Pittsfield, MA -- (SBWIRE) -- 11/25/2013 -- Current FHA Refinance Mortgage Rates
The Federal Housing Administration(FHA) has insured the mortgages of over 35 million homeowners since 1934. The FHA offers two types of refinance loans; the cash-out and the Streamline. The cash-out option is great for folks whose homes have increased in value because it allows the homeowner to borrow more than he currently owes on his mortgage. The extra money can be put into home improvements, which increases the home’s value even more. The Streamline refinance enables homeowners to reduce the interest rate on their house rapidly and usually without the need for an appraisal. The paperwork for this refinance loan is less than that for a traditional one, so it can be processed more quickly, with less hassle to the homeowner. To obtain more information about FHA refinancing go to Real-estate-Yogi.com.
The FHA was created to help people who could not obtain a mortgage due to credit or other issues. It assists these folks in purchasing homes they may not otherwise be able to afford. The mortgages are insured by the federal government, making FHA-approved lenders more likely to approve them. It’s wise to check out the current FHA refinance mortgage rates if taking this step is something one is interested in. Refinancing one’s home means paying off the original mortgage loan and taking out a new one, usually with a different lender, that has lower rates or a longer repayment term. This is often a good move if one’s finances have changed for the worse recently.
If a person has a fair amount of money available for a down payment on a home but has very little credit history, he can qualify for an FHA mortgage. Minorities and those living on a low income began to be the focus of the FHA in 2006. Before applying, be sure to have such information as where one has been employed for at least the past two years, one’s current address, Social Security number, and one’s gross income from all sources, among other things. The lender will ask for check stubs and tax returns for the last two years, information about any savings/checking accounts, data on any other outstanding loans one has, and all information pertinent to other real estate one may own. While this may sound a bit intimidating, it’s not; most folks have a great deal of this information at hand and can easily access whatever isn’t. Remember that even those who have been turned down by conventional lenders can qualify and be approved by the FHA. Be honest about one’s financial situation, fill out the application with an FHA-approved lender, and get ready to live in the home of one’s choice.
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www.real-estate-yogi.com began operations eight years ago and is still owned by the original creator, a local businessperson in Pittsfield, Massachusetts. The goal of the website is to provide current answers to the property-related inquiries consumers ask every day. Because it is backed by the combined wisdom of thousands of legal, real estate, and fiscal experts, these responses are fast and correct. For a complimentary consultation, dial 800-987-1397, any time.