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from: Refinancing Your Mortgage With A FHA LoanRefinancing a mortgage is often a smart and practical way of saving money, gaining equity, and paying off debts. When interest rates are on the decline refinancing becomes more popular. When you refinance a mortgage you take out a new mortgage and pay off the old one, the refinanced mortgage is at a lower interest rate and usually has better terms. Refinancing has the possibility of saving the home owner hundreds of dollars depending upon his or hers financial status including credit scores, payment history, and other factors. Refinancing your mortgage can be of great benefit as long as the new interest rate is at least two points lower then the old one.
There are several ways to go about getting your mortgage refinanced. Taking out a FHA loan is just one option.
The FHA, or Federal Housing Administration was created as a direct result of the Depression. In an attempt to curb the effects the Depression and the crisis it put on many home owners, the FHA developed a way for home owners to refinance even if they may not have been able to afford it on their own. This loan pretty much guaranteed that the home owner would be able to refinance by insuring the lender that if something should happen, like a default in payment, that the lender will be able to receive their money back.
Now, there are several benefits of using a FHA loan which makes it far more desirable then traditional refinancing loans. The qualification process is quicker and easier than traditional loans, which means that you will be able to get refinanced with very little fuss or muss. This is due to the fact that the FHA guarantees your loan so lenders do not really have anything to loose should you go into foreclosure.
Bad credit is not really an issue with an FHA refinance loan. This goes back to the first point that the loan is guaranteed so the lender will be able to refinance even if your credit score is less then ideal.
Less money out of pocket, is always a great reason for pretty much anything, and a FHA loan will be able to get you a lower down payment for refinancing. Where traditional loans require a down payment up to and possibly exceeding 20%, an FHA loan can be as low as 3% leaving you with more money to maybe fix up the home the way you want it.
Another benefit of a FHA loan is perhaps the most appealing, lower interest rates. Low interest rates are the main reason people refinance their mortgages in the first place, so the possibility of receiving rates that are even lower then the market price is of great interest and benefit.
The FHA is able to give refinancing so many perks and benefits because they are backed by the Federal government which provides little to no risk to lenders. Almost anyone can qualify for a FHA loan, which can be used to refinance their mortgage; all it takes is a few phone calls.
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