Mortgages Made Simple
Refinance Your FHA Loan
Backed by the Federal Housing Administration, the FHA refinance program is a great money saving option for many homeowners. With interest rates currently at unbelievable lows, you could save thousands over the life of your loan by refinancing through an FHA guaranteed mortgage. A few FHA refinancing options include:
FHA Cash-Out Refinance
With an FHA cash-out refinancing, you can borrow over your current mortgage principle up to 85 percent of your home's current value. This allows you to take cash out from your home equity that has been built up over the years. You can use this money for other financial needs, such as eliminating other debt or making a large purchase.
FHA Streamline Refinance
Do you already have an FHA loan and are not looking to take out additional funds? An FHA streamline refinance may be the right move. An FHA streamline refinance may be able to lower your current interest rate, reduce your term or lower your monthly payment all with less requirements making it quick and easy.
Streamline refinances can offer you a quicker loan with less paperwork. Your lender may not even need to do a new appraisal. To help even more, you might even be able to roll your closing costs into the loan so you can reduce out-of-pocket refinancing costs.
Non-FHA Loan Holders
You do not need to currently have an FHA insured mortgage to take advantage of our refinance FHA rates. Conventional loan holders will need to meet the following demands to qualify:
Referring to mortgage calculators is a great way to get an estimate on how much money you may save. By talking to an expert at Freedom Mortgage about FHA refinance requirements, you will be taking the first step to lowering monthly payments and saving thousands