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Refinancing Your Mortgage With A FHA Loan

from: Mortage & Debt Facts



Refinancing 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.


Other Mortgage Refinancing related Articles

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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 refinancingNorthJersey.com
Mortgage applications rise on refinancingPhiladelphia Inquirer
A Refinancing Boom On European StrifeSeeking Alpha
Wall Street Journal -eCreditDaily.com -The Real Deal New York (blog)
all 34 news articles »

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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 JPMorganRoll Call (subscription)
Obama assets valued between $2.6M and $8.3MNewsday

all 1,975 news articles »

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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 surgesBizjournals.com
The Truth About Mortgage Refinancing Revealed by Pennsylvania Mortgage ExpertSBWire (press release)
Mortgage applications increase on jump in refinancingThe Hill (blog)
LoanSafe -LoanRateUpdate (press release)
all 120 news articles »

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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 ...Eastern Morning Herald
Mortgage Rates Fall to Another Record LowWLTX.com
30-year mortgage rate falls to record 3.795Chicago Sun-Times

all 344 news articles »

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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 recoveryThe Hill (blog)
Obama Visits Reno, Urges Congress To Expand Mortgage Refinancing ProgramCarson Now
Obama Returns to Topic of Economic RecoveryNew York Times
Los Angeles Times -CNN (blog)
all 599 news articles »

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