Georgia Mortgage Rates Update
FHA Home Refinancing & ARM Conversion

FHA mortgage refinancing helps people convert their adjustable rate mortgages into fixed rate payments that they can afford. Georgia homeowners consider refinancing offers with low fixed rate offers for FHA home loans including cash out to 95%.

Home Refinancing Options with FHA Loans By David Chodack

Property values have been dropping across the country. Georgia mortgage rates are on the upswing and adjustable rate mortgages are coming due. Residents in Atlanta, Murrieta, Savannah -- all across the state -- have very few refinance options as home equities and bad credit scores take a nosedive. Local lending programs and fixed rate loans are going the way of dollar-a-gallon gas. And tighter mortgage guidelines have put the squeeze on even credit worthy customers. To make matters worse, 100% refinancing options are becoming scarcer than bird feathers in a koo-koo-clock.

  • Georgia Home Refinancing for Bad Credit
  • Cash Out Refinance Loans to 95%
  • Foreclosure Bail Out Loans to 70%
  • Foreclosure Refinancing to 70%

Cash out with fixed rate mortgage refinancing up to 95% CLTV!

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So what's a God-fearing Georgian to do? Subprime mortgage lenders are going out of business and the secondary loan market has dried up. The solution lies in FHA's variety of Home Refinancing Options. For starters, there's the FHA Secure program, which is designed to help homeowners who have fallen behind on their house payments due to an escalating adjustable rate mortgage. Homeowners will need to prove that their late payments were due to the sudden interest rate hike in their original loan.

Then there's FHA's Cash Out Refinancing option. It's ideal for homeowners whose property has jumped in market value since the home was bought. A Cash Out refinance lets owners refinance their existing mortgage by taking out another mortgage for more than they currently owe. Basically, they use the equity they've built up in their home to take out another larger mortgage.

Refinance Adjustable Rate Home Loans and Consolidate Credit Card Debt for More Savings!

There's also FHA's (and VA's) Streamlined Refinancing option. They call it streamlined because it lets borrowers reduce the interest rate on their current home loan quickly and often without an appraisal. This option also cuts down on the paperwork lenders need to complete, which saves time and money. To qualify for a Streamlined Refinance a borrower's original home loan must be an FHA or VA loan in good standing and the refinance must lower their monthly interest payments. The upside of this option is that it lowers their payments (in the case of VA, many of the normal closing costs are waived); the downside is there's no option to receive cash back. So it's okay for folks who are in good financial shape with no big debts because it gives them a little more to invest or spend on other things they need.

One caveat: to get the most out of refinancing a mortgage, one should only think about refinancing after they've had time to build up some sizeable equity in their home. If the property was purchased more than one year ago, borrowers can refinance their existing mortgage for up to 85 percent of the appraised value plus allowable closing costs. Regardless of which option they choose, borrowers should take care. As Mark Twain once advised, "There are two times in a man's life when he should not speculate: when he can't afford it, and when he can."

 

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More Related Georgia Pages:
Georgia Mortgage Rates | Georgia Home Equity Rates | Georgia Second Mortgage | Georgia Mortgage Refinance
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