There isn’t a limit on how far behind you can be on your mortgage or how many payments you’ve missed. Whether you’re current, one month behind or multiple payments behind, the amount you can refinance will depend on the value of your property and how much you owe and if your current lender, or another eligible source, is willing to take back a second mortgage or write of the remaining balance to help off set the gap between what is owed and your home’s value.

Must I be delinquent, and for a certain period of time, in order to be eligible for FHASecure?

No, and FHA encourages homeowners facing reset to refinance their mortgage before they fall behind on.

I have an interest-only mortgage. Am I eligible for FHASecure?

So long as you are current on your mortgage, you are eligible for an FHASecure refinance. If you are delinquent, the default must have been due to the payment shock of an interest rate reset or, in the case of an Option ARM, the “recasting” of the mortgage.

Are there any programs for people already in foreclosure?

Government assistance may be available in some cases.

What if I have a prepayment penalty and other refinancing costs and there isn’t enough equity in my home for me to refinance?

If you do not have sufficient equity in your home to add your prepayment penalty and/or other refinancing costs into your new FHASecure mortgage, then you should ask your lender to consider a short payoff on your existing loan. Offering either of these options is at the discretion of the lender.

What if the average home price is above the FHA loan limit for my area? Are the FHA loan limits changing for this program?

FHA’s geographical loan limits and how much it can insure are established by law. Although the FHASecure mortgage cannot exceed those loan limits, when a lender is willing to combine a first and second mortgage, the amount of the second can exceed the maximum loan limit for your area as long as the first does not exceed FHA guidelines.

If I have first and second mortgages can both loans be included in FHASecure?

Yes, but only if the combined amount is within the FHA geographical loan limit. If the combined amount exceeds the FHASecure loan limit and/or the loan-to value limit, your lender could offer you a second mortgage to make up the difference.

How can FHA help homeowners stay in their homes?

FHASecure gives homeowners with non-FHA adjustable rate mortgages (ARMs), current or delinquent and regardless of reset status, the ability to refinance into a FHASecure insured mortgage. With FHASecure, the lender will not automatically disqualify you because you are delinquent on your loan.

Why should I consider refinancing into a FHA insured mortgage?

FHA insured mortgages do not allow for prepayment penalties, teaser rates or balloon payments. They are offered at market rate with terms up to 30 years and are fully amortized, meaning that you pay towards principal and interest every month.

When you refinance your mortgage you stretch the remaining balance out to a new mortgage, and take advantage of the lower interest rates, lowering the monthly payments and lower the interest rate amount. But for this to be truly effective you need to choose the best refinance mortgage rate that is available.

The market is constantly changing, with interest rates climbing high one day and falling considerably the next. Which is why you have to wait for the right time and take advantage of the best refinance mortgage rate that presents itself.

The main goal of refinancing your mortgage  is to save money, and to keep mortgage rates and preferably fixed.  However the best fixed mortgage rate that you can find will save you a lot of money in the long run, interest as we all know can add to a large amount of money, especially with long term mortgages which is why picking the best fixed rate can be one of the best decisions you can make regarding your mortgage.

The best mortgage rate can considerably decrease the amount you have to pay per month, decrease the interest you will pay, decrease the period of your mortgage and let you take advantage of the lowest possible payments to maximize your comfort of living.

During the entire life span of a fixed rate mortgage the interest rate will remain the same, and different borrowers offer you different interest rates which is why its important to shop around for the best fixed rate mortgage, as a lower interest rate will not only decrease the amount of interest you pay per month but also the amount of money you pay in total over the entire lifespan of the mortgage.

If you do not go with the best fixed rate mortgage that is available to you, or you don’t search for the best fixed rate mortgage, then you could end up buying a far greater amount at the end of the period. Every bit of money that is available to you helps and the less you have to spend on your mortgage the better.

The best fixed rate mortgage makes your monthly payments affordable, and allowing it to fit well in with your budget. This allows you to focus on other aspects, such as renovations to the home, new furniture and other parts of your life that need attention. This is all possible just by seeking out the best fixed rate mortgage should this be the type of mortgage you choose.

If you are currently in the market and considering a fixed rate mortgage, do yourself a favor and take some time to find the best fixed rate mortgage there is, you will be surprised to see just how much you will end up saving and you will be grateful for the extra funds you will have each month.

An adjustable mortgage rate could offer you a good deal with regards to interest and monthly payments but it can also increase your payments substantially every month if the market increases the interest rate dramatically. An adjustable mortgage rate is definitely not good for you if you have a tight budget and cant afford your payments to exceed a certain amount, as you cannot plan or budget for your payments, as they differ from month to month. If you fall in this category then a fixed rate mortgage is definitely a good one for you.

