Using a FHA Home Loan to Refinance Your Mortgage

There are many reasons why a FHA home loan refinance is a good option. Are you in financial trouble? Does it feel like you are in over your head in debt? Do you own your own home? If you currently have a mortgage, before you go to a debt consolidator and give out more of your money, consider refinancing your mortgage. This idea is scary to many people, but mostly because they don’t know enough about it. There are many companies out there who will refinance your home for you, but only a handful of them are advisable to use. FHA, or Federal Housing Administration, is one of the best choices.

Why You Should Use FHA

The Federal Housing Administration (FHA) is not a regular consolidation company. FHA also does not have many similarities with other mortgage refinancing companies. With every other business, their main goal is to make money – your mortgage will always come secondary to that! If you choose to go with an FHA home loan refinance however, your well-being will always come first. Because FHA is a government-run agency, their primary purpose is to put people in homes of their own. Once this is accomplished, their goal becomes keeping people in their homes. You will always be their priority! Even if you don’t have a mortgage with the Federal Housing Administration, it will not stop you from refinancing with them. Here are some more reasons to use FHA:

  • They offer one of the lowest interest rates in the country.
  • They do not require credit scores.
  • They will give loans on most property types that a lot of other companies refuse.
  • They tend to be very flexible with their guidelines and programs.
  • They act as a mediator between you and the lender. (FHA does not actually lend money; they insure the money that a lender gives you, making it easier for you to qualify for refinancing.)
  • The FHA will work hard on your behalf, to make sure that you receive the best rates and service possible.

What to Do

Qualifying for an FHA home loan refinance is very simple. They, like most companies nowadays, have a website that allows for consumers to apply online. One great feature that they offer to prospective customers is an online form that will tell you if you qualify for their services before you actually fill out the application. How many times have you applied for a mortgage service, only to find out that you are not qualified? By then it is too late, and the company already has your information, including home address, phone number and email. No one wants to be receiving calls, junk mail and emails from a company that refused them, but that is just what happens! That is why before you even apply for a FHA home loan refinance, they will let you know whether or not you should go ahead.