Refinance Mortgage Loan
Why Homeowners Should Consider Refinance Mortgage Loan?
Think refinance mortgage loan programs are dead? Think again! Rates are still at record lows, and refinancing today may allow you to lower your monthly payment and save more money over the life of your loan. Here are 5 reasons you may need to refinance mortgage loan today:
- Interest rates may have lowered since you took out your current mortgage.
- Your credit may have improved since you took out your current mortgage.
- You could lower your monthly payments, allowing yourself more spending money each month.
- You can consolidate your debt by refinancing.
- You could make one low monthly payment instead of numerous payments.
2015 Update On FHA Streamline Refinance Mortgage Loan
If you currently have a FHA Loan, you can do a FHA Streamline Refinance Mortgage where you do not have to provide income documentation, no appraisal is required, and no credit scores are required. As long as you have been timely with your mortgage payments in the past 12 months on your FHA Loan, you can do a FHA Streamline Refinance Mortgage Loan with no closing costs and depending on what mortgage rate you are paying, you can save tens of thousands of dollars over the course of your FHA Loan.
2015 Update On FHA Annual Mortgage Insurance Premium
The Federal Housing Administration has lowered the annual FHA Mortgage Insurance Premium from 1.35% to 0.85% in January of 2015. Homeowners with larger balance FHA Loans can not only save with lower FHA mortgage rates but can save 0.50% in the reduction of their FHA annual mortgage insurance premium. This is a huge savings. Please contact Gustan Cho Associates at 262-716-8151 or email Gustan Cho Associates at email@example.com.
Refinance Your FHA Loan To A Conventional Loan
Home prices have sky rocketed since this mortgage blog article was initially written and published. Many parts of this country, just as areas in California, Florida, Georgia, Michigan, Nevada, Texas, and Illinois has seen double digit annual increases of their property values. If you are a homeowner in an area where your home has appreciated, you should consult with us and see if we can refinance your FHA Loan to a Conventional Loan and see if we can eliminate your FHA mortgage insurance premium. Many homeowners in California are surprisingly shocked to see that their homes have appreciated 20% or more in the past couple of years. Gustan Cho and his associates have done numerous refinance mortgage loans in California where homeowners are refinancing their FHA Loans to a Conventional Loan and saving them thousands in savings by having the FHA mortgage insurance premium wiped off.
Cash Out Refinance Mortgage Loan
For homeowners who have equity in their homes, they can do a cash out refinance where they can pay off their original home loan and get a larger mortgage loan and use the cash proceeds to pay off old debt, consolidate debt, or for any reason they like such as investments. FHA allows up to 85% loan to value on a cash out refinance mortgage loan and conventional refinance mortgage loan allows up to 80% loan to value.
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