The FHA refinance loan is a great mortgage option for homeowners who want to tap into their home equity and use the funds for other personal needs.
FHA Refinance
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. Keep in mind that FHA refinancing is only available to homeowners who are currently using their home as their principal residence.
FHA options to homeowners who are considering an FHA refinance mortgage:
FHA CASH-OUT REFINANCE
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.
FHA STREAMLINE REFINANCE
This refinancing option is considered streamlined because it allows you to reduce the interest rate on your current home loan quickly and oftentimes without an appraisal. FHA Streamlined Refinance also cuts down on the amount of paperwork that must be completed by your lender saving you valuable time and money.
FHA NEWS and RELATED ARTICLES
If you’ve recently applied for an FHA insured mortgages and are now paying on an FHA mortgage, you are also able to submit an application for FHA Streamline Refinancing loans after a specified waiting period. The FHA Streamline Loan option features reduced paperwork and faster processing than the initial FHA loan application, but these loans don’t permit money back to the borrower as they are designed primarily to give lower payment or interest rates. If a borrower is getting a divorce, for example, refinancing the property under a single person’s name (removing the spouse) would make sense. The reverse is true for a single borrower who is refinancing and getting married.ADDITIONAL ARTICLES
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