In today’s mortgage industry, there are a lot of interesting situations that have come up.  After the house bubble has burst, there are a lot of people finding that they are in need of a refinance and there are lots of different options for you.  One of the most common options is to do an FHA Streamline Refi.  

Though there are four main qualifications, it might still be in your best interest to try.  The FHA Streamline Refi Loan has become one of the most popular ways to refinance a mortgage loan.  One of the reasons it is so popular is because during the housing bloom of the late ’90’s and early 2000’s a lot of home mortgages were FHA Home Mortgages.  No the homeowners are looking for ways to lower their mortgage payments.

The four main qualifications or requirements for a FHA Streamline Refinance Loan are the following:  

1.  The first qualification is that the loan to be refinanced needs to be insured by FHA to begin with.  You can not do a FHA Streamline Rifi if your mortgage is not a FHA mortgage.  

2.  The loan also needs to be in good standing and cannot be delinquent.  

3.  The third qualification for an FHA Streamline Refi is the transaction should reduce your monthly principal and interest payment.  

4.  The last qualification is that there is to be no cash out as a result of this transaction.

The reason that an FHA streamline Refi is considered streamline is because the lender can often times lower your interest rate without even order an appraisal.  If you no longer need to wait for an appraisal, you can often cut at least three weeks off your waiting time.  This process should also cut down the amount of paperwork and underwriting that the lender needs to do, so you can refinance quickly and save even more money.

Since the lender does not to do another income verification, order an appraisal, and can often cut out a lot of the underwriting process, you do not even need to do the application in person, you might even be able to do this through the telephone or through the Internet.  

But aside from those obvious benefits, an FHA Streamline Refi can really benefit those that have pretty good credit and little to no debt.  Once the process is over and they have lowered their monthly principal and interest payment, they should have a little more money left over that can be used towards either paying off the house quicker or for other items like personal uses or even for extra home improvements.

If your situation qualifies you for this particular type of loan, an FHA streamline Refi could put you and your house in a much better position.  

Although the four above qualifications are a must the possibility of lower your mortgage certainly makes it worthwhile to check with a FHA Lender to see if you can save money.  The FHA Streamline Refi can put more money in your pocket which is certainly a good thing during these hard times!

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The mortgage industry has gone through some interesting changes in the last five years.  When the housing market was booming, people were purchasing houses left and right.  There were all kinds of mortgage deals going through the works.  Now that the sales have slowed down and the new problems are showing up, people are now understanding what they got into and are now trying to refinance their mortgage.  And if you have a FHA Housing Loan you are looking for information on a FHA Streamline Refi.

There is a lot of talk about the FHA Streamline Refi and how easy it is to get done.  But before you try to talk to a lender about qualifying for this product, here are some more details to see if it will work for you.

The surprising fact about the FHA Streamline Refi is that it is not a new product.  It has actually been around since the mid nineteen eighties.  There is a lot of confusion because it was not widely known that this was available.  So now that everyone is talking about it, some people think this is something that was just recently introduced.

Another misconception about the FHA Streamline Refi is that it is easy for the borrower, but what the streamline really means is that the lender can circumvent a lot of the paperwork, documentation, and underwriting that typically goes on with a traditional refinance.  Also, many people think that there are no costs involved, but there are.

Now that the general misconceptions are cleared up, here are the requirements to so an FHA Streamline Refi.

1.  First, the mortgage must be already be insured by the FHA.

The mortgage must be already be insured by the FHA, otherwise it cannot be refinanced.  If it is insured by a different institution, you do not need to do anymore research to continue.  

2.  Second, the loan must also be current.  

You cannot be presently delinquent or no refinance.  

3.  The FHA Streamline Refi Loan needs to reduce your principal and interest on your mortgage.

The third requirement is that this transaction should reduce the principal and interest payments for the borrower.  

4.  Cannot take cash out.

And the fourth and final requirement is that there is to be no cash taken out from this transaction.

If your current situation fulfills those four requirements, than an FHA Streamline Refi could be in your best interest.

