It could possibly be the best time to take advantage of current FHA streamline refinance rates which could be at record lows. Besides, the Obama administration has announced steep cuts in mortgage fees and insurance premiums to make it easier for homeowners to refinance their homes at a lower rate of interest and save thousands of dollars over the long run.
Madison, WI -- (SBWIRE) -- 08/30/2012 -- Following instructions from the federal government, FHA streamline refinance lenders have started cutting costs for refinancing home mortgage loans provided by them. The move is expected to benefit almost 3 million homeowners across the United States as it will open doors to cheaper loans. In March this year, the Obama administration announced changes to the qualification guidelines for home refinance loans being offered by the Federal Housing Administration or the FHA. As per the announcements, FHA has been instructed to reduce refinancing fees for those mortgages which are FHA insured and owed by borrowers who were till date unable to refinance at lower interest rates. As a result, borrowers, who will qualify for FHA’s streamlined refinance plan, could now find it much easier to obtain new FHA backed loans at reduced rates of interests.
Nevertheless, borrowers who are considering getting benefited with the FHA Streamline Refinance Program Requirements must make sure that their existing FHA home loans are approved before June 1, 2009. Eligible homeowners will save money on upfront mortgage insurance premiums as well as annual fees for FHA streamlined refinancing in accordance with the changed rules and regulations. Remember, the Department of Treasury has already lowered MIPs to 0.01% and cut annual refinancing fees in half to about 0.55%. Earlier borrowers used to find these propositions burdensome because of rise in prices for mortgage insurance premiums. But the reduced fees will mean huge monthly savings for borrowers who are trying to save their homes and get their finances back on track. Overall it can be a totally win-win situation for applicants who qualify.
However, to reap benefits of the program changes, borrowers must fulfill few FHA streamline refinance requirements. At present, interest rates being offered on streamlined refinance loans could be among the lowest in the mortgage industry. A homeowner, who qualifies for FHA streamline refinancing, may be able to save at least $100 on account of the mortgage fee reductions. Hundreds of dollars could be saved every month by qualifying for a favorable solution and home can be kept for a long time to come. Nevertheless, it has never been easy to secure government funds as borrowers are needed to navigate through a rigorous and complicated application process. Besides, there could be no guarantee for obtaining an approval. So to improve chances of qualification, it’s necessary that a borrower seeks help from some mortgage service. Just make sure that it is reliable and reputable in the market.
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LoansStore.com is a leading mortgage service provider in the United States which has been in business for over seven years. Till date, the firm has helped tens of thousands of borrowers in qualifying for affordable mortgage interest rates and hence, significantly reduced monthly payments. Consumers, who are interested in determining their eligibility for home loan modification or refinancing, can visit their website at http://www.loansstore.com/mortgage refinance/ for getting more valuable information.
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