| d="body"> | | | | FHA loan case number: |
| The Home Refinance Rush | | | | - Your mortgage statement: On your mortgage |
| If you're like many smart homeowners today, you're | | | | statement there should be a breakdown of escrow |
| thinking of refinancing to a lower rate to take | | | | and your next payout estimate. Often you can find |
| advantage of some of the most attractive loan rates | | | | your FHA case number there. |
| in decades. | | | | - Your loan note: Look on the upper right corner for |
| It's true, rates are being kept artificially low with | | | | the case number. |
| government incentives. And they are guaranteed to | | | | - Your home loan appraisal: If you have a copy of |
| rise when the economy goes into solid recovery. So | | | | your home's last appraisal, look on the cover page. |
| financially savvy mortgage holders are acting now to | | | | The case number should be on the upper margin of |
| shore up their debt by cashing in on today's low rates. | | | | the first page of the report. |
| The bottom line is that refinancing in today's market is | | | | Do You Qualify for an FHA Streamline? |
| a smart move that will pay off for years to come. | | | | If you've determined that you are currently in an FHA |
| FHA, Refinancing, and Economic Recovery | | | | insured loan, you may be the perfect candidate for an |
| We all know the economy is lagging. Because our | | | | FHA Streamline. But what else would you need to |
| economy is so dependent on the health of the housing | | | | start rolling toward a refi? |
| market, part of the government's complex recovery | | | | According to the Housing and Urban Development |
| plan includes fortifying home values. Naturally, the | | | | website, the basic requirements of a FHA Streamline |
| government wants homeowners to stay in their | | | | refinance are: |
| homes. For many people this requires refinancing to a | | | | - The mortgage to be refinanced must already be |
| lower payment. | | | | FHA insured. |
| Where does FHA come in? An FHA home loan is | | | | - The mortgage to be refinanced should be current |
| federally insured. To a bank, that means it's a safer | | | | (not delinquent). |
| asset than many other types of home loans. Because | | | | - The refinance is to result in a lowering of the |
| of the stability of the FHA loan, and because the | | | | borrower's monthly principal and interest payments. |
| government wants to make refinancing as easy as | | | | - No cash may be taken out on mortgages refinanced |
| possible for citizens, certain requirements have been | | | | using the streamline refinance process. |
| relaxed to encourage refinancing and to provide for | | | | If you think these guidelines describe your situation, it's |
| quicker qualification. | | | | probably a good idea to speak to a home loan expert |
| In the mortgage industry the new, faster process is | | | | or mortgage broker to find out how refinancing can |
| called the FHA Streamline. | | | | improve your personal finances. Considering the |
| Good News for FHA Loan Holders | | | | current interest rates, it's likely refinancing can enhance |
| With an FHA Streamline refinance, homeowners are | | | | your bottom line. |
| often allowed to skip the appraisal process, one of the | | | | A simple example is to look at the numbers on a |
| biggest snags for homeowners trying to refinance. In | | | | $200k home loan. At 7% interest, that's a monthly |
| some cases they may even be able to skip the | | | | payment of $1,330. Refinancing to a rate of 5% would |
| income verification. | | | | lower the monthly payment to $1,074. That's a monthly |
| And all types of current FHA loans qualify for the | | | | savings of $256, and a yearly savings of $3,072. Over |
| program. This means 30- and 15-year fixed-rate FHA | | | | a 30-year loan, that's a savings of over $92,000! |
| loans, as well as all ARM FHA loans. | | | | The truth is, the cost of borrowing may never be |
| Do You Have an FHA Loan? | | | | lower in our lifetime. Qualifying for a refinance now |
| Maybe you're not sure if you are currently in an FHA | | | | could mean hundreds of dollars per month back in the |
| Loan. To verify, you'll need to locate an FHA case | | | | pockets of homeowners. And with the FHA streamline |
| number associated with your loan. The case number is | | | | simplifying the process for millions of qualified |
| usually a 10-digit number, but it can be as many as 13 | | | | homeowners, it could be the most painless savings |
| digits. | | | | ever. |
| Here are some places to look for verification of your | | | | |