REFINANCE INTO AN FHA LOAN TODAY!

Do you need to access your home's equity to pay off credit cards, make home improvements, pay tuition, replace your current car or take a long-overdue vacation? Do you need to refinance out of your existing high-interest rate Adjustable Rate Mortage? Have interest rates fallen since you acquired your fixed-rate mortage? Do you need to lower your monthly payments? Would you like to remove Private Mortgage Insurance? These are some of the reasons that home owners decide to refinance.

At Austin Texas FHA Loans at Urban Austin Mortgage, we've helped thousands of home owners refinance their mortgages, creating lots of very happy clients!

Refinancing with an FHA loan usually takes 30-45 days. Another advantage of refinancing is that you are allowed to skip one whole month's mortgage payment after closing.

FHA REFINANCE: CASH OUT REFINANCING
This refinancing option is especially beneficial to homeowners whose property has increased in market value since the home was purchased. A Cash Out refinance allows homeowners to refinance their existing mortgage by taking out another mortgage for more than they currently owe, therefore repaying their current mortgage and using the equity they have built up in their home to take out another larger mortgage. This allows the homeowner to access the equity they have built up in their home and put it to good use where needed. In order to get the most benefit from refinancing your mortgage, it is often best to consider refinancing after you have had time to build up a significant amount of equity in your home. If the property was purchased more than one year prior to the refinance, the homeowner can refinance the existing mortgage for up to 85 percent of the appraised value plus the allowable closing costs, which vary from state to state.

FHA REFINANCE: STREAMLINED REFINANCING
This refinancing option is considered streamlined because it allows you to reduce the interest rate on your current home loan quickly and oftentimes without an appraisal. FHA Streamlined Refinance also cuts down on the amount of paperwork that must be completed by your lender saving you valuable time and money. In order to qualify for a Streamlined Refinance your original home loan must be an FHA loan in good standing and the refinance must lower your monthly interest payments. This type of refinancing option reduces your monthly expenses by lowering your payments but there is no option to receive cash back. This works well for people who are in good financial standing with no significant debt because it allows you a little extra money each month that can be put to good use elsewhere.