Heads up if you have an existing FHA loan. There is a program called a FHA streamline refinance that can significantly lower your monthly payments.
This provides a way for current FHA homeowners to lower their interest rate with little or no out-of-pocket costs. These loans can also be made faster and with less documentation than a typical loan. And rates RIGHT NOW are at historic lows!
The most significant part of this is that there is no appraisal required! Really! This is a way of getting a “loan modification” without the hassle of dealing with the typically cumbersome process.
“No Cost” streamlines let you refinance your mortgage with no out-of-pocket expenses. One option is to let the lender pay the costs in exchange for a higher interest rate. Another option, that lets you obtain market rates is to roll the closing costs into the new loan
NOW IS THE TIME! With the change in the FHA premiums (below) and with such great rates most borrowers payments can be significantly lowered.
Do you have a FHA loan? Does someone in your family? Let them know about this window of opportunity and have them give me a call. I will help them find a GREAT lender to guide them through this process.
Changes– In October the initial financed premium is dropping to 1%, but the monthly is going up by about .375% …this is even more of a reason to ACT NOW.
If you are looking for a GREAT agent to help with your real estate need please give me a call at 602-504-3898 or 888-897-7821 x 114. Plus, I have a GREAT search tool on my web site that gives you the ability to search the entire MLS…just like agents do. Very COOL! Go to Metro Phoenix Homes and check it out! If you save even one home as a favorite, you will be prompted to enter contact information. If you do this…YOU can create and save as many searches as you would like. It is THE BEST MOST ACCURATE SEARCH OF OUR LOCAL MLS!!