With record low interest rates you will eventually consider refinancing your Florida mortgage. Before make a decision, you should consul from an experienced Florida Mortgage Lender As a Florida mortgage company we have access to the best Florida FHA refinancing programs available. And we would be more than happy to talor fit your to loan option that best fits your long term objectives. Below we have listed the many advantages or refinancing your Florida home with the FHA mortgage program, just one of the programs we offer.
FHA REFINANCING BENIFITS FLORIDA HOMEOWNERS
FHA refinancing offers existing Florida home owners looking to complete an FHA refinance many advantages you wont find in any other Florida home loan program. An FHA mortgage refinance will also benefit Florida homeowners who do not currently have an FHA loan. FHA refinancing highlights include:
FLORIDA FHA CASH OUT REFINANCE UP TO 85% OF THE APPRIASED VALUE:
FLORIDA FHA RATE AND TERM MORTGAGE REFINANCE UP TO 96.5% OF THE APPRAISED VALUE:
FLORIDA FHA STREAMLINE REFINANCE EXSITING FLORIDA FHA LOANS:
FLORIDA FHA REVERSE MORTGAGES FOR SENIORS TO ELIMINATE PAYMENTS:
FHA refinancing offers benefits for current Florida home owners who are seeking to complete a FHA refinance mortgage of their existing real estate mortgage (s). A FHA mortgage refinance may also benefit you even if you do not currently have a FHA loan. Some different ways of using a FHA mortgage for your Florida mortgage are as follows:
FHA CASH OUT REFINANCE: An FHA cash out refinance with FHA loan applicant a higher loan to value than any other Florida mortgage program. With an FHA mortgage refinance, current homeowners can cash equity built up in their homes; up to 95% of the home’s FHA appraised value, to spend how they please.
FHA REFINANCE TO CONSOLIDATE DEBT: High interest credit cards and other high interest debt can be consolidated into one low monthly FHA mortgage payment with an FHA debt consolidation refinance.
FHA REFINANCE TO LOWER PAYMENTS: Florida homeowners with higher interest rate home loans, including adjustable rate mortgages, can use an FHA refinance to lower their monthly housing obligation. In addition, Florida homeowners with a 15-year mortgage can refinance into a 30-year or 40-year fixed rate mortgage to lower the monthly payments.
FHA STREAMLINE REFINANCE: FHA streamline refinancing is perfect for Florida homeowners who currently have an FHA mortgage and want to reduce their rate and payments. With an FHA streamline refinance, homeowners can refinance their Florida mortgage payments with no credit check and no appraisal. The only FHA condition is that the homeowner has to be current on the FHA mortgage. Your current mortgage payments must be current in order for you to qualify.
FHA CHAPTER 13 REFINANCE: Florida Homeowners who have enough equity in their home and who are currently in a Chapter 13 repayment plan can refinance to consolidate monthly credit obligations into one low monthly mortgage payment.
When an owner obtains a new first FHA mortgage on his or her home, the homeowner has undergone a Florida mortgage refinance. Simply put, think of an FHA refinancing as replacing an old first mortgage for a new first FHA mortgage. But with FHA refinancing, qualifying for the new home loan is much easier because FHA refinancing is NOT credit score driven. With an FHA mortgage refinance you are approved on a common sense approach to lending rather than the credit-score-driven approach. In addition, an FHA refinance allows
To FHA refinance a Florida home, the homeowner must apply for a new FHA mortgage. During the application process, the home will undergo a new FHA appraisal to determine its value, and the home owner’s credit file will be reviewed to determine the borrower’s last twelve-months of payment history. The FHA mortgage lender will also order a title report to search for any other liens or encumbrances that may appear. Assuming all these items are less than the home’s appraised value and that they can be paid off with the FHA refinance, the loan will be approved.
Once the FHA refinance is approved, the homeowner will come to the title company to sign the new promissory note and
The costs typically involved in a Florida FHA mortgage refinance include points, document preparation fees, tax service fees, title expenses, appraisal fees, and other FHA refinance costs. Of these, the “points” is typically the most expensive. Using the $100,000 FHA refinance example again, for a refinanced loan with one point (1%), the homeowner would pay a fee of $1,000.00 to secure the refinance. If two points (2%) were being paid, then the
Don’t waste time fill out a full Florida FHA mortgage application and we will handle all the FHA paperwork for you!.