You took an FHA loan because of the low down payment requirements and/or the flexible underwriting requirements. Now you are toying with the idea of refinancing. When does it make sense to do so? Compare Offers from Several Mortgage Lenders. The answer is that it depends on your situation. Are you in the home for the loan term? You may want to consider refinancing into a conventional loan, but you’ll have to time it correctly. If you aren’t staying in the home for the long-term, or you … [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 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 to Refinance a FHA Home Loan If You Have Bad Credit
You have an FHA loan that you want to refinance in order to get a lower payment. The only problem is that you have bad credit. How will you ever refinance? Get Matched with a Lender, Click Here. You can use one trick that the FHA provides. It’s called the FHA streamline loan and it allows you to refinance your FHA loan without verification of your credit. You can even have poor credit and still refinance your loan. How Does the FHA Streamline Loan Work? Only current FHA loan holders can … [Read more...]
Is a Mortgage Recast a Better Option Than a Refinance?
If you want to restructure your loan, you have a few options. You can recast, refinance, or just pay down your loan. Two of these options, the mortgage recast and refinance, require the help of a lender. The third option – paying down your loan, can be done on your own. Get Matched with a Lender, Click Here. We explore all three options for you below. What is a Mortgage Recast? You may have never heard of the mortgage recast. That’s because most people refinance; it’s all they know. The … [Read more...]
What to Consider Before you Refinance Your Mortgage
Refinancing your mortgage might seem like a great idea, especially if you can get a lower rate. But, before you do it, consider the following factors. Understanding the full implication of a refinance will help you make the better decision. Compare Offers from Several Mortgage Lenders. Is it Worth It? The most important question to ask yourself is whether or not the refinance is worth it. In other words, what is your break-even point? This is when you start reaping the savings after taking … [Read more...]
Differences Between FHA Streamline and FHA Short Refinance
The FHA offers several programs that many borrowers don’t know about. The two most commonly misunderstood are the FHA Streamline and the FHA Short Refinance. Both programs have many benefits. But, they each pertain to a different audience. We’ll discuss each program below and how you can qualify for them. What is the FHA Streamline? The FHA Streamline refinance is for current FHA loan customers. It offers these homeowners the ability to refinance their current FHA loan. Homeowners don’t need a … [Read more...]
Refinance an FHA Loan to a Conventional Loan – Should You?
If you were like many other first-time homebuyers, you took out an FHA loan. It helped you get a loan with a small down payment. It also had flexible guidelines. Now that you have owned your home for a while, though, you may be ready for a different loan. If you want to get rid of the mortgage insurance, the only way to do it is with a conventional mortgage. How do you know when the time is right? What is Your LTV? The best place to start is with your LTV. This stands for loan-to-value ratio. … [Read more...]
How Soon Can You Refinance an FHA Loan?
Refinancing an FHA loan can be done at any time. The FHA doesn’t have regulations regarding how long you must have the loan first. However, a lender may have some specific requirements. The most common requirement is to have the loan for at least 6 months. They call this seasoning. It gives the lender a chance to see that you can make the payments on time. It also depends on the type of loan you refinance into as you have choices. Here we discuss your options and what you need to know. FHA … [Read more...]
Best Loan Options for a Quick Refinance
You can refinance in a matter of a couple of weeks if you play your cards right. If you have a government-backed loan, they each offer streamline programs. These programs require minimal documentation and no appraisal. If you provide everything the lender needs right away, you can usually get your loan closed in a week or two. FHA Streamline Offers a Quick Refinance If you currently have an FHA Streamline loan, you may be eligible for the FHA Streamline. You may qualify if you made your last … [Read more...]