Did you finance your home with a Federal Housing Administration (FHA) loan? FHA loans are attractive to borrowers with less-than-ideal credit scores or lower amounts saved for down payments, unlocking the door to homeownership for many aspiring first-time home buyers. But your circumstances can change – and they can change for the better. If your
Mortgage Refinancing
If you own your home, there’s a good chance you bought it using a 30-year fixed-rate loan. But after a few years, your situation may have changed and you may have new financial goals – like paying off your mortgage sooner or saving on interest charges. Refinancing to a 15-year mortgage can help you build
Are you stuck with a mortgage that no longer works for you? Maybe your interest rate is too high, or you’re struggling to make your monthly mortgage payments. Maybe interest rates are falling or your credit score is rising, and you want a better deal. No matter the reason, refinancing your mortgage could be the
You can refinance your home multiple times for multiple reasons. Maybe you want to capitalize on a lower interest rate or switch from an adjustable-rate mortgage (ARM) to a fixed-rate loan. Some of us may decide to refi to help us get through a difficult financial situation. While it may be in your best interest
During a refinance, there are many moments of anticipation you hope will eventually lead to successfully refinancing your home. Minutes feel like eons when you’re waiting for an update from your loan officer. You’ll likely feel twinges of anxiety while you’re waiting for the results of your appraisal to come back. Your most pressing question
A home appraisal is a comprehensive evaluation of a home’s value that takes into account the living condition of the home, any improvements made and comparable homes in the area. It lets potential buyers and their mortgage lenders know if they may be paying too much for a home. If they are, the lender may