An FHA refinance is available in fixed rate, adjustable rate, and as a streamline.
- Are you currently in an FHA loan?
- Do you want to lower your monthly payment, even if you are upside down in your current loan?
- Has your home lost value since your original purchase?
- Is today’s interest rate lower than when you closed on your current loan?
FHA streamline refinance is a program designed for homeowners who have an FHA loan, whose homes have depreciated in value since they closed on their loan, or who are currently paying a higher interest rate than is presently offered. You can choose an arm or 15-year or a 30-year fixed term. You are not required to have your home re-appraised. You do have to meet debt to income requirements.
We take pride in being Utah’s authority in mortgage refinancing. You can bank on our wealth of experience and unparalleled expertise in FHA Streamline Refinance to help you cut down the interest rate on your current mortgage. This refinancing option requires less paperwork to reduce your headaches and further minimize your expenses.
Our experienced mortgage planners will definitely put your best interest above everything else. We do everything we can to make this process as trouble-free as possible.
Whether you need some information about mortgage refinancing in Utah, or you are ready to begin with the process, you can count on our team to help you every step of the way. Contact us today to get started!
FHA Adjustable Rate
- Do you have less than perfect credit and still want to qualify for a home loan?
- Are you lacking cash to use as a down payment, or have less than 20% equity in your home?
FHA home loans are one of the easiest loans to qualify for, especially if you have faced financial difficulty in the past, have less than perfect credit, or lack equity or cash for closing. These government insured loan programs enable lenders to take more risk with qualifying people for a loan, which opens up the opportunity for more Americans to own their own home. Your credit score can be as low as 580 to qualify. For a primary residence, you can refinance up to 97.75% of your home’s value, and you can purchase a place with as little as 3.5% down. Pre-payment penalties do not apply, and you can select a fixed rate using a 30, 25, 20 or 15 year term.
What an FHA Refinance Does for You
- Do you want to take advantage of today’s lowest possible interest rate, but have struggled with your credit in the past?
- Do you plan on refinancing, or moving in the next five years?
An FHA variable rate loan gives you the benefit of today’s low interest rate, while easing up on qualification requirements. FHA home loans are government insured, which mitigates loan risk for lenders. After the initial five year fixed rate, your interest rate will increase or decrease annually over the duration of the loan, depending on the fluctuation of the interest rate. If you have at least a 580 credit score, and 3.5% down payment for a primary home you may qualify for an FHA variable rate mortgage loan. You can also refinance up to 97.75% of your primary home’s current value. If you are planning a move in the next few years, or simply want to take advantage or today’s low rates, this is a great option for you.
An FHA refinance is available in three types: a fixed rate, an adjustable rate, and as a streamline loan. Each type has its own benefits so homebuyers might find one more suitable than the other. Collectively speaking, an FHA refinance has multiple benefits.
First, FHA loans have no prepayment penalties. So, if you eventually decide to refinance or sell your home, you no longer have to deal with the fees included in other loan types.
Second, FHA loans are assumable. The outstanding mortgage and loan terms are transferable from the current homeowner to the new buyer. In other words, the buyer can just continue paying the remaining debt instead of applying for a new loan. As such, the financing arrangement is something you can market if you decide to sell the house at a later date.
Third, FHA loans generally have a higher approval rate than other types of mortgage programs. This type of loan opens more opportunities to home ownership as long as you meet the requirements, which include a stable source of income and a good credit score, as well as other requirements.
Consider applying for a fixed-rate, adjustable-rate, or streamlined FHA refinance, today.