Refinance Home Mortgage Guide

FHA mortgages are a type of government backed home loan. While FHA mortgage loans have been around for some time, the program was recently expanded to include FHASecure loan offerings to assist homeowners with adjustable rate mortgages that they can no longer afford. Here is the basic definition of FHA Mortgage Loans.

Before the credit meltdown FHA mortgages were become less popular and members of congress were even discussing scrapping the program due to low interest rates and the ease of qualifying for traditional mortgage loans. Now with all of the trouble in the mortgage industry FHA mortgages are back in vogue for borrowers with marginal credit and low income. The downside of an FHA home loan is that they require a three percent down payment and you will be required to purchase Private Mortgage Insurance, which will raise your monthly payment.

Just because you qualify for an FHA backed mortgage loan don’t think you’re protected from shady lenders and mortgage brokers. In fact, the Private Mortgage Insurance included with your FHA mortgage loan only protects the lender from losses if you default on the loan. There is no protection for you from junk fees and commission based markup of your mortgage rate! The only way to protect yourself from paying too much with your FHA mortgage loan is to do your homework and find the right person to originate your loan.

You can learn more about finding the right mortgage broker to arrange your FHA home loan without paying junk fees and the hidden markup known as Yield Spread Premium by registering for the free mortgage videos found on this website. Register today, the videos are yours free with no obligation.

A time for many people to start thinking about mortgage refinancing is when they are headed for foreclosure. Many people get into trouble because they are not able to keep up with their payments; the payment is either larger than they anticipated or their finances have taken a turn for the worse and they can no longer afford the mortgage.

Foreclosure is a scary thing; however, instead of waiting for the lender to foreclose why not refinance and keep your home?

Save Your Home by Mortgage Refinancing

When you find yourself under water and cannot afford your mortgage payments don’t just stand by and let foreclosure happen. Take action instead of defaulting on the loan. Refinancing your mortgage can be as simple as filling out a form on the Internet and your problem could be solved. Lowering your monthly payment by 50 to 100 dollars could mean the difference between making or breaking your finances.

Mortgage refinancing can also save you money. There are a number of programs available to reduce your mortgage rate and payment. Depending on the type and amount of your current mortgage you could knock several points off your interest rate. Doing a bit of comparison shopping could surprise you just how much you can save every month.

Mortgage Refinancing Help is Available

If you don’t think you’ll qualify or that help is available to you, consider contacting your current lender about a payment arrangement or forbearance. Mortgage lenders don’t want to foreclose on your home; foreclosure is a losing proposition for everyone. Don’t sit back and watch your home and finances slip away…pick up the phone and call your existing lender. There are also government programs for homeowners with Adjustable Rate Mortgages that you might not know about. FHASecure mortgages are one such program. There are other programs available for homeowners with fixed rate mortgages.

Mortgage refinancing could be the lifeline you need to save your home. The best way to get started refinancing your mortgage is to contact a local mortgage broker. There are risks involved when dealing with mortgage brokers; most will markup your rate for a commission and frequently slip junk fees into your contract. You can learn how to avoid this markup and junk fees by registering for the free videos found on this website. Register today and you’ll receive a list of recommended mortgage brokers in your area that do not mark up mortgage rates for a commission. You can find out more about the free videos using the links at the top of this page.

The FHA Secure mortgage program helps homeowners who are falling behind on their Adjustable Rate Mortgages and could be risking foreclosure. This program is currently limited to homeowners that purchased their homes with Adjustable Rate Mortgages scheduled to reset; however, it could be expanded in the future to include homeowners with Fixed Rate Mortgage loans.

Risky Adjustable Rate mortgages are causing many Americans to fall behind on their payments and are contributing to a record number of mortgage foreclosures in this country. Homeowners that have fallen behind on their payments typically have a difficult time refinancing their loans because they are unable to qualify for a new mortgage. FHA Secure refinancing allows these homeowners to qualify for low interest rate, government insured, fixed rate mortgage loans.

FHA Secure mortgage loans are insured by the government; however, these loans are made through conventional mortgage lenders. These lenders are required to follow FHA guidelines for underwriting mortgage loans and you will have to get a new appraisal on your home. The downside of refinancing with an FHA Secure loan is that you will be required to pay for Private Mortgage Insurance and the premiums will be based on your past credit history. Private Mortgage Insurance lowers the risk of administering this program for the FHA; homeowners with poor credit ratings will be required to pay higher premiums than those with good credit ratings.

The FHA hopes to help 80,000 homeowners with this program and more when the program is expanded. If you are considering refinancing with an FHA Secure mortgage you will need to do your homework and shop for a mortgage that does not include unnecessary markup of your interest rate and junk fees. Many homeowners think that because they are getting a mortgage from the FHA they don’t have to worry about lenders taking advantage of them; however, this is simply not the case. Banks still charge Service Release Premium and wholesale lenders still pay Yield Spread Premium on mortgage loans insured by the FHA.

If you’d like to refinance your home with an FHA Secure mortgage without getting ripped off by a predatory mortgage lender, register for a free video tutorial. Get started today, these videos are yours free with no obligation and will show you how to avoid foreclosure by refinancing your mortgage with an FHA Secure mortgage with a wholesale mortgage rate.