Discover Your Mortgage loan Options
Many people dont realize how much they can benefit from an FHA Refinance. Alot of homeowners also ask what is an fha loan and how can I benefit from it. Believe it or not you have a great chance of getting approved with a 30 year fixed mortgage rate even if your credit is not spotless. FHA loan requirements are not as tough as conventional mortgage loans are. FHA could be your ticket when you are considering the current refinance rates.
Each type of loan has the same FHA loan requirements so don’t be worried about that. If you can afford the extra monthly cost of a 15 year fixed mortgage rate than that is great! However many people decide to go with the 30 year fixed mortgage rate due to the fact that the monthly amount is so much less and they want to focus on keeping their monthly expenses as low as possible. So many Homeowners are able to enjoy the many benefits of investing in their home every year. For most, there will come a time when their investment can be very helpful. When you look at the current refinance mortgage rates you can really put that equity in your home to work with the current FHA Rates. Many people either consider a 15 year fixed mortgage rate or a 30 year fixed mortgage rate when they consider refinancing their mortgage loan.
Remember that FHA refinancing is only offered to you as a homeowner if you are presently using this home as your principal home residence. This is not an exception for the FHA loan requirements that lenders have. This basically means that you live in this home. You need to make sure that you understand all the FHA loan requirements before you start the refinance process. Keep reading to learn more…
There are many things to consider when you ask yourself… Should I Refinance my mortgage? Keep reading on to find out what to look for when you shop either a 30 year fixed mortgage rate or a 15 year fixed mortgage rate. Their are many FHA choices to you as a homeowner when you are thinking about an FHA refinance and looking at the current loan rates:
FHA RATE TERM REFINANCE
This refinancing option is for a homeowner that need to reduce their month-to-month house funds or want to expidite their loan payoff time by lowering their home loan curiosity fee and lowering their home loan term. Usually when you complete an FHA Rate Term Refinance you will obtain a 30 year fixed mortgage rate.
FHA STREAMLINE REFINANCE
This refinancing option is regarded as streamlined simply because it will allow you to lower the interest rate on your current home loan rapidly and oftentimes without having an appraisal. FHA Streamlined Refinance additionally cuts down on the total amount of paperwork that needs to be completed by your loan company which will save you very valuable money and time.
Many times you can qualify for 30 year fixed mortgage rate with a FHA Streamline Refinance which is fantastic! The FHA loan requirements on a FHA streamline refinance are much easier when compared to a typical FHA refinance.
One huge benefit of the FHA streamline refinance is that a homeowner can get a very competitive mortgage loan for bad credit. What this means is that if you have late payments on other debts you may qualify for a Streamline Refinance if you have no late payments on your current FHA loan. This FHA loan requirement is hands down a fantasic option when you consider an FHA refinance.
FHA CASH OUT REFINANCE
This refinancing option is for a homeowner whose home has increased in its value since the house was purchased. A Cash Out refinance lets the homeowner refinance their present mortgage loan by taking out a new mortgage loan higher that their current mortgage and taking the cashout and either keeping it or using it for other needs. Usually you will find that a 30 year fixed mortgage rate is the most aggressive mortgage rate when it comes to this type of refinance.