What Is FHA Streamline Refinance?

Do You Have an FHA Mortgage?

If you currently have an FHA mortgage, you may be able to refinance with a streamline fha refinance. The streamline refinance process allows for less paperwork and requirements then a regular refinance. You can usually do an FHA streamline refinance without the need to provide an appraisal on the property, and sometimes you can finance your closing costs by taking a slightly higher interest rate. This leaves you the opportunity to lower your mortgage payments or move from an adjustable rate mortgage into a more secured fixed rate mortgage. With an FHA streamline refinance, you would not be able to get cash out of the equity in your home, it is meant to provide homeowners with an easier and quicker way to lower their interest rate and payments.

Benefits of an FHA Streamline Refinance

• Many times no appraisal on the property is required
• Your lender can offer you a “no closing cost” refinance by slightly raising your refinance rate and covering the closing costs themselves
• You can quickly lower your monthly payments by lowering your mortgage interest rate
• You can convert from an adjustable rate mortgage to a fixed rate mortgage

FHA Streamline Refinance Requirements
In order to be eligible for an FHA streamline refinance, you will need to be current on mortgage payments, and you must have an FHA insured home loan.

New Jersey FHA Streamline Refinance

 If you are in New Jersey and wish to refinance your current FHA mortgage, Advisors Mortgage Group, LLC offers FHA streamline refinancing. If you are looking to get cash out of the refinance, we also offer other opportunities to refinance your FHA loan. As you NJ Lenders, we are proud to help our community with their financial needs. Feel free to contact us for a free quote by filling out our 30 second form on our website, www.njmortgageexperts.com.

Low Mortgage Rates May Rise

Mortgage Rates Are Still Low At The Close of 2012

If you have been in the market to purchase a new home, or refinance your current mortgage, take advantage of the current low mortgage rates available while they last. With continuing positive signs in the housing industry, mortgage rates may start to rise again in 2013.

According to HUD and the U.S. Census Bureau, home sales of newly constructed single-family residences reached an increase of 4.4% in November, while showing a 15.3% increase over last year‘s numbers.

While this is great news for the housing industry’s road to recovery, it does mean that home inventory is declining, so if you are planning on purchasing a new home, the options will be less. This also means that as the housing industry continues to improve, mortgage rates will start showing an increase.

Currently in New Jersey, the average sale price of a home has shown a decline month over month, quarter over quarter and year over year, and the overall average of homes sold is at $260,400 as of November 2012. Mortgage rates are sitting at an average of 3.26% for 30 year fixed rate mortgage loans, whereas 15 year fixed rate mortgages are at an average of 2.57% and 5/1 adjustable rate mortgages are sitting at a 2.55% average nationally.

These are still relatively low rates and for current homeowners, taking advantage of mortgage refinancing at this time is still a great idea.