A visitor submitted a question - First Financial, can I refinance an FHA loan on a home that is valued at more than the current appraised value of my house?
In short, YES. FHA does have a program that will allow a refinance of that loan. Obviously there are requirements and rules, but the fact is that yes you can, and if it's an ARM, you really should get it refinanced.
Call us today: 219-762-7200 for an appointment to look at your specific situation.
Good News - it can go right back to where it came from, and will, as soon as we all agree to regain our confidence in what we are, and how we do it.
IMHO, Obama will never give us that kind of confidence.
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If you are thinking of buying, do so now at the bottom, you won't want to miss it.
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The McCain resurgence plan would be available to mortgage holders that:
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For those that have known me for years, through new home sales, marketing, home building ... and of course my political forays ... you know then that I love mortgage finance.
In late 2007 I teamed up with James Snyder, yes the same one that ran for Mayor in Portage, to begin building a brand new mortgage company in Porter County Indiana (Northwest Indiana)
I am now working with clients personally, some FHA and VA plus conventional of course. We may well be able to complete a closing, that others are struggling to get to the title company. Give me a call ... let's get caught up. I am continuing to work on a few consulting assignments, so call the office 219-762-7200 or email me anytime at steved@fftmortgage.com and let's set up an appointment right away.
How you might ask?
- Refinance if you have a rate over 6.5% now, this will clean your mortgage out of whatever bond package it's sitting in and put it in a clean bond portfolio
- If you are renting, STOP! You are currently paying 10-15% more than the cost to purchase a home. Contact us today to set up a plan, perhaps it takes a few months, to get into your first home.
- If you have credit problems, then get to work getting them cleaned up. You'll want to work out a 6-12 month plan to get back above 620 quickly. Don't put off cleaning up your credit, we're glad to help you.
- If you have an ARM, even if it's lower than 6.5%, refinance and take the small hit and get to fixed in these low fixed rate days. I'm worried that rates will go back to 8% as banks try to find extra margin.
It would be more than a full time job - and one I don't want - to comment on all the good and bad housing policies being proposed these days. But this piece in the WSJ by R. Glenn Hubbard and Chris Mayer demands attention: First, Let's Stabilize Home Prices .
Chris Mayer recently published a study showing that -- assuming normally functioning mortgage markets -- the cost of buying a house is now 10% to 15% below the cost of renting across most of the country.
Seriously, if you're renting, what exactly are you waiting for?
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