![]() Your Loan Officer can also assist you with any questions you have about your loan and the loan approval process. However, please be sure to contact your Loan Officer for a customized solution tailored to your specific financial situation, needs, and goals. The calculations provided by the Contour Mortgage Connect Mobile App are useful in giving you an idea of what your new mortgage could look like. Up-To-Date industry news and happenings that may impact your loan, like a change in mortgage interest rates.Easily access to your Loan Team’s contact information.Scan in required documents on your phone and upload them quickly to expedite the loan approval process.Determine if homeownership is an affordable option for you based on your current income and monthly expenses.Calculate the possible savings (or cost) of refinancing your mortgage.Compare different lending scenarios using various loan programs to help determine which product is the best for you.The Contour Mortgage Connect Mobile App has multiple features to keep you up to date on your loan and close your loan as quickly as possible. We have developed our own mobile application to simplify the home buying and refinance process. Contact us today to find out about how we can help you.Contour Mortgage is committed to making the home loan process as easy as possible for you. To learn more, contact an FHA-approved lender.Ĭontour Mortgage has worked with numerous homeowners to refinance their mortgages. ![]() Streamline refinances are available under credit qualifying and non-credit qualifying options.” “Streamline refinance refers to the refinance of an existing FHA-insured mortgage requiring limited borrower credit documentation and underwriting. HUD’s official website details what an FHA Streamline Refinance is, stating: Department of Housing and Urban Development (HUD), insures FHA loans to approved mortgage lenders to help applicants who wouldn’t necessarily qualify for a conventional loan become homeowners. The Federal Housing Administration (FHA), which is a part of the U.S. A great way to spend winter Whether youre a FINatic or just looking for a fun night out. ![]() There are refinancing programs lower-income home buyers should consider.įor example, anyone who obtained an FHA loan may want to look into an FHA Streamline Refinance. Get to a Toledo Walleye game for family-friendly, fast action fun. As a result, your income is a factor, but not the only one. Remember: A lender is looking to see if your financial history indicates you’ll be able to pay back the loan. Such information typically includes, but is not limited to: A knowledgeable lender will break down exactly what you’ll need to provide when applying for a refinance. If you’re interested in refinancing your mortgage, but worried your income is going to hold you back, consider contacting a mortgage lending company. "Per borrower, the savings is about $271 per month.” “That is the largest population of eligible candidates in nearly three years and represents an aggregate of $1.6 billion in potential monthly savings," continues the article. "That is an increase of 2 million in just the past month, according to Black Knight, a mortgage software and analytics company.” “There are now about 5.9 million borrowers who could see their rates drop by at least 75 basis points by refinancing their mortgages," it reads. As aforementioned, however, refinancing is beneficial when you’re able to take advantage of lower interest rates, which in turn, equate into smaller monthly payments.Īccording to a recent CNBC article, current interest rates are low, which means many homeowners may want to consider refinancing. The dictionary definition of refinancing is “to renew or reorganize the financing of something” or “to provide for (an outstanding indebtedness) by making or obtaining another loan or a larger loan on fresh terms.” Refinancing a mortgage means obtaining a new loan to help pay off a person’s current one, typically, to utilize better rates.Īs discussed in one of our previous posts about mortgage refinancing, this course of action doesn’t eliminate your debt-instead, it eliminates that particular debt, but you’ll still need to pay back the refinance loan. There are other qualifications assessed when applying for a mortgage refinance, however.Īs a result, the first step for anyone with a low income who is interested in refinancing their mortgage is to consult with a trusted lending company to find out what they need to qualify. Ana Sayfa Hakknda Bilimsel Çalmalar Uzmanlk Alan. Low-income home buyers with subpar credit may not believe refinancing their home mortgage is an option.
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