Tony Croft - Mortgage Banker
But Were Afraid to Ask!
You may have heard that building up equity in your home can be a valuable asset. But how can staring at your walls help you take that long needed vacation, send your child to college, or pay your bills? The answer, refinancing.
FHA offers several different options to homeowners who are considering an FHA refinance mortgage:
FHA REFINANCE: CASH OUT REFINANCING
This refinancing option is popular with homeowners whose property has increased in market value since the home was purchased. A cash out refinance the homeowner to take out another mortgage for more than they currently owe, repay the current mortgage and use the excess for tuition, bill consolidation, etc. This is how a homeowner can tap into the assets of built up equity.
FHA REFINANCE: STREAMLINED REFINANCING
This refinancing option is considered streamlined because it allows you to reduce the interest rate on your current home loan quickly. It also reduces the amount of paperwork that must be completed by your lender saving you both time and money.
In order to qualify for a Streamlined Refinance your original home loan must be an FHA loan in good standing and the refinance must lower your monthly interest payments. This option reduces your monthly expenses by lowering your payments but there is no option to receive cash back. This works well for people who are in good financial standing with no significant debt because it allow a little extra money in your pocket each month.
For more information…FHA Streamline Refinance Rules for 2010
Please contact us at 201-943-6800 to schedule your FREE No-Obligation Consultation where we will meet to tailor a program to fit your needs and comfort level for monthly payments and investments.
Visit our Home Buyer University – Free Online Workshops. There you will find a growing library of workshops that you may view completely free of charge which will provide valuable information that you will need as you prepare for your home purchase.
I hope you have enjoyed this blog.
Until next time,
201-943-6800
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