| You can now refinance your FHA loan with their | | | | In addition to low interest rates, you can save money |
| streamlined process. With reduced paperwork, your | | | | and build up your equity faster by choosing a short |
| lender can process your mortgage much quicker. | | | | term loan rate. By converting from a 30 to 15 year |
| There are some unique requirements to refinance your | | | | mortgage, you qualify for a lower rate and reduce you |
| FHA loan, but you continued to be backed by the FHA | | | | overall interest payments by at least half. |
| through this process. | | | | If you have an adjustable rate mortgage, you can also |
| Basic Requirements | | | | save on interest rates in the long term by locking into a |
| In addition to having a good credit record to refinance | | | | fixed rate mortgage. However, if you think interest |
| your home, the FHA also requires you to already be | | | | rates will fall in the future, stick with an ARM. |
| FHA insured and be current on your mortgage. | | | | FHA Lenders |
| Refinancing also has to lower the borrower's monthly | | | | Only HUD approved lenders can refinance FHA loans. |
| payment, and no equity can be withdrawn. | | | | Fortunately, most lending companies are HUD |
| Refinancing Packages | | | | approved. You should also compare rates and fees of |
| Financing companies offer a couple of different | | | | these lenders to be sure that you find the lowest rates |
| refinancing packages for FHA mortgages. A common | | | | and fees. |
| package offers no up front payment to refinance. | | | | To save time, use an online mortgage broker to |
| Often these types of mortgages are touted as "no | | | | request quotes. Within a matter minutes you can have |
| cost", but you pay higher interest rates for this option. | | | | a list of lenders with their rates to compare. From this |
| Another type of refinancing package allows closing | | | | list you can request more information from lenders or |
| costs to be included as part of the mortgage amount. | | | | apply online for speedy processing. Online lenders will |
| This option is only available if there is enough equity in | | | | also offer discounts since they have less overhead |
| the property, which is determined by a FHA appraiser. | | | | costs than traditional financing companies. |
| You can also choose a traditional refinancing package | | | | To view our list of recommended FHA mortgage |
| where you pay loan fees and points up front. This | | | | refinance lenders online, visit this page: Recommended |
| option will give you the best rates. | | | | FHA Mortgage Refinance Lenders Online. |
| Mortgage Terms | | | | |