How do you make a refinance on your mortgage loans?

When you take a mortgage loan, you get a lot of facility with the loans; first of all, you will get an ownership of a house. Second, you will not have to wait till the total repayment of the loans; you will be able to have the possession of the home from the day you obtained the loan. You will be able to refinance the loan, and also you will be able to obtain certain amounts of loans keeping your house as collateral towards the lenders and use the loan money for increasing your income. Among all these options, today, the option of refinance would be discussed below:

The refinance of mortgage loans:

Refinancing a mortgage loan means that you get the opportunity to avail a mortgage loan on your previous loan with the benefit of adjusting it with the present proposed rate of mortgage rate of market. The mortgage loans are long term loans. The market rate of the mortgage loans keeps changing. Thus, one might end up with a situation that he or she might take the mortgage rate in an interest rate of 5% but after some year, the interest rate of the mortgage loans faced a drastic downward pace and it became 3%. Now, what would be the option for the mortgage owner, if he or she has not taken a loan that is with adjustable plans? If he or she has taken a fixed mortgage loan, then the borrower will face the agony of bearing a mortgage loan that has an interest rate much higher than the current market rate. In such times, the option of refinancing would be the greatest help as it would provide the opportunity of refinancing the mortgage loan in a loan rate that is adjusted with the current market rate.
Now let us get to know about the eligibility to avail the loan option:

Guidelines to obtain the refinance loans:

The refinance loans are also federal loans and thus you need to follow the FHA guidelines in order to avail the refinance on your mortgage loans. The guidelines are given below:

No job, income status is required:

The refinance options come with the most flexible options. Thus you do not have to prove you income option or you do not have to have a job to get eligible to obtain a refinance.

No credit score is required:

You would not require any credit score to be eligible for the FHA mortgage loan refinance.

No appraisal report:

If your house does not have any equity at all, still you can get the facility of refinancing the mortgage loan you have for your house.

You need to have a perfect 3- month pay record and 6 months of mortgage loan time:

To be eligible for the refinance of loans, you will need to have a perfect record of payment history for at least 3 month. Also, your mortgage loan package has to be at least 6 months of age before you go to refinance your mortgage loans.

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Rates and Fees

Through they would have a less interest rate charged on the loans. That means that the borrowers will have the facility of repaying more money on the capitals of the loans and less money on the loan rates and loan fees.


Federal Mortgage Loans

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+1 143-310-7859

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