You should refinance a mortgage if you have a mortgage or second mortgage with interest rates that are too high. If you have one or two mortgages which are much higher than the going interest rate of today's market it may be worth refinancing to save some money. You first need to see what the new FHA Mortgage Interest Rates will be compared to your current rate, and factor in the closing costs to see how many months it will take before you turn a profit.
If you do not have very good credit it may be hard to find a lender that will refinance your loans for a reasonable rate. FHA mortgage refinancing is a type of mortgage refinance through the federal housing administration which can help people who don't normally qualify for refinancing get a low cost mortgage refinance loan. This means the FHA Mortgage Interest Rates ought to be lower as well.
With the Federal Housing Administration, FHA loans you can refinance your mortgage with no credit score or a score as low as 620. This can be helpful for those of us who accidently paid our loans a little late a few times. These loans can help you consolidate all your bills into one monthly bill, lower your interest payments considerably and have lower closing costs then a regular refinancing program. The Federal Housing Administration also has very competitive FHA Mortgage Interest Rates for people who have even declared bankruptcy after 2 years, or had a foreclosure after 3 years. Along with FHA mortgage refinancing, the FHA also offers reverse mortgages for senior citizens who do not want to pay any more bills. this works by paying the senior a monthly income or lump sum and taking claim to the home only after the owner has deceased. In the meanwhile the owner lives there worry free and still holds the title.
The FHA offered fixed rate loans which are strongly recommended, as well as adjustable rate loans which are good for very short term borrowers but if you plan on staying in the home more than 5 years do not consider this option. There is much more information about FHA loans on their website.
The Federal Housing Administration is now more than ever an instrumental part of getting the American homeowner back on their feet with dignity, and can help get people loans who normally wouldn't qualify as well as save many from foreclosure.
Author Resource:
A great resource to help you in your continued research on FHA Mortgage Refinancing is ApproveAll.com They offer completely free and unbiased information about FHA Mortgage Interest Rates , Mortgage Loans and a lot more.
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