FHA Mortgage Refinance Stands The Test Of Time
By Joseph Hendizadeh
An FHA Mortgage Refinance may be your best
bet when it comes to getting your financial house in order...literally.
It has been the Rock of Gibraltar for many since its inception. Find out
if an FHA Refinance can help in your time of need.
The Federal Housing Administration (FHA)
came into existence in 1934 during the Great Depression. It was created
because during this time a record number of people where defaulting on
their mortgage payments. The FHA was instituted to help lenders by
insuring them against these defaults and foreclosures.
By insuring the lenders the FHA would now
serve as a bridge that would encourage homeownership by helping lower
income individuals qualify for mortgage loans.
From the very beginning the FHA has helped
many Americans get the mortgage loans that they need. During this
current economic contraction, homeowners that are facing a hardship
should view the FHA as a floatation device that can help them weather
the storm. If the situation warrants, right now may be the perfect time
to consider an FHA Mortgage Refinance.
If your property is in danger of being
foreclosed or you simply do not have the money to buy the things that
you need, there may be opportunities available for you. Currently things
are so volatile that it is nice to know that an
FHA Refinance option is around to help
you through any tough times that you may be experiencing.
An FHA Mortgage Refinance can help you in a
number of different ways. One type of refinance that may be helpful is
the Cash-Out Refinance. With this form of FHA refinancing you can get
up to 95% of the cash equity value of your home. That will make it
possible for you to purchase things that may be needed (e.g., a new
vehicle, necessary renovations, continuing education, etc.).
Another type of FHA Refinance Loan is for
debt consolidation, which can help you by arranging all of your monthly
payments, including your mortgage, into one affordable amount. This can
be an ideal solution for anyone who has found themselves buried in debt
and in need of a lifeline.
High interest rates have been a problem for
many people with less than perfect credit who received mortgage loans in
the years leading up to this financial crisis. The problem is that many
of these people could not afford the high interest rates that go along
with poor credit, which is one of the reasons why so many people have
foreclosed. A lower interest rate with an FHA Refinance Loan will make
your monthly payments much more reasonable and could save your property.
There has really never been a better time to
take advantage of one of these loans because this is the exact reason
why these loans are in place. If you were taken advantage of by a lender
and are now unable to make your monthly mortgage payments, this may be
the perfect program for you. In addition, if you have lost your job due
to the economic downturn, an FHA Mortgage Refinance may buy you some time until
you can find a new job. Too many Americans have found themselves in
difficult positions because they did not understand what they were
getting themselves into financially. The FHA was created to help people
out in these situations. Right now is the time to consider an FHA
FHA Refinance to learn more.