FHA Rate Term Refinance in Florida
The FHA Rate Term Refinance is for the customer who wishes to lower his/her rate and not have to write a check.
FHA guidelines allow us to refinance up to 97% of the loan to value of your home if we order an appraisal and verify the value. If you are unsure about your appraised value this should become a part of our discussion.
If you are upside down on your value we should do a Streamline Refinance Without Appraisal
The reason why you should consider the rate term over the streamline is that the rate term will allow you to roll in all of the expenses of the loan so you will not have to write a check in order to refinance.
When I say expenses I mean the closing costs which are all of the fees on the loan such as underwriting fee or appraisal fee and also the escrows. The escrows are your money but the escrow balance is held in an escrow account by the lender to be used to pay out taxes and insurance.
With a streamline refinance without appraisal, the loan amount has to be lower than the previos mortgage so many times the loan amount does not cover the escrows so the customer writes a check at closing and then has his escrows from his current mortgage lender returned in 3-6 weeks.
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