How Do I Refinance My FHA Mortgage?

Do you currently have a FHA mortgage and are you looking to refinance the mortgage to get a lower rate or possibly get rid of the Mortgage Insurance (MI)?  If so there are a few things you need to prepare before you move forward with a refinance.

First have you paid all your bills, the ones listed on your credit report, on time over the last 12-24 months?  Including the mortgage?  Second; do a little research on line as to the value of the property.  There are many online services out there and the most popular one seems to be Zillow.  Keep in mind that your appraised value could be vastly different that what an online appraisal site has but at least a website like Zillow will give you a good idea.  Third; know your income.  If you are a W-2 employee take a look at your pay stub to find out what your base income is (Look up the gross amount; keep commission and bonuses separate).  If you are self employed then pull up your tax returns for the last two years and find your net income (not gross).  Lastly; establish a realistic objective.  Is it to get rid of the Mortgage Insurance (MI)?  Are you looking to do a streamline FHA refinance to get a lower mortgage rate? Whatever the reason is make sure it’s realistic and be open to suggestions from the loan officer.

Once the above is in place you’re ready to obtain quotes.  Be sure to obtain 2-4 quotes from reputable mortgage companies (preferably mortgage companies that have at a bare minimum a B rating with the Better Business Bureau).  Once you have your quotes make sure you ask a lot of questions and don’t hesitate to ask a question two or three times if needed.  A loan officer should always be willing to take the time to answer a clients question. Once you’ve located your lender it’s time to complete an application and gather your documentation.  The general time frame is about 4 weeks however some lenders take 60-90 days so make sure to ask how long it takes to close.

If you would like a quote from a top rated lender that offers industry low mortgage rates and top notch customer service than call us directly at 1-800-550-5538.