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FHA refinance loans are for single-family, owner-occupied residences used as a borrower’s home. Your original home loan may not be an FHA mortgage, but you can still refinance your existing non-FHA mortgage into an FHA home loan.

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December 12, 2018
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News and Updates for Homeowners

Reasons to Refinance Your Home Loan Now

November 15, 2018 - FHA refinance loans are for single-family, owner-occupied residences used as a borrower’s home. Your original home loan may not be an FHA mortgage, but you can still refinance your existing non-FHA mortgage into an FHA home loan.

Reasons to Refinance Now: Rising Value in Your Home

At the time of this writing, house values are on the rise. With higher demand in a seller’s market a home owner may find the value of their property going up considerably in the right markets.

If you want to take cash out of your home in conditions like these, an FHA cash-out refinance, or an FHA reverse mortgage (for qualifying borrowers aged 62 or older) can help. When your home was appraised the first time, the value was given and your original mortgage loan amount was approved.

But between then and the time you refinance, you have made mortgage payments and in a rising market your property values may be increasing at the same time.

The equity in your home changes the more you pay down the mortgage, and those who have been paying for some time may find they have more borrowing power in conditions like those mentioned above.

Reasons for an FHA Refinance Now: Get Out of an Adjustable Rate Mortgage

In times when interest rates are on the rise, borrowers looking at another Adjustable Rate Mortgage (ARM) rate change may do well to consider refinancing into a fixed rate mortgage loan. How many times will rates increase over time before the next interest rate adjustment on your ARM loan?

FHA mortgages allow the refinance both FHA and non-FHA loans alike into fixed rate mortgages. Existing FHA loans can use Streamline Refinancing which has no FHA-required appraisal or credit check (ask your lender if that financial institution requires them) and non-FHA mortgages can be refinanced as FHA fixed-rate cash-out loans or as no cash-out loans.

Reasons to Refinance Your Home Loan With an FHA Mortgage: Lower Interest Rates

FHA refinance loans may offer you a better fixed rate than the mortgage you have now depending on a variety of circumstances. If you suspect you could get a better rate or wonder what rates are open to you (based on your FICO scores and other financial qualifications) talk to a loan officer about the options and see what makes sense for you.

In some cases a borrower may have been offered a rate with FICO scores that were lower at the time than the borrower has now-could this be a determining factor for some homeowners looking for a better rate?

Ask your lender for information on what your current FICO score could earn you in the form of a lower interest rate.

If your loan is still new and you haven’t made many payments yet, it may be too early to reap the benefit in this area but if your mortgage has many payments on it, checking to see if a lower rate is available on a refinance transaction. Lender standards, state law, and the borrower’s credit history since the original mortgage may all affect the outcome.

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