The most common is the FHA streamline refinance, but you don’t want to make a decision until you have reviewed all the possibilities and assessed your own situation for qualifying factors.
Refinancing Your FHA Mortgage
Are you thinking about a FHA mortgage refinance? The process can be simple for those who already have a FHA mortgage with a good payment history. The FHA streamline refinance does not require a credit score, proof of income or appraisal, all good points for those who may be upside down in their mortgages or in between jobs. Real-Estate-Yogi.com tells us there are several qualifying factors for the streamline refinance program such as:
Borrower must have a good payment history over the past year
There must have been six payments since the last refinance
Last three payments must have been made on time
Mortgage balance cannot go up in order to accommodate refinancing fees
There must be a purpose for the refinance
This is only one of the options for FHA refinancing, and there is also a streamline refinance that requires normal processing for those who wish to include the fees in their refinance. For more information on this and other FHA refinance options fill out the contact information form you find on the website. You will hear from someone immediately.
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Qualifying to Refinance Your FHA Mortgage
The qualifying factors for FHA mortgage refinancing depend entirely on the program you choose. As stated in the previous paragraph, there are two programs for the streamline refinance, so you need to make sure you know where you fit into the mold. If you have always paid your mortgage payments on time but have problems with other credit, you may wish to choose the FHA streamline refinance with the no appraisal, credit report or income verification option. Of course, if you are depending on the funds from the refinance to pay the refinancing fees, this program will not work for you.
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Be Aware of Refinancing Rates
Before you make a final decision about refinancing, you need to make sure you research FHA mortgage refinance rates. This is especially important if you may have bought your home when interest rates were lower because it will have a dramatic effect on your new mortgage payments. In that case you will need to weigh the advantages of paying a higher interest rate against having the funds available to do the things you anticipated doing.
Before you make a final decision about a FHA mortgage refinance it’s important to make sure you qualify for FHA mortgage refinancing. You also want to research FHA mortgage refinance rates and be aware of and be aware of all the FHA mortgage refinance options.
Making the decision to refinance your FHA mortgage is an important one, so you want to make sure you have all the facts available first. Taking a few minutes to visit www.real-estate-yogi.com will save you a great deal of time and frustration. The website also offers visitors access to a huge free database that includes in excess of 260,000 consultants in the legal and financial fields. In order to schedule a free consultation, all you need to do is call 1-800-987-1397 any time of the day or night.
