Bankruptcies and foreclosures require the borrower to wait | more...

September 25, 2018

Types Of FHA Mortgages: Refinance Loans

By Joe Wallace

FHA home loans come in both forward mortgages for purchasing homes but also refinance loan options. You can refinance a home with FHA cash-out loans, FHA Streamline loans, and Reverse Mortgages. The type of FHA refinance that’s right for you depends on your financial needs and goals, but there is a refinance loan option for most needs. Which one is right for you? FHA Cash-Out Refinance Loans FHA cash-out refinancing is for any mortgage, FHA or non-FHA. You do not have to have an existing FHA mortgage to apply for an FHA cash-out refinance and you do not have to use the same lender that issued your original mortgage. Cash-out refinancing requires a new appraisal and the amount of cash back to you depends on how much of your new | more...

September 24, 2018

Lower Your Monthly Mortgage Payment

By Bruce Reichstein

Do you need to lower your monthly mortgage payment? There are several FHA refinance loan options to help you do that, and depending on your financial needs and goals you may find that an FHA refinance is exactly what you need to get into that lower monthly obligation. Lower Mortgage Payments Before They Begin Some applying for an FHA home loan have the option of not financing certain up front costs such as the FHA Up-Front Mortgage Insurance Premium. Any expense you add to the loan amount potentially increases your monthly payments. One of the best things you can do when looking for a new home loan is to try to avoid adding more funds to the loan amount if you do not need to. For some, it’s already too | more...

August 31, 2018

FHA Cash-Out Refinance Loan Options

By Joe Wallace

With home values on the rise in many housing markets, FHA borrowers are often tempted to consider applying for a cash-out refinance to take advantage of their new property values. A National Association of Realtors report says home values for existing construction increased from more than $190 thousand (2009) well over $275 thousand in 2018. That can translate into serious borrowing power for some home owners. But knowing your FHA cash-out refinance loan options is important; know the details before you apply for the loan! Who Qualifies For An FHA Cash-Out Refinance Loan? The legal title holder (presumably the original borrower or one of the original borrowers) who intends to remain or become an owner-occupier of the home may apply for FHA cash-out refinancing. HUD 4000.1, the FHA loan handbook, | more...

August 21, 2018

FHA Cash-Out Refinance Loans: How Soon Can I Apply After Buying My Home?

By Joe Wallace

How soon can I apply for an FHA cash-out refinance loan after buying my home? Some borrowers want to know because they have purchased a home using an adjustable rate mortgage and may be nearing the end of the introductory interest rate period sometimes known as the “teaser rate” period. Others find themselves in a housing market with quickly rising property values and want to take advantage of those rising values. FHA loan rules have some specific things to say about the timing of cash out refinance loans, and who can apply for them. FHA Cash-Out Refinance Loans Are For Any Type Of Mortgage You don’t have to have an existing FHA loan to apply for an FHA cash-out refinance. You can refinance a USDA loan, VA mortgage, conventional loan, | more...

July 24, 2018

FHA Mortgage Loans And Your Monthly Mortgage Payment

By Joe Wallace

What should all borrowers know about FHA mortgage loans and the monthly mortgage payment? Up to the time of FHA home loan approval, borrowers know they need 12 solid months of on-time payments on all financial obligations, avoid running up credit card debt, and avoid opening new lines of credit. But what happens after the home loan is approved? Borrowers are encouraged to be mindful of their mortgage payments on the FHA loan in the same way as they have been careful to make those on-time payments in the year leading up to FHA loan approval. Why is continuing to pay on time even after loan approval and the closing date so critical? In short it’s because a borrower may wish to refinance her mortgage loan at some point and | more...