Home Equity Loan Focus

The new rate is determined by the current mortgage rate market; it could be higher or lower.Adjustable rate refinance mortgage rates are less appealing because they are less stable. Did you get a subprime loan where your payment ballooned and now you can’t afford the payment?The federal government is passing some actually somewhat-useful emergency legislation.

How can the federal government deny responsibility to the millions of suffering home owners but provide “emergency funds” for investment banks to remain afloat? FHA Secure will allow home owners with sub-prime mortgages and resetting ARM’s a more streamlined way to refinance.Below are some highlights:Highlights of the FHASecure Initiative:1.

The mortgage being refinanced must be a non-FHA ARM that has reset.2.

The mortgagor’s payment history on the non-FHA ARM must show that, prior to the reset of the mortgage, the mortgagor was current in making the monthly mortgage payments.3.

If there is sufficient equity in the home, under additional eligibility, FHA will insure mortgages that include missed mortgage payments.4.

It’s usually required on mortgages with less than 20% down payment.Buying a condo with an FHA mortgage?A condominium project must be FHA approved in order to get an FHA loan.

So make sure your monthly income is sufficient to pay the monthly loan payments.You also need to be wary of various home equity loan scams out there.

Comments are closed.