Not long after being sworn into office, President Trump undid the impending FHA premium cut.The reduction would have slashed 0.25% on the annual fee. The suspension was signed by the president right after his inauguration. The cut was announced by the outgoing HUD secretary Julian Castro earlier in January. This would mean around $500 savings from homes which cost $185,000. While that doesn’t sound like a huge deal of money, savings is still savings and every penny counts. This … [Read more...]
3 Scenarios Where Refinancing is the Best Option
Today’s low mortgage rates are certainly an opportunity worth grabbing. You’ve been putting down payments on that home for five years. It could be tempting to see if refinancing can help ease the burden of paying that loan. If you have an existing FHA home loan, refinancing could be a great option if any of these three scenarios are applicable to you. 1. Planning to stay in the home for at least seven years Mortgage experts say that people stay in their homes for seven years, on average. … [Read more...]
The Most Common FHA Streamline Refinance Questions
The FHA Streamline Refinance is a great way to lower your monthly payment on your FHA loan. The process, as the name suggests, is very streamlined, requiring very little from you as the borrower. If you obtained your original FHA loan when rates were higher than they are today, it is worth looking into the benefits of this lucrative loan program. Before you do, here are the answers to the most common questions regarding the streamlined process. Do I have to use the same lender? No, you do not … [Read more...]
How Easy It Is To Get An FHA Streamline Refinance?
The FHA makes it pretty easy to refinance into a lower rate. They require very little documentation from you and can turn the loan around in a short amount of time. There are even ways to save on the upfront mortgage insurance premium that you owe as well as the closing costs if you are diligent about it. As an added bonus, if you originally opened your loan a few years ago, the upfront mortgage insurance premium has dropped … [Read more...]
Do you Want a Zero Closing Cost FHA Streamline Refinance?
Refinancing can make a lot of sense, especially when the rates are significantly lower from when you originally obtained your loan. If you have an FHA loan, however, the thought of paying the upfront mortgage insurance premium in combination with the closing costs can seem overwhelming. Many people avoid taking advantage of the lower rates available just to avoid having to pay the closing costs. The good … [Read more...]
No Cost FHA Streamline Refinance
The no cost FHA streamline refinance is available for people who have an FHA loan at a higher-than-market interest rate and is available through lenders who offer the FHA streamline refinance. The no cost FHA streamline refinance is the same as the FHA streamline refinance with one exception - there is no cost to you to do the loan. Yes, you read that right, there is absolutely no cost to you. To Get Tips for FHA refinance, Talk to a Lender» The No Cost FHA Streamline Refinance: How Is It … [Read more...]
FHA Streamline Refinance At Your Credit Union
Many people have their mortgage with their local credit union and are searching for more information about the FHA streamline refinance program because their credit union has always done their mortgage and they do a decent job of having signs in the local branch explaining about the FHA streamline refinance and how it can save you money each month. So the first question is: "Is there really a FHA streamline refinance program?" And the answer is: yes. There are many lenders who offer the … [Read more...]
The Tax Advantages of Refinancing Your Home Loan
Did you know there are tax breaks to consider as a result of refinancing your VA loan or your FHA mortgage? But, to refinance your home loan for tax breaks from the IRS may be a bit extreme. Rather, think about these assocaiated tax considerations from refinancing a perk rather than a purpose. Hopefully if you already have a mortgage you were informed by your loan officer or your tax preparer that some of your closing costs - discount points were tax deductible. If you didn't and you recently … [Read more...]
Shopping Home Equity Loan Rates
If you have been in your home for a number of years and you have established some equity, you may be considering liquidating some of that equity. To go with a Home Equity Loan will be an excellent way of doing this. A home equity loan allows for you to borrow off of the equity you have established in your home through appreciation and monthly mortgage payments without having to touch your first mortgage. This brings to the fore why a home equity loan can also be considered as a second … [Read more...]