However if you do choose to take an adjustable mortgage rate then there can be a good upside. The initial interest rate on a adjustable mortgage rate is lower than other mortgage types such as fixed rate mortgages, this is a plus side and often a good choice for those who wish to use the lower interest rate to make more funds available for then to do renovations on the house and such.

An adjustable mortgage rate is a very tricky choice because you’re gambling with the market, on the one hand the interest rates can drop and you will make a huge saving on interest, but it can also increase causing you to pay more each month. Sometimes it pays off but that is not guaranteed.

Keep these in mind when deciding upon an adjustable mortgage rate, it could just be the perfect one for you and end up saving you a large sum of money in interest.

The process to refinance your home mortgage rate is basically taking out another mortgage, to pay for the remaining balance of your first mortgage. What this does is it extends your mortgage period and lowers your monthly payments, allows you to take advantage of the lowest current fixed rates, which is the number one reason to refinance your home mortgage rate, it can save you more money then you know. But don’t be afraid of this, it doesn’t mean you will now have 2 mortgages to pay for, its simply taking out a new mortgage which with replace your existing mortgage.

When you think about it, to refinance your home mortgage rate is a very easy process to understand and you shouldn’t be afraid to keep your mind open to these possibilities. It is a big commitment to make but one that will end up saving you a lot of money and will take a great burden off your shoulders.

If you find yourself struggling to keep up with your current payments on your loan, and it’s a bit high for you, a refinance of your home to a fixed rate is the answer for you. It will help reduce monthly payments and leave you with more financial flexibility.

The 30 year fixed mortgage rate comes with a few advantages and disadvantages. The main advantage is the lower monthly payment you will have to make, due to the fact that your mortgage is stretched over such a long period of time. The main disadvantage is that your interest rate will be higher, so you end up paying more interest, the reason for this is because it’s a higher risk for your borrower as interest rates rise and fall. So you will pay a higher interest rate because down the line the interest rate might climb very high and even tho your payments remain the same, your borrower has to provision for this.

During the first initial period of your payments, you will be paying mostly towards the interest and not your principal of your 30 year fixed mortgage rate. This is because in the initial phase of any mortgage you will pay much less but it will gradually normalize, however because the interest rate is so high for 30 year fixed mortgage rates, you still will end up paying a large sum and the majority of the mortgage payment, for the interest.

If your seeking for a low payment every month on your mortgage rate and don’t mind paying extra for interest in the long run then the 30 year fixed mortgage rate is the option for you, it allows you to know exactly how much you need to pay each month, and spread your mortgage over a long period to minimize monthly payments as much as possible, leaving you with more to enjoy your new home.

This gives you peace of mind because with a fixed rate mortgage, your payments will never change or increase. You will pay the same amount, calculated according to the principal and interest over time and even if you sell your house before the period is over, you can simply use that money to pay off the remaining balance.

Commonly your fixed rate mortgage is paid over a 15-year period, or a 30-year period. Your choice will directly influence the amount of money you pay each month. Whichever your option, because it’s a fixed rate mortgage, you can calculate your monthly payment for each, and then decide which one will best suit you. Other terms do exist for fixed rate mortgages but they are not as common.

A fixed rate mortgage is very useful as it allows you to budget for your homes expenses properly and thus reach the best comfort of living you can afford. Regardless of what happens on the market you can rest assured that your monthly payments will always be the same, no fluctuations what so ever.

The advantage of a fixed rate mortgage is that your monthly payments is usually higher than other mortgage types. The reason for this is because your payments never change, regardless of how the interest rate changes on the market, so because your borrower doesn’t know what the interest rate will look like over the length of your mortgage, he charges you extra, it’s the luxury you paying for.

Fixed rate mortgages have their advantages and disadvantages, but they also offer you peace of mind and knowing what you will spend each month.

To give a basic example of what it means when you refinance your mortgage rate, lets assume you have a remaining balance of 30 000 left and 5 years to pay it off, after initially having 300 000 and 30 years. What you would do is, to decrease your monthly payments, you would refinance your mortgage rate so that you will have 30 000 to pay off on a 30 year time period. Thus allowing your monthly payments to be less.

There are the advantages you receive when you refinance your mortgage rate, and also the disadvantages. The advantages of a refinance on your mortgage rate is that you will have lower premiums to pay every month, meaning you have more cash available to you every single month. This is great and the big motivation of refinancing your mortgage rate. The advantage of refinancing your mortgage rate is that you extend the period, so instead of having 5 years for example to pay on your balance, it is now back to 30 years. Another advantage, which is a big one, is that when you refinance your mortgage the interest rate drops to the initial low rate.

This is the reason why many choose to refinance their mortgage rate, to take continuous advantage of the lower interest rates. All of this interest adds up and you could save yourself a large amount of money because of the lower interest rate.