Is An FHA Refi Right For Me?FHA Refi

You may be mulling over an FHA refi wondering if this is something that makes sense for you. There are a great many times when an FHA refinance actually does make sense; there are some times when a refi isn’t in your best interests. For this reason it’s important to look at the facts.

FHA Refi Facts

FHA Refinancing: A refinance is the process of taking out a new loan. So you need to decide if the payoff of a lower refinanced rate is really going to make up for undertaking a new loan. If you have been in your 30 year loan for 15 years, you have paid off a lot of interest. Do you really want to take on more interest just to get a lower interest rate?

Streamline: Another possible avenue in the FHA refinance market is to use their Streamline loan program. Customers can obtain a streamline with either a fixed or adjustable rate mortgage.  If you are able to meet the benefit requirements of a streamline refinance you may see the benefits of a quicker overall loan process.

Closing: Another pretty great thing about an FHA refi is that your closing costs may be covered. This is something that you will want to go over with your broker, but depending on your individual situation you may be able to pass over any closing costs, fees, and other additional expenses. Make sure to ask as many questions as possible. Even if the broker is throwing a lot of information your way it really pays to get as much of these things taken care of for you.

If you are still flummoxed by the FHA loan refinance terms and you want someone to talk to, we here at Paramount Equity are all ears. You can reach out to us and a dedicated and experienced professional will answer any and all of your questions.

 

The Paramount Pledge™ – Triple Protection

The Paramount Pledge. It is our promise to you that we’ll provide the best rates, won’t charge you an application fee to lock in a rate and will ensure we can close and lock in a rate at the terms we provide.

No Application Fee – Other lenders charge hundreds of dollars to start the loan process with you. Paramount Equity Mortgage® will never ask you to pay an application fee just to lock in your rate.
Better Rate Warranty – After you complete a loan with us, we will cover most of the cost to refinance or purchase within the next seven years, for any reason.
Set & Secure Closing Guarantee™* – Once we receive all required borrower information, your signed disclosure and lock your loan, we guarantee we can close your loan at the rate and terms we provided. If we can’t, we will pay you $500.
* The Set & Secure Closing Guarantee is not valid in the event that there is an unforeseen change such as, an appraisal coming in under value, undisclosed debt at the time the loan was pre-qualified, a change in income due to loss of job or change in employment, etc. This guarantee is also not valid in the event that you withdraw your application or request a change to the terms of your loan. A change in terms would consist of, but is not limited to, a change in loan amount, fixed vs. adjustable rate, number of years the loan is amortized, adding/removing a borrower, etc.
On a purchase transaction with a Conventional 15 year fixed loan, a payment of $1559.27 with an LTV of 70%, and a 3.515% % APR. For all information a loan amount of $220,000 is assumed and a rate of 3.375% is being used. Terms available to qualified applicants only; payment does not include taxes or insurance which, if applicable, will increase your total monthly payment. Rates are subject to change without notice. Mortgage insurance is required for all FHA loans and conforming loans with a Loan To Value ratio above 80%. Mortgage insurance is not included in the payment quoted which, if required on your loan, will increase your actual payment. The APR (3.515%) shown has been calculated assuming a 740 credit score. Additional costs to obtain this loan include but are not limited to: payment for taxes and insurance due, payment for an appraisal, any amount necessary to establish your escrow account, if applicable, and title fees.
On a purchase transaction with a Conventional 30 year fixed loan, a payment of $1066.23 with an LTV of 70%, and a 4.210% % APR. For all information a loan amount of $220,000 is assumed and a rate of 4.125% is being used. Terms available to qualified applicants only; payment does not include taxes or insurance which, if applicable, will increase your total monthly payment. Rates are subject to change without notice. Mortgage insurance is required for all FHA loans and conforming loans with a Loan To Value ratio above 80%. Mortgage insurance is not included in the payment quoted which, if required on your loan, will increase your actual payment. The APR (4.210%) shown has been calculated assuming a 740 credit score. Additional costs to obtain this loan include but are not limited to: payment for taxes and insurance due, payment for an appraisal, any amount necessary to establish your escrow account, if applicable, and title fees.