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Mortgage Refinancing Article
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Refinancing Your Mortgage With A FHA Loan
from: Mortage & Debt FactsRefinancing a mortgage is often a smart and practical way of saving money, gaining equity, and paying off debts.
When interest rates are on the decline refinancing becomes more popular. When you refinance a mortgage you take out a new mortgage and pay off the old one, the refinanced mortgage is at a lower interest rate and usually has better terms. Refinancing has the possibility of saving the home owner hundreds of dollars depending upon his or hers financial status including credit scores, payment history, and other factors. Refinancing your mortgage can be of great benefit as long as the new interest rate is at least two points lower then the old one.
There are several ways to go about getting your mortgage refinanced. Taking out a FHA loan is just one option.
The FHA, or Federal Housing Administration was created as a direct result of the Depression. In an attempt to curb the effects the Depression and the crisis it put on many home owners, the FHA developed a way for home owners to refinance even if they may not have been able to afford it on their own. This loan pretty much guaranteed that the home owner would be able to refinance by insuring the lender that if something should happen, like a default in payment, that the lender will be able to receive their money back.
Now, there are several benefits of using a FHA loan which makes it far more desirable then traditional refinancing loans. The qualification process is quicker and easier than traditional loans, which means that you will be able to get refinanced with very little fuss or muss. This is due to the fact that the FHA guarantees your loan so lenders do not really have anything to loose should you go into foreclosure.
Bad credit is not really an issue with an FHA refinance loan. This goes back to the first point that the loan is guaranteed so the lender will be able to refinance even if your credit score is less then ideal.
Less money out of pocket, is always a great reason for pretty much anything, and a FHA loan will be able to get you a lower down payment for refinancing. Where traditional loans require a down payment up to and possibly exceeding 20%, an FHA loan can be as low as 3% leaving you with more money to maybe fix up the home the way you want it.
Another benefit of a FHA loan is perhaps the most appealing, lower interest rates. Low interest rates are the main reason people refinance their mortgages in the first place, so the possibility of receiving rates that are even lower then the market price is of great interest and benefit.
The FHA is able to give refinancing so many perks and benefits because they are backed by the Federal government which provides little to no risk to lenders. Almost anyone can qualify for a FHA loan, which can be used to refinance their mortgage; all it takes is a few phone calls.
Mortgage Refinancing Specific links
Mortgage Refinancing News
Mortgage refinancing activity jumps - e-wisdom.com
 e-wisdom.com | Mortgage refinancing activity jumps e-wisdom.com By Max Thompson With mortgage rates plummeting to new record lows this week, mortgage refinancing activity jumped sharply, the Mortgage Bankers Association (MBA) said in a recent report. Data from the MBA's Weekly Mortgage Applications Survey for the ... Mortgage rates reach new low, spur refinancing Mortgage applications rise on refinancing A Refinancing Boom On European Strife |
Obama's Disclosure Shows Mortgage Refinance Not High on Agenda - San Francisco Chronicle
 BBC News | Obama's Disclosure Shows Mortgage Refinance Not High on Agenda San Francisco Chronicle Rates for a 30-year fixed mortgage averaged 4.46 percent last year, according to Bankrate.com data, hitting a low at the end of the year of 3.92 percent. In 2011, 4.3 million homeowners refinanced, according to data from the US Department of Housing ... Obama Disclosures Reveal Account at JPMorgan Obama assets valued between $2.6M and $8.3M |
Mortgage refinancing applications jump; rates fall: MBA - Chicago Tribune
 e-wisdom.com | Mortgage refinancing applications jump; rates fall: MBA Chicago Tribune NEW YORK (Reuters) - Applications for US home mortgages surged last week, driven by increased demand for refinancing as interest rates hit fresh lows, an industry group said on Wednesday. The Mortgage Bankers Association said its seasonally adjusted ... Mortgage refinancing surges The Truth About Mortgage Refinancing Revealed by Pennsylvania Mortgage Expert Mortgage applications increase on jump in refinancing |
Rate on 30-year mortgage falls to record 3.79 percent - San Francisco Chronicle
 Eastern Morning Herald | Rate on 30-year mortgage falls to record 3.79 percent San Francisco Chronicle Average US rates for 30-year and 15-year fixed mortgages fell to record lows for the third straight week. The steady decline has made home buying and refinancing more affordable than ever for those who can qualify. Mortgage buyer Freddie Mac says the ... Today's Mortgage Rates: Bank of America, Citibank and KeyBank Refinance Rates ... Mortgage Rates Fall to Another Record Low 30-year mortgage rate falls to record 3.795 |
Obama to tout success of mortgage refinancing - Washington Post
 The Associated Press | Obama to tout success of mortgage refinancing Washington Post In addition, he cited a program Obama announced in October 2011 designed to remove barriers to refinancing to homeowners with federally backed mortgages. Now, it is up to Congress, Donovan said, to expand such programs to homeowners with loans that are ... Obama touts mortgage refinancing to help economic recovery Obama Visits Reno, Urges Congress To Expand Mortgage Refinancing Program Obama Returns to Topic of Economic Recovery |