FHA and VA Loans
Refinancing Your FHA or VA Mortgage
There are some really great advantages to refinancing an existing FHA Mortgage, especially if you closed prior to January 1, 2001.
Refund of MIP (FHA):
As of January 1, 2001, FHA dropped its Upfront Mortgage Insurance Premium from 2.25% of your Loan Amount to 1.50%.
What this means to borrowers who have FHA Mortgages that have been on time and have closed prior to January 1, 2001 is a possible refund from FHA for the prorated amount of the .75% difference when they refinance to a new FHA Mortgage.
Even if you don't refinance to an FHA mortgage, you may still have a refund due.
No Cost Refinance:
For many FHA and VA Mortgage Holders, it is possible for us here at Churchill Mortgage to enable you to refinance for little or No Cost! We often are able to do this with special pricing that allows us to pay some if not all of the Settlement Costs for you.
**
This means that you may not have to bring money to closing, and you may not have any money added to your current principal loan amount.
This way, even a $50.00 month savings is worth while because there may be no closing costs or fees to recoup. Why? Because nothing has been charged to you or added to your loan.
And in many cases, you will receive a refund from FHA if you have had your loan for less than7 years, and closed before January 1, 2001!
Credit Issues:
For borrowers that may have some problems on their credit report, but have paid their FHA or VA Mortgage on time for at least the last 12 months, you may be eligible for our Streamline Refinance that allows us to refinance your loan back with FHA or VA, even though you have some credit problems on debts other than your mortgage. This allows us to refinance many borrowers with questionable credit and give them the ability to enjoy lower rates without big origination fees or points.
** You really need to call us or fill out our On-Line Pre-Qualification form if you think any of these situations pertain to you. **
For More Critical Information About Getting Preapproved
For A Home Loan, You Can:
1. Click Here to fill out our On-Line Pre-Qualification form - and a Loan Specialist will contact you back with the information you need to move forward;
2. Call us at 1-888-562-6200 and speak directly to a Loan Specialist who can help you find the right rate and program for your personal needs.
3. Schedule A Call Back Time for a Loan Specialist to contact you when it is most convenient for you.
4. Take a look at our FREE REPORTS list;
We know that educating you is the best way to serve you, and we are honored to have the opportunity to assist you when you are in need of mortgage financing. Please do not hesitate to use our services to suit your specific needs!
|
Churchill Mortgage is an Equal Housing Lender.