Fixed, VA and FHA Mortgage Rates: US Bank and Quicken Loans Mortgage Rates Roundup for July 15
It is the simplest and the fastest way for homeowners, with FHA guaranteed mortgage, to refinance their current mortgages. Usually, it is highly impossible for the homeowners to refinance due to declined worth of their homes and lower appraisals. However, the most prominent feature about the FHA Streamline Refinance program is that it doesnt need a home appraisal. Instead, the Federal Housing Administration would allow the homeowners to use their original purchase price of the home as the current value of their home regardless of the current worth of their homes.
Full original article: FHA Loan Streamline Refinance Program Is Helping USA Homeowners to Refinance Mortgage with Lower Mortgage Payments
New Mortgage Insurance Programs Being Used as Alternative to FHA Mortgage Insurance
With mortgage insurance premiums increasing and now permanent, many Private Mortgage Insurance (PMI) companies are responding by loosening their qualifying guidelines. “Private mortgage insurance offers many more options than what we are discussing here. In general, these rates are slightly to significantly lower than Government insured financing,” says Scott Schang As home values rise in a real estate market that has stripped so many California homeowners of their equity, there is a light at the end of the tunnel for those who have up to this point very few options, if any, for taking advantage of historically low mortgage interest rates. With as little as 3% equity, homeowners have options available to refinance using a conventional home mortgage loan with private mortgage insurance. With so many families waiting for their homes to recover some value, the 3% mark means hope for many of them.
Full original article: New Mortgage Insurance Programs Being Used as Alternative to FHA Mortgage Insurance
Mortgage shoppers who need more flexibility in terms of interest rates may want to use the adjustable rate mortgage (ARM) options from Quicken Loans. According to the latest mortgage rate information, the lender offers the 7/1 ARM home refinance loan at 3.25%, which comes with an APR variable of 3.355%. U.S. Bank (NYSE:USB) is a major mortgage lender, which advertises home purchase and refinance mortgage packages for interested customers. Among the popular fixed loans, we can mention the long-term 30-year FRM, which presently has an opening rate of 4.625% at this lender and carries an APR of 4.690%.
Full original article: Fixed, VA and FHA Mortgage Rates: US Bank and Quicken Loans Mortgage Rates Roundup for July 15