FHA Loan Refinance
Whether you currently have FHA or conventional home financing, if you are looking for a refinance mortgage, an FHA loan refinance offers many benefits, including:
- Lower closing costs
- Easier credit qualifying; the minimum FICO score for an FHA loan is lower than most conventional loan requirements
If you currently have a conventional loan, you may get a better rate and lower payments by refinancing into an FHA loan, depending upon current mortgage interest rates. In addition, FHA mortgage insurance premiums may be lower than private mortgage insurance (PMI) premiums on conventional loans.
If you currently have an FHA loan, you may be able to reduce your mortgage insurance premium because the FHA reduced its MIP rates in 2015.
One way to estimate whether or not you can benefit from an FHA mortgage refinance is to use our Refinance Mortgage Calculator.
Given that interest rates fluctuate daily and FHA guidelines are always subject to change, the best way to determine whether or not an FHA refinance can benefit you is to call an FHA-approved lender and get up-to-the-minute information.
Freedom Mortgage is an FHA-approved lender with more than 25 years of experience, serving many thousands of customers nationwide, day after day. Our loan specialists can explain your refinance mortgage options, including FHA Streamline Refinance and FHA Cash Out Refinance.
An FHA Streamline Refinance offers a faster and easier process, with no appraisal required. Typically, verification of income or credit is not needed either. However, you will be able to obtain very little or no cash from an FHA Streamline Refinance.
FHA Cash Out Refinance
If you have built up equity in your home and your financial situation may benefit by access to extra cash, you may want to consider an FHA Cash Out Refinance.
FHA Cash Out Refinancing may be right for you if you would like to:
- Reduce the amount of high-interest debt you have, including credit cards or student loans
- Pay off a car loan
- Obtain cash for medical bills or other expenses
- Plan a wedding or a special vacation
If you are looking to get cash out of your refinance mortgage, the process of refinancing into an FHA loan will be similar to applying for a mortgage when you are buying a home. This includes obtaining an appraisal for the value of your home and supplying financing documents.
Given that interest rates are still relatively low, now is a great time to evaluate FHA refinancing options.
What is the Next Step in an FHA Mortgage Refinance?
If you want to take advantage of relatively low mortgage interest rates and refinance into an FHA loan, your first step is to contact Freedom Mortgage, an experienced FHA-approved lender.
We can guide you to the right type of refinancing including how to apply for an FHA loan and what to expect during the closing process. We can also answer any questions you may have about the FHA loan program. Find out more about FHA Cash Out Refinancing. Call Freedom Mortgage today.