Are you on the hunt to refinance your home loan? If you are looking for a better rate or are looking to refinance an FHA home loan could be the perfect option for your financial situation.
Refinancing your home loan could save you thousands and if you are looking to explore the option it’s important to see what the types of refinance loans are available to you.
No matter your home loan finance goals, there is a loan to suit your needs – if you take the time to check out all the options.
What is an FHA Loan?
An FHA loan is backed by the government and insured by the Federal Housing Administration. Perfect for first home buyers, an FHA Loan is perfect if you have a low credit score or if you don’t have a large down payment compared to standard home loans.
Qualifying for an FHA Loan is fairly straightforward with low scores required and around 10% deposit on average. FHA Loan borrowers will need to pay for mortgage insurance which protects the lender in the case you default the loan so you will need to keep this in mind when doing your budget.
Types of FHA Refinance loans
Outlined below are three of the types of FHA refinance loans available:
There are plenty of reasons why you should explore the option of an FHA Refinance loan, and if you are looking to gain access to low-interest rates, reduce your monthly mortgage payments and fix up your bad credit an FHA refinancing loan could be the way to do it!