Boise Mortgages

In a previous article, we wrote about the benefits of going with an FHA home loan or refinance. But it gets even better! Let’s say you’re already in an FHA mortgage, but you want to take advantage of the new lower rates… or perhaps you want to change terms, such as the length of the loan.

The FHA permits what they call a “Streamline Refinance” on pre-existing FHA mortgages. The “streamline” refers to the amount of documentation and underwriting that lenders need to perform. The whole process is easier and faster… for everyone.

Streamline refinances can be done without an appraisal, but the new loan amount cannot exceed the original loan amount. A popular option, however, is to include all the closing costs into the new mortgage amount. To do this an appraisal is required to ensure there is sufficient equity in the property, which is based in part on the home’s market value.

The benefits of a Streamlined FHA Refinance (what we call one of the FHA’s “little secrets”) are excellent. They include:

• Little or no out-of-pocket costs
• No credit check, income verification, employee verification, or underwriting fee
• Appraisal usually not required
• Very little paperwork
• Reduced interest rates
• Easily increase or decrease the length of the term of your existing loan

The FHA Streamline Refi reduces your monthly expenses by lowering your monthly mortgage payment, but there is no option to receive cash back. It’s a good option for folks who are in good financial standing who want to further reduce their monthly expenses.

For a fast, free, pre-qualification for your FHA Streamline Refinance,
click here –> FHA Streamline pre-qualify.

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Written by Lisa Kratz and Mike Little of myIdahoHomeLoan.com
Apex Mortgage  |  Meridian, Idaho  |  (208) 888-9251

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A recent poll conducted by the Associated Press found that consumer debt is making millions of Americans physically ill. Credit card debt is not only a pain in the neck, but also, apparently, in the heads, backs, and stomachs for millions of us trying to manage debt, the high price of gas, and financial sanity in the current economic slump.

Looking for a tax-sheltered sanctuary from the debt storm? Many are finding financial (perhaps even physical) relief by refinancing their homes. Now, in fact, is an excellent time for refinancing!

1. Convert high-interest credit card debt into lower-interest mortgage payments — the interest on which is tax-deductible.
2. Access cash from available home equity — use it to pay off other debts and/or bolster liquid reserves in case of emergency.
3. Lower interest rates could mean lower payments — if you refinance into a longer-term loan.

Many people are considering downsizing or simply selling their homes to get out of debt. But it’s a buyer’s market: the supply of houses is high, prices are down. The National Association of Realtors® say right now is the strongest buyer’s market we’ve seen in a long time, so it might not be your best time to sell. Homeowners seeking consumer debt relief should instead consider an Idaho mortgage refinance to consolidate debt and take advantage of the current low interest rates, getting a lower payment on a longer loan, offsetting any cost to refinance.

So give yourself some room to breathe and relief from pain-in-the-neck credit card debt, while rates are still low. Contact a qualified loan officer today and discuss a financially-prudent refinance.

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Article written by Lisa Kratz and Mike Little of www.myidahohomeloan.com
Apex Mortgage  |  Meridian, Idaho  |  (208) 888-9251

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Today’s Idaho Mortgage Rates opened beautifully and if you are considering refinancing your Idaho Mortgage Loan, now is the time to do this. Properties in Kuna, Star and parts of Nampa are experiencing a decline in property values ranging between 5-15% percent due to the owners, builders and investors being forced to lower the listing price to move the surplus of existing Idaho Real Estate. Just this week alone I have found at least 8 homeowners who are in need of refinancing out of adjustable rate mortgage loans and cannot proceed due to their appraisal not coming in at-value to payoff even the first mortgage loan.

We are hopeful that we have leveled out and with the new spring season in place we can lower our real estate inventory and start to see a positive movement in today’s Idaho Real Estate market!

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Written by Lisa Kratz208-888-9251

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