FHA Refinance

The FHA Refinance is a very popular option today to help home owners resolve many of their financial concerns. FHA Refinancing or an FHA Streamline Refinance loan allows you to:

• Refinance Your Mortgage into a More Reasonable Monthly Payment
• Refinance Your Current Loan to help Avoid Foreclosure.
• Cash Out of Your Home's Equity for Home Improvements
• Contact an FHA MORTGAGE SPECIALIST for an FHA Refinance Today!

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. An FHA Refinance 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.

An FHA Refinance offers several different options to homeowners who are considering refinancing their current mortgage

FHA Streamline Refinance Loan

The FHA Streamline Refinance Loan 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).
• Dnon'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.