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A government-backed refinance is when you refinance an existing mortgage with a new loan guaranteed by a government agency, including FHA, VA and the USDA. Here’s more about the refinancing ...
Hold a government-back mortgage: In addition to FHA-backed loans, mortgages backed by the U.S. Department of Agriculture’s (USDA) or the Department of Veterans Affairs (VA) also qualify.
An FHA streamline refinance is a type of refinance loan available to FHA loan borrowers. As with any refinance, it involves taking out a new mortgage that you use to pay off your current one.It ...
Streamline refinancing has become more popular because reuse of the original home's appraisal may be the only way someone underwater on the property can refinance it at all. [2] Streamline refinancing is an option for borrowers who want to take advantage of low interest rates, get out of an adjustable rate mortgage (ARM) or graduated payment ...
Rates have fallen, so you decide to refinance to a 15-year loan at 6 percent, cutting your monthly mortgage payment to $2,587 and dropping about $60,000 in interest.
This also helps you avoid private mortgage insurance payments on your new loan. FHA refinance: For FHA cash-out refinances, mortgage lenders prefer you to have 20 percent equity remaining after ...
Cash-in refinance: A cash-in involves making a lump-sum payment when you refinance to a new mortgage, bringing down the balance on the new loan. Streamline refinance: Available with an FHA, VA or ...
By refinancing, you’d save about $220 on your monthly payments and nearly $30,000 in interest payments over the life of the loan, and it would take you about three years to recoup the closing ...
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