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Important points you need to know about FHA Loan Refinance
The Federal Housing Administration FHA as it is commonly called is a provider of mortgage insurance that is taken on loans made by FHA-approved lenders in the country. Securing a new mortgage that replaces the original one is called refinancing and it is done to allow a borrower to obtain a better interest rate and term. In refinancing, the first loan is paid off, thus allowing the second loan to be created, instead of going through all the lengthy processes of getting a new mortgage. The FHA offers to streamline refinancing options for borrowers of home mortgages. Apart from the fact that refinancing takes lesser time to be processed, the low-interest rate is an advantage of FHA loan refinance. Home loan refinancing with FHA loan is possible even with a damaged credit rating.
While online home loan refinances saves time and commission, comparing rates with multiple lenders is also easier. Instant online rates, payments, and closing costs are more efficient and is a better way for home loan refinancing. The easy process of online home loan refinancing is done by checking mortgage rates, applying for the home refinance programs from the comfort of your desk, and with all the right qualifications, you could get approved immediately.
HARP or Home Affordable Refinance Program, created by the FHA, is aimed at homeowners who have made regular mortgage payments but continue to not have equity in their homes. To help such people, the home refinance program refinances their mortgage at lower interest rates, thus helping home owners save thousands of dollars. The other advantages of the home refinance programs are the elimination of minimum credit scores, and the option of piling the closing cost into the new loan, thus removing the necessity for advance cash.
The latest average refinance rates for a 30 year fixed rate is between 4.0% and 4.20 %, and for a 15 year fixed rate is between 3.5% and 3.57 %. The best home refinancing companies for FHA programs are Home Loans For All, The Lenders Network, loanDepot and Veterans United Home Loans.
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