When you get an FHA home loan, you need to pay for FHA mortgage insurance. This is true regardless of whether you’re buying or refinancing, getting a 203(k) or Title 1 home improvement loan, or if you’re a senior citizen taking out a reverse mortgage. mortgage insurance fees are always part of the package. FHA mortgage insurance premiums do two things.
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As with traditional mortgages, you can refinance a Federal Housing Administration loan to lower. However, you must meet requirements for an FHA refinance.
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Refinancing an FHA loan with a "Streamline Refinance" usually requires less paperwork than refinancing a conventional loan and may not require extensive income and appraisal requirements. This process allows you to easily refinance your FHA loan to lower the rate or change the term from an adjustable-rate mortgage (ARM) to a fixed-rate.
To further entice FHA mortgage holders, the FHA also offers upfront mortgage streamline refinance rates here.MIP) refunds. This refund allows a portion of the premium paid when the original FHA loan closed to be applied to the upfront MIP of the new FHA streamline refinance loan. Check today’s FHA
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FHA Refinancing. You can also refinance with an FHA loan, regardless of whether or not your current mortgage is an FHA loan. There are two options: a cash-out refinance and a streamline refinance. The cash-out loan allows homeowners with equity in their house to receive a lump sum of cash by increasing your principal mortgage amount (and,
FHA Simple Refinance. The fha simple refinance lets you refinance your existing FHA loan into a new ARM or fixed-rate loan. This option does require income verification, a credit check and a home appraisal. It’s a good option if you have some equity built up in your home, want to refi affordably and you want to pay a lower interest rate.
· If you have a loan where you can’t drop the MI, you should look into refinancing into a conventional loan. Although your FHA note rate may be lower than today’s conventional loans, you have to take the permanent mortgage insurance into account. Even if you have a note rate of 3.5%, FHA MI of 1.35% gives you an effective rate of 4.85%.