Strategies and guides on creative refinancing.
A zero-closing-cost refinance is one where the lender pays all your closing costs. Sounds great, but with refinance costs running $5,000 or more, how can this be a real program? Here’s what to know about these loans. Get your zero-closing cost refinance rate. Start here. Zero-closing-cost refinance: How they work The name is a bit […]
Best Times to Use a Zero-Closing-Cost Refinance Read More »
When rates drop, an FHA Streamline refinance can get you into a new lower-rate loan with no appraisal or income documentation. What’s even better is that the program comes with a built-in consumer protection test called the Net Tangible Benefit. If the loan doesn’t provide value to the applicant, FHA will not approve the loan.
How to Pass the FHA Streamline Net Tangible Benefit Test Read More »
If you’re paying private mortgage insurance (PMI) on a conventional loan, there’s light at the end of the tunnel. Conventional loans let you cancel PMI under certain conditions. Here are all the ways to cancel. With any luck, you’ll be PMI-free soon. See if you can cancel PMI with a refinance. 1. Removing PMI with
6 Ways To Remove PMI on a Conventional Loan Read More »
A few years into your FHA loan, you might wonder if you can remove the monthly mortgage insurance (MIP, sometimes called PMI). The answer is yes. Sometimes you can remove mortgage insurance right away with a refinance, but sometimes you can refinance to enable PMI cancelation in the future. Plus, there are plenty of other
FHA to Conventional Refinance: Remove PMI + Other Benefits Read More »
Homeowners with a lot of equity in their homes, but lower credit scores, might benefit from the FHA cash-out refinance. You can use FHA cash-out refinance proceeds to pay off debt, complete home improvements, or simply put money in your pocket. There are no limitations on what you can do with the money. See if
Is An FHA Cash-Out Refinance Worth It? 2024 Guidelines Read More »
When you refinance one FHA loan to another FHA loan, you may be entitled to a partial refund of the upfront mortgage insurance premium (upfront MIP). How much you get back and how it can be used are important details, but to begin, let’s take a look at these FHA MIP refund charts. This table
FHA MIP Refund Chart 2024 Read More »
An FHA Streamline refinance can drop your rate and payment with no appraisal, income, or credit check. But it can also help you remove someone from the loan. Here’s how to take someone off the mortgage using this program. Start your FHA Streamline loan to remove a borrower here. 2 FHA Streamline options: Low-doc refinance
How to Remove a Borrower with an FHA Streamline Refinance Read More »
You can close your FHA Streamline 210 days after closing your existing FHA loan. You can apply 30-60 days earlier and close on the 210th day. Within that 210 days, all of the following must happen: Example: Although there are caveats, a good rule of thumb is this: You are eligible to close an FHA
FHA Streamline Refinance Waiting Period 2024 Read More »
