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Question by : How long do you need to be in your house to be able to refinance an FHA mortgage?
I’ve been in my house for 2 months and the interest rates are now 1% lower than what I have. I would only refi for a lower interest rate, cialis 40mg not to pay off debt. Is this possible and does it make sense?
Best answer:
Answer by chatsplas
6 to 12 months
Loan Modification would be cheaper
There are costs to a refi, ask and you need significant time just to break even on the costs
Extra principal payments during first 7 years of ownership have a HUGE impact on the amount of interest you pay, pharmacy whether you’re paying $ 25 extra every month, or $ 1000 at yearend from bonus, or a $ 100 here and there. Making two monthly payments is a good thing too. Right now you’re paying interest, interest, interest, taxes, insurance and principal, so every bit of extra principal you pay reduces the amount of interest you pay for the next payment and for the life of the loan.
Know better? Leave your own answer in the comments!
You can’t refi yet, typically for FHA it’s a year, sometimes as long as 3 years or more. The info is in your loan agreement paperwork, look through it or contact your bank and ask them what your refi stipulations are…
requirements- FHA Streamline refinance include:
•all mortgage payments made on time for the last year.
•You must own your property for at least six months before you can qualify for refinancing.
•To refinance you’ll need an FHA-approved lender. If you don’t plan on using your current lender, any lender you choose must be FHA approved.
•FHA Streamline loans do not require an appraisal, but you can still refinance if you owe more than your home is worth with an appraisal. I hope this helps.
You can be in your home between 6 months to 12 months normally and should not be different at the FHA.
Yet like I always say, If you have already taken the Mortgage, it should have been etched into your agreement and terms for the refinance. Check to see what the provisions are and if not then discuss with them at their offices to know what is in stock.
Now if you have not already taken it then follow the first link and download the guide and read, first hand about it before you go straight into it.
The next link is a bundle of resources that would help you in your research. As for the reduction in the interest rates, it should be spelt out in the agreements and otherwise you visit them and discuss it.
In any case note this “An FHA “streamline” refinance can be used to reduce the principal or interest payments, add or delete individuals from the title, change to a loan with a different term (shorter or longer) or change to a fixed rate or adjustable rate mortgage. In regards to the last example, if a borrower wishes to switch to a loan with a steady payment amount, month after month, then they may want to switch to fixed rate mortgage. Conversely, if the borrower’s fixed rate monthly mortgage payment is too high, they may want to temporarily switch to an adjustable rate mortgage, depending on the state of the mortgage loan market. Another option for a person in this situation would be to refinance to a loan with a longer term, in which the monthly payments would also go down. It should be noted that no cash can be taken out on “streamline” mortgage refinances.”
Good luck.
You can go to http://www.besthelpfinancial.com/loans.html to learn all about government loan modification programs, how they work and where to get them.