Short Refinance
A Short Refinance, also known as a Short Payoff, is a transaction, where the lender agrees to accept less than the full amount owed. While it is similar to a short sale it is not. Instead of the property being sold, it is refinanced with a new lender. The Short Refinance allows the homeowner to retain ownership of the property, while at the same time avoiding a foreclosure or possible bankruptcy.

If you want to keep your home, but don't have enough equity to get into a foreclosure bailout loan, a Short Refinance is your answer. By negotiating a Short Refinance with your current lender, a payoff of less than the full amount owed may be obtained, and your current mortgage can be refinanced with a new lender.

How Does a Short Refinance work?

The Short Refinance transaction is a two part process. The first phase is the equity re-negotiation with the current mortgage lender. The second phase of the process is obtaining a refinance loan approval. Our team of FHA experts can help you with both phases of the Short Refinance.

The process to complete a short-refinance typically takes anywhere from 6-8 weeks. It may take longer, depending on who the current lender is! If there is not enough equity in your home and you need mortgage relief, we can help you and try to qualify you for a refinance loan!
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The Short Refinance works exactly the same as a Short Sale with the exception that the homeowner remains a homeowner. A major benefit of the Short Refinance is that it allows borrowers to keep their homes. The Short Refinance delights homeowners because they get a new start with a lower mortgage payment and a lower mortgage balance, while still living the American Dream of homeownership!

FHA Mortgage Refinance Options

Prevent Foreclosure:
Refinancing your existing mortgage is perhaps the easiest and most logical way to help save you from foreclosure. With the recent fallout of the subprime lending market, tens of thousands of Americans are in search of a solution to their mounting mortgage payments. We can help.

Adjust from an ARM to a Fixed Rate mortgage:
With continually increasing interest rates, many people with an Adjustable Rate Mortgage (ARM) are starting to see their monthly payments climb. Ensure a low and steady monthly payment by taking advantage of a Fixed Rate Refinance.  Fill out this form to get assistance and to determine how much your monthly payments will be with a New Fixed Rate mortgage.

Homeowners enjoy the benefits of investing in their property year after year. For some, there comes a time when that investment can come in handy. Refinancing with an FHA loan can prove to be an effective way to put that equity to work.

Sending a child to college, consolidating bills, taking a much needed vacation, or making home improvements are some of the ways homeowners tap into the equity they have accumulated in their home to help with these expenses. Keep in mind that FHA refinancing is only available to homeowners who are currently using their home as their principal residence.

FHA also offers several different options to homeowners who are considering refinancing their current mortgage:

What is FHA Streamline Refinance?

The FHA Streamline is a refinance program from the Federal Housing Administration that allows you to get a lower interest rate on your FHA mortgage loan. The great thing about the process is that it does not require extensive qualifying. Everything has been streamlined!

The FHA Streamline Refinance can help if you:

• Want to lower your interest rate and reduce your mortgage payments (even if you owe more than the home is worth).

• Are concerned about credit requirements (minimal with FHA loans).

• Don’t like a lot of paper work (limited documentation and appraisals are optional).

If you qualify, now is the time to take advantage of the currently low rates!


CASH OUT REFINANCING
This refinancing option is especially beneficial to homeowners whose property has increased in market value since the home was purchased. A Cash Out refinance allows homeowners to refinance their existing mortgage by taking out another mortgage for more than they currently owe, therefore repaying their current mortgage and using the equity they have built up in their home to take out another larger mortgage. This allows the homeowner to access the equity they have built up in their home and put it to good use where needed.

In order to get the most benefit from refinancing your mortgage, it is often best to consider refinancing after you have had time to build up a significant amount of equity in your home. If the property was purchased more than one year prior to the refinance, the homeowner can refinance the existing mortgage for up to 85 percent of the appraised value plus the allowable closing costs, which vary from state to state.

 

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