FLORIDA FHA MORTGAGE REFINANCE OPTIONS

FHA refinancing offers benefits for current Florida home owners who are seeking to complete a FHA refinance mortgage of their existing real estate mortgage (s). A FHA mortgage refinance may also benefit you even if you do not currently have a FHA loan. Some different ways of using a FHA mortgage for your Florida mortgage are as follows:

FHA CASH OUT REFINANCE: An FHA cash out refinance with FHA loan applicant a higher loan to value than any other Florida mortgage program. With an FHA mortgage refinance, current homeowners can cash equity built up in their homes; up to 95% of the home’s FHA appraised value, to spend how they please.

FHA REFINANCE TO CONSOLIDATE DEBT: High interest credit cards and other high interest debt can be consolidated into one low monthly FHA mortgage payment with an FHA debt consolidation refinance.

FHA REFINANCE TO LOWER PAYMENTS: Florida homeowners with higher interest rate home loans, including adjustable rate mortgages, can use an FHA refinance to lower their monthly housing obligation. In addition, Florida homeowners with a 15-year mortgage can refinance into a 30-year or 40-year fixed rate mortgage to lower the monthly payments.

FHA STREAMLINE REFINANCE: FHA streamline refinancing is perfect for Florida homeowners who currently have an FHA mortgage and want to reduce their rate and payments. With an FHA streamline refinance, homeowners can refinance their Florida mortgage payments with no credit check and no appraisal. The only FHA condition is that the homeowner has to be current on the FHA mortgage. Your current mortgage payments must be current in order for you to qualify.

FHA CHAPTER 13 REFINANCE: Florida Homeowners who have enough equity in their home and who are currently in a Chapter 13 repayment plan can refinance to consolidate monthly credit obligations into one low monthly mortgage payment.  

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WHAT IS AN FHA REFINANCE?

To FHA refinance a Florida home, the homeowner must apply for a new FHA mortgage. During the application process, the home will undergo a new FHA appraisal to determine its value, and the home owner's credit file will be reviewed to determine the borrower’s last twelve-months of payment history. The FHA mortgage lender will also order a title report to search for any other liens or encumbrances that may appear.  Assuming all these items are less than the home’s appraised value and that they can be paid off with the FHA refinance, the loan will be approved.

Once the FHA refinance is approved, the homeowner will come to the title company to sign the new promissory note and Florida mortgage. The proceeds of the new FHA mortgage refinance loan will be used to pay off the old first mortgage as well as any additional mortgages and liens on the property. Accordingly, the only mortgage showing on the home after the refinance will be the new FHA loan.

Florida homeowners frequently seek to FHA refinance their Florida home when interest rates fall below their current interest rate on their Florida home. For example, if a Florida homeowner has a 30-year fixed mortgage at 8% and a loan of $100,000.00, it would be wise to seek an FHA refinance if interest rates fall to 6%. The savings of an FHA refinance situation would be $134.00 per month. Over the life of the loan, the refinance applicant’s savings could reach a total of $48,240.00. If the FHA refinance was for $200,000.00, the monthly savings would be $268.00, an almost $100,000.00 savings over the life of the FHA refinance! Accordingly, when determining whether it is worthwhile to refinance a Florida home, the homeowner should weigh out the long-term savings against the costs involved in the FHA refinance and consider the length of time the Florida homeowner intends to stay in the same Florida home to insure that the FHA Mortgage refinance is worthwhile.

The costs typically involved in a Florida FHA mortgage refinance include points, document preparation fees, tax service fees, title expenses, appraisal fees, and other FHA refinance costs. Of these, the "points" is typically the most expensive. Using the $100,000 FHA refinance example again, for a refinanced loan with one point (1%), the homeowner would pay a fee of $1,000.00 to secure the refinance. If two points (2%) were being paid, then the Florida homeowner would pay $2,000.

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