FHA Refinance

If you currently have an FHA Loan, you have the option of refinancing it with your lender. The FHA has made homeownership a reality for millions of Americans by making the entire loan process much simpler and more affordable than conventional loans. They have done this by extending great benefits to families who would otherwise not be able to become first time homeowners. One of these benefits is the simplicity of refinancing the FHA Loan. Here are just a few requirements for refinancing:

- The loan must already be insured by the FHA
- The mortgage to be refinanced must be current and not delinquent
- The loan must be used to obtain a lower interest rate or to borrow cash against the house’s equity

Why are you refinancing?

Before you apply for a new loan, you should ask yourself why you want to refinance. If you plan on obtaining a lower interest rate than the one you currently have, you can opt for an FHA Streamline Refinance. If you need to borrow cash against the house’s line of equity, then you will need to apply for an FHA Cash-out refinance.

FHA Streamline Refinance

To obtain a lower interest rate than the one you have currently, the FHA has created a streamline refinance mortgage that makes refinancing a cinch. With this option, you won’t be required to provide any additional paperwork on the house. You also won’t incur any “out-of-pocket” expenses. What this means is that if you do have closing costs, you can have the lender pay them and work the cost into the price of the new loan.

FHA Cash-out Refinance

Sometimes you need cash, and you need cash now. Whether you need to pay for tuition, outstanding liens, a new car or consolidate debt, with an FHA Cash-out refinance you will be able to borrow money against the house’s equity. You will be required to provide additional paperwork, but once the process is finished you will be able to use the cash for any purpose.

Refinancing Today

Refinancing your FHA Loan is easier than ever. Simply fill out our quick online form and you’ll be pre-approved for your refinanced loan within minutes. It’s absolutely free with no strings attached. We’re here to help you get the most out of your FHA Refinance!

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