Best Mortgage Refinance Programs

2010 has been a great year for mortgage refinance rates!  Sure lenders and banks have tightened their guidelines but home refinancing rates have fallen to record lows.   If you qualify you will be rewarded with a lower mortgage rate, a reduced monthly payment and better fixed rate terms.  If you need a stated income refinance, chances are you will need to wait for lenders to release new refinance programs.

Below, we listed the best mortgage refinance loans so you can have a better idea on what is out there before you begin shopping lenders online:

FHA Mortgage Refinance – The most popular refinance loan this year because it is flexible with credit and not much equity is required.  The FHA streamline does not allow you to finance closing costs anymore, so we suggest sticking with the traditional FHA refinance loan because rates are available below 5% with no pre-payment penalties.  FHA allows cash out to 85% loan-to-value.

Conventional Refinance – This is a great refinance loan for borrowers with credit scores above 700 and at least 20% home equity.  There is no private mortgage insurance like FHA loans, so you will get the best of both worlds.  Most conventional lenders will allow cash refinancing to 80% LTV.

VA Mortgage Refinance – If you are active in the Military or a retired veteran you will love the VA refinance opportunities.  VA offers the VA streamline refinance that allows borrowers who already have a VA mortgage to refinance with reduced lending fees.  No appraisal is required, so you save money and do not need to have any equity.  No other lending program allows you to go above 100% loan to value and required no appraisal.  VA enables cash out refinancing to 90%. The VA mortgage refinance program will even allow you to skip a payment.

Whichever mortgage refinance loan you choose, know that you are locking into the lowest fixed rates seen in a generation.  Contact Nationwide for a free rate quote and refinance analysis with no obligation.