FHA Refinance FHA

 FHA Refinance FHA

If you are a homeowner, you are probably well aware of the mortgage rates that are currently available. If you are locked in at a higher rate, however, you are probably wondering how you might be able to take advantage of the low rates and save some money on your mortgage. Right now is a great time to take advantage of home refinancing opportunities and potentially save thousands of dollars over the life of your loan.

Borrowers often seek to secure a lower interest rate or to lower a monthly payment. The most common type is of refinance is a 30 year fixed rate and term mortgage. In addition to lowering rates and/or the associated payment, a mortgage refinance often reduces the term of a loan and/or allows a borrower to switch between a variable and fixed rate. A refinance often consists of the same size loan, using the same property as collateral. In order to determine if a refinance is beneficial, the savings in interest must be compared to the fees associated with the refinance process. An example of a refinance fee is a prepayment fee.

There are many reasons to refinance:

  • Conventional refinance rates
  • FHA streamline refinance rates
  • HARP refinance rates
  • FHA refinance rates
  • FHA refinance FHA Florida

However, here are the 3 most common reasons I've seen:

  • Lower your monthly payments - Probably the most common reason for refinancing is to lower your monthly payments in order to ensure that each payment can be made
  • Decrease loan term - You may choose to refinance primarily for the reason of decreasing the loan term while slightly increasing monthly payments. In the long term this probably will save you a lot of money thanks to a lower interest rate
  • Cash-out - Many times there are other important debts you have to pay off or will need to pay off in the near future. Refinancing for more than you currently owe will allow you to receive a large amount of money to pay for these investments, whether it be for college, home improvement, or buying a car. Many times you can do so while getting a lower interest rate.

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www.MORTGAGE-WORLD.com LLC is an online mortgage company specializing in FHA loans for first time home buyers.


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Minimum Credit Score Needed

to Buy a Home or Refinance

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FHA

Requires a minimum credit score of 500 to buy a home or refinance

FHA minimum

credit score 500

VA

Requires a minimum credit score of 500 to buy a home or refinance

VA minimum

credit score 500

Fannie Mae

Requires a minimum credit score of 620 to buy a home or refinance

Fannie Mae minimum

credit score 620

Freddie Mac

Requires a minimum credit score of 620 to buy a home or refinance

Freddie Mac minimum

credit score 620

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