With mortgage rates in the 3’s and even in the 2’s, many home owners are looking to refinance immediately. It’s just logical. Why keep paying high interest rates every month when you don’t have to?
Mortgages are the largest payments that you make every month – doesn’t it make more sense to make them as low as possible?
Here’s how. A refinance to the low rates that are available today with an FHA, Conventional, HARP, or VA loan can save you thousands over the course of your loan. A call or online application to The Home Loan Expert offices today can be the first step towards saving that money.
Take a look at your current mortgage statement. If your interest rate is not in the 3’s or lower, it’s time to call. If you have an ARM (Adjustable Rate Mortgage) it’s time to turn it into a Fixed-Rate. Everything is balanced toward refinancing right now. Home prices are rising, giving you more equity in your home. You can take cash out of your home, refinance to a lower rate, reduce the length of your commitment, or try all 3!
We do a TON of FHA loans. In fact, nobody in the country closes more FHA loans than we do, but what exactly does that mean? An FHA loan is actually a mortgage loan backed by the Federal Housing Administration’s mortgage insurance. They are a federally assisted program that allows families to move into a home with minimal down payment. Currently, all that’s required to purchase a home is a 3.5% down payment. The program goes back to the Great Depression and was initially intended to both provide banks with insurance and help homeowners and new buyers when the rates of foreclosures and loan defaults were steadily increasing. FHA now works primarily for those that can’t afford a down payment, or won’t qualify for private mortgage insurance (PMI). Essentially it’s an insurance policy that guarantees the loan. We also use FHA for refinancing as well. Half of the refinancing done now is through FHA. It allows you to borrow up to 97.5 percent of the value of the house as opposed to a maximum of 90-95% for a conventional loan. FHA rates are also lower than traditional loans. It’s the same rate depending on credit score or amount or percent. A conventional loan has “adjusters” on the loan, changing the rates and percentages. We actually underwrite FHA in house, as we are a Direct Endorsed FHA Lender. Most companies, particularly those that gave up their FHA endorsement status during the early 2000’s when they weren’t being used extensively, have issues becoming an approved FHA lender again, while we maintained our FHA status so that we could continue to underwrite and close FHA loans.
Our process for home loan approval allows us to quickly process and approve FHA loans for families, giving them a way to move into their dream home and establish their lives.
Since you’re a home owner, your home has most likely risen in value recently. If you’re over 20% equity into your home’s current value, you can refinance to a Conventional loan and stop paying PMI (Private Mortgage Insurance) every month, saving you even more!
Take advantage of lower mortgage rates to refinance and save money. Call us in St. Louis at (314) 781-9700, Chicago at (773) 770-6438, Indianapolis at (317) 550-1515 and Nashville at (615) 810-8555.
You can always apply online at www.thehomeloanexpert.com, and we’re also open on Saturdays to better serve you. Nobody gets lower rates on better loans than The Home Loan Expert, Ryan Kelley, why go anywhere else?