Refinancing into a FHA fixed rate mortgage, how it functions; the interest rate stays the same during the life of the loan period, the common terms are 15 year and 30 year mortgages. The advantages of a fixed rate mortgage is that your monthly payments stay the same for the life of the loan. Your […]
The ARM is good when you know you will only be in the house for a short term, or you know your income will increase, you should plan on refinancing to a fixed rate before the loan adjusts to a higher rate. With a ARM you mortgage will adjust, this can put you at a […]
Refinancing with a FHA Streamline; means that you are streamlining the amount of documentation you are required. Since you already have a FHA mortgage when you refinance into a streamline you would not be required to show documentation of income or have your credit run again. Also there is less scrutiny with your loan once […]
Refinancing for a cash out: Cashing out refinance is were you ask for some of the homes equity; to do things like home improvement or pay some debit maybe even buy a car. Whatever you do it for the interest you pay on your mortgage is tax deductible. If you are taking cash out, your […]
Cash out; Refinance for Debt Consolidation: Refinancing for cash out to pay debts; can be done for your credit cards, cars, college, and or for home improvements, etc., or even roll in your 2nd mortgage so you can have one low monthly payment. But if you are taking cash out, your loan will be limited […]
