To sum it up, because no appraisal is required, the FHA streamline refinance is an excellent option for those who areunderwater on their mortgages, of which there are many. Tip:President Obama lowered mortgage insurance premium costs on FHA Streamline Refinances to help more borrowers take advant...
FHA loans are among the most popular mortgage programs in America because FHA loan requirements are more accommodating that other loan types.
An FHA loan is a mortgage insured by the Federal Housing Administration, which is part of the U.S. Department of Housing and Urban Development. With a minimum 3.5% down payment for borrowers with a credit score of 580 or higher, FHA loans are often a good fit for first-time home buyers...
However, unlike a reverse mortgage, you do not have to be 62 or more to get one. A home equity loan is an excellent option to choose from the financial institution with your existing mortgage. When you need to tap your home’s equity, this is a terrific option when you don’t meet ...
What is the biggest problem with the mortgage electronic registration system? Although MERS can streamline the loan transfer process, it can make it difficult to see who actually owns the loan. How do I get access to MERS? Your mortgage lender should provide the mortgage identification number for...
An energy-efficient mortgage is atype of loanthat can be used to fund eco-friendlyhome improvements, or to finance the purchase of a home that already has energy-saving features. For qualified homeowners, you canrefinancewith an EEM and use the funds to pay for certain upgrades that will he...
An escrow account is required when closing on a home purchase or refinance to protect the buyer, seller, and all other third parties during the transaction. However, a mortgage escrow accountmay be optional—it depends on your loan-to-value ratio (LTV) and the type of loan you obtain. For...
Additionally, if yourloan is declined, that’s often the end of the line. With a mortgage broker, they’d simply apply at another bank, or make necessary changes to turn your denial into an approval. They generally have access to a lot more loan products. ...
Additionally, with an escrow account, no moredue datesto remember as the escrow company will send in payments on time on the homeowner’s behalf. Finally Whenbuying a home, a buyer needs to know what is required in the mortgage escrow(home insurance, property and local taxes) as well as ...
FHA streamline refinances offer what’s known as a “tangible benefit” in the form of a lower interest rate, a change of loan terms or a switch from an adjustable-rate mortgage (ARM) to a fixed-rate mortgage. When using an FHA streamline refinance, you’re unable to withdraw more than...