Many homeowners dream of paying their mortgage off early. Whether you want to entire retirement debt free or you just like the thought of such a large amount of equity in your possession, it is possible to pay your mortgage off before its maturity date. Today mortgage loans don’t come with prepayment penalties, so it’s easier than ever to pay that pesky loan off in full. Compare Offers from Several Mortgage Lenders. Should you pay your loan off early, though? There are some compelling … [Read more...]
What Factors Affect Your Eligibility for a FHA Streamline Refinance?
If you have a current FHA loan, you may be eligible for the FHA streamline refinance. This simplified refinance program gives you access to lower interest rates, lower payments, or better terms with very few requirements. Looking for Current Mortgage Interest Rates? Click Here. How do you know if you qualify? Keep reading to learn what the FHA looks for in an applicant. Mortgage Payment History The largest factor regarding your eligibility for the FHA streamline refinance is your … [Read more...]
Do all FHA Lenders Offer 203K Renovation Loans?
The FHA 203K loan helps you buy and renovate a home. You can even use it to refinance your current home and have money to renovate it. You will have to exercise caution though as not all FHA lenders offer the 203K program. Even the lenders that do offer it aren’t always the right answer. You want to make sure you choose a lender that understands the program and can execute it flawlessly for you. Compare Offers from Several Mortgage Lenders. So how do you find lenders that offer the loan? … [Read more...]
No Credit Check Mortgage Refinance Options
If your credit score dropped since you took out your mortgage, you probably think you don’t have any options for refinancing. Luckily, there are a couple of no credit check options you can use, depending on the type of mortgage you have now. Get Matched with a Lender, Click Here. These options are strictly for rate/term refinances. You cannot take cash out of the home with these loans. But you also won’t have to verify your income or assets in addition to getting away without checking your … [Read more...]
How Many FHA Loans Can You Have at One Time?
FHA loans are for owner-occupied properties. Since it’s impossible to live in two places at once, you probably assume you can’t have more than one FHA mortgage at a time. Technically, you are right, but there are some exceptions to the rule. Compare Offers from Several Mortgage Lenders. HUD grants exceptions to borrowers that are in one of the following situations: You and your family have outgrown your existing home Your job relocated you and it’s not within a reasonable distance … [Read more...]
How to Lower Your Mortgage Payment Without Refinancing
Dealing with a high mortgage payment can be very taxing. If you sit there and wish your mortgage cost you less each month, but don’t want to refinance, you have options. It requires you to think outside of the box, but these tips will help you pay less for your mortgage each month. Ask for an Extended Term to Get a Lower Payment You don’t have to refinance in order to obtain an extended term. Lenders call this recasting your loan. You don’t have to pay closing costs or go through a lot of … [Read more...]
How Much Escrow is Required for a Refinance?
You want to refinance and think you have it all figured out. You know you need up to 5% of the loan amount for closing costs and you have that money set aside. But, did you also know that you need money for the escrow account? Get Matched with a Lender, Click Here. This account is set up to help you pay your taxes and insurance. Not all borrowers are required to set this account up; it depends on your loan type. For example, VA loans do not require you to set up an account for taxes and … [Read more...]
What Happens to FHA MIP When you Refinance?
When you take out an FHA loan, you pay more than just closing costs. You also pay MIP both upfront and on an annual basis. So what happens when you refinance your loan? Do you get the mortgage insurance premium back? Get Matched with a Lender, Click Here. Unfortunately, you don’t get your mortgage insurance premium back. But, there is good news if you decide to refinance into another FHA loan. This trick only works if you use the FHA streamline program. The streamline loan helps FHA … [Read more...]
When Can you Refinance Your FHA Loan?
If you are like thousands of other homeowners, you used FHA financing to buy your home. It makes sense to do so, especially if you had a lower credit score and only had a small down payment. What if you want to refinance the loan, though? Is there a waiting period to do so? The answer is that it depends. What type of refinance are you going to do? For example, are you going to take out another FHA loan? Are you going to go conventional? The answers to these questions will help you determine … [Read more...]
How to Avoid PMI With FHA Financing
You took out an FHA loan and want to get out of the PMI you pay. While it’s impossible to avoid PMI when you take out an FHA loan, there are ways to get rid of it. Unlike a conventional loan, FHA loans require mortgage insurance premium for the life of the loan. This means you can’t cancel the insurance just because you owe less than 80% of the home’s value. As long as you carry the FHA loan, you pay the insurance. The amount you pay will decrease slightly each year as you pay the principal … [Read more...]