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The Best Place to Refinance Your Mortgage! |
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TEXAS FHA MORTGAGE
REFI – FREQUENTLY ASKED QUESTIONS What are the advantages of your FHA streamline refinance program? Our streamline FHA to FHA program gives you the advantage of a lower interest rate and eliminates many of the requirements of a conventional mortgage. My current mortgage was difficult to get completed, would a refinance be difficult and time consuming? No, most people are surprised at how easy this is. We will take care of most of the details for you. After I get my mortgage how long do I have to wait to refinance? In most cases we do not require you to wait a certain time before you refinance. This means you could refinance as soon as the next month after your original loan. How much will I save by refinancing? This depends on how much your rate is reduced, the loan size, the loan term, and other factors. As an example; on a $200,000 loan, if your rate reduced by 1.5% the payment on a 30 year loan would be $186/month less. That would save you $66,960 over 30 years (less a small amount of closing costs). Should everyone refinance their FHA mortgage? No, it depends on how much lower your rate would be and how long you expect to live in the home. As a general guideline, if you expect to keep the home for 3 or more years, and you can save 1% or more on the finance rate, you should consider refinancing. Please ask us for more information. If I have an FHA mortgage is it best to use FHA for the refinance? Usually, but not always. Our loan officer will suggest a different loan program for your refinance if it would be better for you. My credit is not so good, can I still refinance? If you have a FHA mortgage, and there have been no more than one 30 day late mortgage payment in the last year, you can probably qualify. (The mortgage must not be late now) Are there any closing costs? Yes, we will do an estimate of that for you. You can usually add the costs to the finance amount. You will probably be able to skip one or two payments when you refinance. Will I need to bring any money for closing? In some cases we can do your refinance with no cash to close. If you do have to bring cash to close it is usually equal to one or two mortgage payments. Because you can usually skip one or more payments the process is usually doesn’t result in extra cash flow out. Can I get cash out with my refinance? With a FHA refinance the cash out is limited to $500. If you would like to get more cash out than that we have a different program that can allow cash-out up to 80% of the homes value (total LTV). Why should I do my refinance with your company? We have very low rates and offer superior service. What is the first step if I want to look into refinancing? Call, or do the online quote form. We will get you a rate quote and worksheet estimate. If the quote is acceptable we will work on the details to finish your refinance. What if I have more questions? Please call one of our mortgage loan origionators toll free at 888-433-0500 for more information.
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