Although it is not a new program the FHA Streamline Refi has become a very popular way of refinancing your FHA mortgage and certainly worth checking with a FHA lender to see if you will be able to lower your mortgage payment.

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FHA Loan Mortgage Refinance – Is It Time For You To Refinance?

Is it time for you to do a FHA Loan Mortgage Refinance? 

Interest rates are a the lowest in decades and you are sitting there with a FHA Loan Mortgage wondering if you would save money doing a FHA Loan Mortgage Refinance.

Probably the current rates on FHA Loan Mortgages are lower than the one you currently have on your home.  The next step is the check what are the current FHA interest rates. 

Also, a concern would be if your home value has dropped in this current housing slump.  If you brought your home in the last couple years you may not have enough equity to do a FHA Loan Mortgage Refinance.

You should contact you FHA Lender and see if you qualify for a FHA Loan Mortgage Refinance.

The author of this article talks if it is time to refinance mortgage loans in general not just FHA Loan Mortgage Refinance.

Time to Refinance Your Mortgage Loans!

There are many advantages of refinancing in the current financial climate.

Have you considered refinancing your mortgage loans? If you haven’t yet considered this option, the question must be asked: why on earth not? Mortgage loan rates are at an all time, insanely low point, and it mus Read more…

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If you are over 62 years old and considering a FHA Reverse Mortgage you may require to go through a counseling session.  Not all states require a counseling session to acquire a FHA Reverse Mortgage.  You will need to contact a FHA Lender for your state to see if a counseling session is required in your state.

The article below is about FHA Reverse Mortgages counseling sessions in California.

Reverse Mortgages Require a Counseling Session

Senior citizens and lenders who are new the reverse mortgage business both want to know what reverse mortgage counseling is all about.

All California reverse mortgage applicants are required to go through counseling with a certified agency. Reverse mortgage counseling used to be free but congress underfunded the program and now most borrowers pay between $75 and $125 for the session.

It also used to be that the senior would drive down to a local consumer credit counseling agency to meet with a counselor. Now most reverse mortgage counseling appointments are conducted over the phone. The counselor may be in another state.

Counseling agencies are certified by the US Department of Housing and Urban Development and the Federal Housing Authority to offer counseling on the Home Equity Conversion Mortgage (HECM). Agencies might also offer counseling on any one of the non-FHA reverse mortgage programs.

Counselors go over topics including reverse mortgage interest rates; financial implications of a reverse mortgage including the addition of interest to the principal balance; fees and costs; owner occupancy requirements; borrower eligibility and calculation of the loan amount; borrower responsibilities; loan repayment; and reverse mortgage effects on taxes, public benefits, their estate and heirs.

Seniors may not like the thought of being required to undergo counseling. They might worry that it is a test that they could fail. But reverse mortgage counseling is just another way of disclosing the loan terms for the California reverse mortgage.

The senior cannot "fail". The only potential risk is that the counselor is given a strong reason to suspect that the senior is not competent and is not able to understand what is being told to them. In that case, the counselor may choose to not continue the counseling session.

Not all states require reverse mortgage counseling for all reverse mortgages. But counseling is always required for the HECM. In California, reverse mortgage counseling must take place prior to the senior homeowner financially committing to the loan.

Reverse mortgage counseling is a great double-checking procedure to ensure that lenders are being honest. Seniors must know that a reverse mortgage does not give them "free money".

A reverse mortgage is a real mortgage on their house that will eventually be repaid. But reverse mortgage counseling also helps comfort seniors who are concerned about the reverse mortgage and want to talk with an well-informed and independent third party. Contact a reverse mortgage lender and ask them to put you in touch with a reverse mortgage counselor.

Reverse-Mortgage-Info.net is a division of FutureSafe Financial specializing in reverse mortgages California and offering qualified senior reverse mortgages for those 62 years and older. Please contact Reverse-Mortgage-Info.net for more information and a risk-free reverse mortgage quote.

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