The funds from your new mortgage are used to pay off your existing loan, and you start making mortgage payments on the new one instead. There are many reasons to refinance your mortgage loan. You may want to reduce your interest rate, lower your monthly mortgage payment, avoid paying mortgage insurance premiums, or borrow from the equity you’ve built up in your real estate. Here’s when you might want to consider a refinance — and how ...
Learn the main advantages of refinancing from an FHA loan to a conventional loan — and what the major drawbacks are as well.
Conventional Loan Refinancing Options for Underemployed Individuals And come up with a bigger down-payment to the a property makes it possible to score a mortgage once you don't possess employment...
Explore the key differences and pros and cons between FHA and conventional loans to inform your homebuying decision.
Refinancing your FHA loan to a conventional loan could save you thousands of dollars in mortgage insurance charges, as long as you qualify.
Are you looking to buy a house but don’t have all the money upfront? That’s where a mortgage comes in. It’s like a loan to help you finance the purchase. Instead of paying the whole price at once, you pay back the loan over time in smaller, manageable chunks. Now, there are various types of mortgages available, with FHA loans and conventional loans being two excellent options. Let’s simplify it for you. We break down the key differences between FHA and conventional loans to assist you in...
Refinancing is the replacement of an existing debt obligation with another debt obligation... switching from a variable-rate to a fixed-rate loan) To free up cash (often for a longer term...
Vault’s Viewpoint on Mortgage Relief Options ; Refinancing and loan modification can both make your mortgage more affordable, but there are differences between these options. ; A mortgage refinance is for homeowners with solid credit and payment histories who want a more favorable home loan. ; Loan modification is geared toward borrowers who are having trouble with their current mortgage payments and who are at risk of foreclosure.
FHA loans allow lower credit scores and are easier to qualify for. Conventional loans offer lower down payments. Here's how to decide what's best for you.
Whether you need funds for a new roof, an addition, or to pay off debt, a cash-out refinance is an option homeowners with substantial equity can consider. But before you get too excited about the idea of pulling thousands of dollars out of your house and into your bank account, it’s important to understand the advantages and disadvantages of a cash-out refinance. While many homeowners opt for a traditional rate-and-term refinance to get a lower mortgage rate or change the length of their loan,...