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Your Mortgage Refinancing Options: Could an FHA Loan be the Answer?

by Gil  Mackey
Mortgage Directory Columnist

Today's homeowners have a wide variety of mortgage refinance options. Consider your goals to narrow the choices and find the right solution to match your needs. If you have little equity and are paying high mortgage rates or if your options are limited due to poor credit, an FHA refinance could be ideal.

Lower Mortgage Rates

Because the Federal government insures the loan, an FHA refinance might get you a lower mortgage rate than you could find elsewhere. If your current mortgage is an adjustable-rate or interest-only loan and you're starting to see your mortgage rate go up, then your timing couldn't be better. Taking advantage of the mortgage rates the FHA program offers could be an excellent way to save money every month.

Refinance Options Limited Due to Poor Credit?

Homeowners with poor credit or who lack equity will find a tremendous advantage to an FHA refinance. Since the FHA is insuring the mortgage refinancing, you might qualify for this refinancing when you'd be turned down for others. Even if you have a bankruptcy in your credit history you might still qualify for a mortgage refinance through the FHA program. Plus, FHA loans will go up to 95% cash-out, and to about 97% on a rate-and-term refinance.

Compare Refinancing Mortgage Rates

The most important factor to getting the best deal possible on your mortgage refinance is to shop around. Check with several lenders, four or five is a good number, and compare the refinancing options they have. Compare mortgage rates and ask if they can help you with an FHA refinance. Do your best to make apples-to-apples comparisons, meaning that you are comparing the same type of loan, same amount, term, etc. Make sure to ask plenty of questions and take notes. By comparing mortgage rates and your refinance options you should be able to find a new mortgage that fits your financial needs.

About the Author
Gil Mackey has been a writer and artist for the past twenty years. In addition to freelance writing, he writes for his local paper, and lives with his two children in Nevada.

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