If you are a homeowner and haven?t refinanced your mortgage within the past 12 to 18 months, you are likely paying far more interest on your loan than you need to be paying.? Over the past year and a half, home loan interest rates have dropped significantly and are much lower than the options that were offered last year.? In addition to new low rates, the Federal Housing Administration (FHA) has introduced new mortgage refinance initiatives that are helping homeowners more easily refinance and save money very quickly.
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The refinance program that works best for you and the amount of money that you can save on your mortgage depends on the type of mortgage that you currently have.? There are several different kinds of mortgages, and each one has specific refinance programs that it will qualify for.? Not all mortgages will qualify for all types of refinance programs.? Here we will discuss the two most popular kinds of loans and the refinance options that work for each one.
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FHA and First-Time Homeowner Loans
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If you are a first-time homeowner, meaning that the home you currently own is the first one you have ever purchased, you likely have an FHA loan.? These loans are great options for first-time buyers as they have low interest rates, low down payment requirements, and low or no upfront closing fees.? In addition, they do not require that the buyer purchase additional private mortgage insurance (PMI).
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If you have an FHA loan, your mortgage is guaranteed by the government, and you can only refinance with FHA or government programs.? Luckily, the FHA has recently released the new FHA streamline Refinance program, which allows homeowners with an FHA loan to refinance quickly and affordably.? The new FHA refinance program requires no credit check, no employment verification, and no home appraisal.? The purpose of the streamline program is to refine the refinance process, making it happen quickly and very affordably.? The fees associated with this program have been reduced or eliminated, and can help homeowners save money within 30 days of applying.? If you have an FHA mortgage, the FHA streamline refinance is likely your best bet for lowering your interest rate and saving money.
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VA Loans
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If you are or have been a member of the United States Armed Forces, you likely used your veteran benefits to purchase your home with a VA loan.? If you qualify, VA loans are easily the best home buying option available.? They carry the lowest rates, best closing fees, and most convenient terms out of any mortgage available.? Only US veterans and members of the Armed Forces qualify for these loans, however, so if you have not served there is no way you can get a VA loan.
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Similar to the FHA options, the those with VA loans can also apply for a VA streamline refinance and save money quickly with little or no money paid upfront on fees or application processing.? The streamline program requires little verification and does not require a home appraisal.? VA mortgage rates are the lowest available out of any mortgage option, and the refinance options are quick and affordable.? Current rates are extremely low and can potentially save you thousands on your mortgage depending on your current interest rate.
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Start Saving Money Immediately
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If you have either of these kinds of mortgages and haven?t yet refinanced your property, or have refinanced but it has been a while since you did, you may be able to save a significant amount of money on your mortgage with the right refinance.? Take some time to speak with a few different lenders and learn about their refinance options and see what rates they are currently offering.? It is important to shop around as different lenders charge different fees up front and offer slightly different mortgage rates.? Be sure you are getting the best deal and start saving today!
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Jessica Markam is an associate at StreamlineRefinance.net and writes about current mortgage industry news including refinances, new home loans, and other lending options.
Source: http://reknowledgebase.com/archives/207
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