If you’ve decided to use the FHA 203K program to renovate a home you are buying or already own, you should be familiar with the role of the FHA 203K consultant. Compare Offers from Several Mortgage Lenders. The consultant only plays a role in the standard FHA 203K, not the streamline version. In other words, if you are making structural renovations or your renovations cost more than $35,000, you’ll need an FHA 203K consultant. What Does the 203K Consultant Do? You can think of the 203K … [Read more...]
Documentation Needed for an FHA Streamline Approval
The FHA streamline loan is among the easiest loans to qualify for, assuming you have an FHA loan now. The FHA made it simple for current FHA borrowers to refinance their loan with little documentation. They wanted FHA borrowers to have a simple way to reduce their monthly payment and/or interest rate without having to go through the entire approval process again. Looking for Current Mortgage Interest Rates? Click Here. The documents you need for FHA streamline approval are minimal compared … [Read more...]
Is a Shorter Mortgage Term Better?
Shopping for a mortgage means that you will have to make many decisions, including the term. If you are like the standard borrower, you’ll opt for the 30-year fixed term. But that’s not your only option. You may be able to take out a 10, 15, 20, or 25-year term. Compare Offers from Several Mortgage Lenders. Are the shorter terms better though? We’ll discuss the pros and cons of a shorter-term mortgage below. The Advantages of a Shorter Term Mortgage Let’s say you can afford the 15-year … [Read more...]
The Top 5 Reasons You Should Pay Off Your Mortgage Early
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...]