Homeowners across the United States continue to search for home refinancing advice as lenders continue to tighten loan guidelines.  It is important for borrowers to understand the criteria and requirements that lenders are requesting for mortgage refinance transactions.  Home mortgage rates rise and fall, but locking into a low interest loans with a fixed rate for 30-years offers true peace of mind.

There has been a consolidation of many loan programs, but there still remains a variety of refinance loans that offer a unique niche in an effort to meet the needs of homeowners in today’s market. There has been a consolidation of many loan programs, but there still remains a variety of refinance loans that offer a unique niche in an effort to meet the needs of homeowners in today’s market.Get Home Refinance Help from the Experts at Nationwide!

1. FHA Refinance – There are several types of FHA loans.

     a. FHA Streamline Refinance- You must currently have a FHA mortgage that has been current for the last 12 months.  Home refinancing to 96.5% but there is no appraisal required.

     b. FHA Cash Out – Qualified borrowers can get cash out, consolidate debt or finance home improvements.

2. VA Home Loans – Veterans are eligible for VA mortgages.

    a. VA Refinance - borrowers can refinance to 100% with a rate and term loans or get cash out up to 90%.

    b. VA Streamline Refinance – VA borrowers who already have a VA mortgage may qualify for a streamline refinance with no appraisal and no income documentation required.

3.  Second Mortgage – Sometime borrowers need some cash, but they want to leave their first mortgage the same.  In this case a second mortgage is recommended, because it subordinates to the existing first mortgage.  Borrowers can choose between a fixed rate 2nd mortgage or an equity line of credit in which borrowers only pay interest on the portion they access.

4. Conforming Refinance – Mortgage lenders have tightened their guidelines recently.  Conforming programs allow cash refinancing to 80% in most cases.

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