FHA borrowers have an exceptional program available to them called the FHA streamline refinance. It's a simple way to get a lower mortgage payment and/or lower rate, but it's not for everyone. The FHA streamline refinance allows FHA borrowers to skip most underwriting tasks including income and credit verification. It's a simplified way to get a lower rate or change your loan's term to get a more predictable payment.
To be eligible for the FHA streamline refinance, you must be a current FHA borrower with a current loan. The on-time payment history shows lenders you can afford a higher mortgage payment with a higher rate and/or riskier terms. Since the streamline refinance should lower your payment or improve your term, it should be even easier to afford the loan.
You must prove there is a net tangible benefit to refinancing. This could mean a lower payment, lower interest rate, or refinancing from an ARM to a fixed-rate term. It must make sense for you to refinance to qualify. If you use the non-credit qualifying version of the FHA streamline refinance, you may not have to verify your credit score or credit history.
To be eligible for the FHA streamline refinance, you must be a current FHA borrower with a current loan. The on-time payment history shows lenders you can afford a higher mortgage payment with a higher rate and/or riskier terms. Since the streamline refinance should lower your payment or improve your term, it should be even easier to afford the loan.
You must prove there is a net tangible benefit to refinancing. This could mean a lower payment, lower interest rate, or refinancing from an ARM to a fixed-rate term. It must make sense for you to refinance to qualify. If you use the non-credit qualifying version of the FHA streamline refinance, you may not have to verify your credit score or credit history.
Services
Mark began his career in the mortgage industry in 1995 in Hollywood, Florida.
Before founding Pacific Home Mortgage Funding, Inc.
Mark was a part of several real estate and financial companies, including Countrywide Financial, Archon Group, 2020 Mortgage, and Preferred Mortgage Solutions.
Mark's saw an opportunity in today's volatile mortgage market for a boutique mortgage company that could truly service the client's needs and advise them on the complexities of the mortgage market.
Mark describes his role within Pacific Home Mortgage Funding, Inc. as working hard to advise and assist borrowers in obtaining their home loans.
Before founding Pacific Home Mortgage Funding, Inc.
Mark was a part of several real estate and financial companies, including Countrywide Financial, Archon Group, 2020 Mortgage, and Preferred Mortgage Solutions.
Mark's saw an opportunity in today's volatile mortgage market for a boutique mortgage company that could truly service the client's needs and advise them on the complexities of the mortgage market.
Mark describes his role within Pacific Home Mortgage Funding, Inc. as working hard to advise and assist borrowers in obtaining their home loans.
When it comes to diving into home ownership for the first time, it can seem like there are so many things you just don't know.
Whether you're getting advice from your real estate agent, your friends or your family, there are so many things that seem like common sense that they might be lost in the mix of details.
Instead of having to squeeze it out of them, here are three tips that are easily forgotten but still essential.
It's certainly not the most popular advice, but one of the most important things when deciding to purchase a home is having the time and know-how to make the decision that is right for you.
Whether you're getting advice from your real estate agent, your friends or your family, there are so many things that seem like common sense that they might be lost in the mix of details.
Instead of having to squeeze it out of them, here are three tips that are easily forgotten but still essential.
It's certainly not the most popular advice, but one of the most important things when deciding to purchase a home is having the time and know-how to make the decision that is right for you.
Are you selling your home?
If it's your first time going through a home sale, you've probably got a lot of questions about the process.
In today's post, we'll share four tips that can help to keep your home sale moving along smoothly.
Let's get started!
First, you'll want to ensure that you enlist the help of an experienced real estate agent.
Selling a home is a significant financial transaction and the process can be especially daunting the first time.
A professional agent with sales experience will be a major asset in having a stress-free sale.
If it's your first time going through a home sale, you've probably got a lot of questions about the process.
In today's post, we'll share four tips that can help to keep your home sale moving along smoothly.
Let's get started!
First, you'll want to ensure that you enlist the help of an experienced real estate agent.
Selling a home is a significant financial transaction and the process can be especially daunting the first time.
A professional agent with sales experience will be a major asset in having a stress-free sale.
A home appraisal is generally required by the lender in order to establish that the value of the home will be sufficient collateral for the amount of the loan.
The appraisal fee is generally paid by the buyer, sometimes required at the time of the loan application but typically paid at the loan closing.
A home appraisal is done by an independent appraiser who will generally visit your home and inspect the interior and exterior.
However, the appraiser is not performing the same service as a home inspection and many appraisals are only drive-by appraisals.
The appraisal fee is generally paid by the buyer, sometimes required at the time of the loan application but typically paid at the loan closing.
A home appraisal is done by an independent appraiser who will generally visit your home and inspect the interior and exterior.
However, the appraiser is not performing the same service as a home inspection and many appraisals are only drive-by appraisals.
An independent professional home inspection, done at the right time, could save you thousands of dollars.
The results may influence your purchase price, the terms of or contingencies to the purchase agreement and the type of insurance coverage you decide is needed.
Knowing the condition of the house before the settlement date may save you costly repairs later on.
A formal offer should include an inspection contingency.
Hire your own inspector to ensure that your interests are being protected.
When you find the home you want to purchase (even a new home), a home inspection will provide you with critical information about the condition of the house, what is included in the price and what is excluded.
The results may influence your purchase price, the terms of or contingencies to the purchase agreement and the type of insurance coverage you decide is needed.
Knowing the condition of the house before the settlement date may save you costly repairs later on.
A formal offer should include an inspection contingency.
Hire your own inspector to ensure that your interests are being protected.
When you find the home you want to purchase (even a new home), a home inspection will provide you with critical information about the condition of the house, what is included in the price and what is excluded.
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