The NEW FHA Streamline Program Can Automatically Lower Your Mortgage Payment

If you have an FHA Guaranteed Mortgage that was closed prior to June 2009, you are qualified for the NEW FHA streamline program.  This FHA program cuts your interest rate and payment now that interest rates have dropped.  The NEW program starts June 12th2012 and will not increase your mortgage insurance or your loan amount.

Today’s low FHA 30 Year Fixed interest rate is 3.625%* (3.625% APR). This is the lowest rate in over 50 years.  This can reduce your mortgage payment by hundreds of dollars each month.

You will still have an FHA Guaranteed loan – just with lower payments.  No income verification is required and very minimal paperwork is needed.  Plus there are NO CLOSING COSTS*.  This program was set up to automatically save you money when interest rates drop.

• No Closing Costs*
• No appraisal required
• Principal balance stays the same
• Very little paperwork
• No Income verification
• Must be current on your mortgage
• NO POINTS or hidden fees
• Current MI will not increase

FHA lenders ARE REQUIRED to seek “Win Win” solutions for borrowers.

We are the leader in locating homeowners that qualify for this outstanding FHA program.  We can save you thousands, all you have to do is call us at (951) 970-5034 to find out how this program can help YOU!

It’s Simple Fast & Easy

Call today for your FREE analysis!

ERIK KINSLEY – NMLS# 255872

FHA Streamline Specialist

(951) 970-5034

RJF Financial, 29995 Technology Drive #307, Murrieta CA 92563

Licensed by the department of real estate broker #01460697 *Rate quoted 6-13-12…Rates and fees Subject to change without notice.

As you begin to look for a mortgage, one of the decisions you will be faced with is whether or not to hire a mortgage broker. While you can apply for a mortgage directly through a lender, this is something not everyone is willing to do. As with everything in life, there are the benefits and downfalls to hiring a broker. In this article, we will focus on the benefits of using a mortgage broker.

For most people their banking institution is the first place they turn to in applying for a new mortgage. This might be because they feel that since they have been doing business with their bank for so any years that the bank will be able the offer them the best possible interest rate. However this is not always the case and in fact by using a mortgage broker you can usually get better rates, terms and have more options available to you.

While there are a number of advantages to hiring a mortgage broker, one of the main benefits is that brokers have access to the entire mortgage market. And because they are a mortgage broker, they also have an incredible knowledge and expertise with what is going on in the market. With this, having a broker will allow you to be advised with what lenders will consider your case and what lenders will overlook it based on your circumstances.

One big concern with many people is finding a mortgage despite having a poor credit. This is another one of the benefits of using a mortgage broker, as they are adept at finding mortgages for people with poor credit ratings. As with having knowledge with the market as a whole, they will know the right people that lend to people with poor credit.

Not a single person enjoys dealing with all of the paperwork that is involved with finding a mortgage. When you hire a broker, the broker will take care of all of the paperwork for you. This can free up a great deal of your time and save you the stress of having to go through all of it.

As far as the actual pricing goes, mortgage brokers are great with finding deals that are not available to the open market. They have access to many exclusive deals that nobody else would even know about. This is a huge advantage as exclusive deals can be extremely favorable to the borrower.

Lastly, hiring a mortgage broker gives you the chance to get lower application fees and reduce the interest rate. Brokers often times will try to negotiate with the lender for you to get the best deal possible. While it is not every day that this happens, it is certainly not unheard of. This is especially the case when the broker has a good relationship with the lender.

There are a number of benefits of using a mortgage broker. When it all comes down to it, it is up to you to decide whether or not it is worth it to hire a broker.

Keywords: benefits of using a mortgage broker

Article Source: Ezine Article Exchange

Buying a house is a huge commitment, and that may even be an understatement in itself. One could almost assume that buying a new home is going to be a new lifetime commitment, and it certainly isn’t quick or easy. There’s a couple ways that you can prepare yourself for buying a home, and these mostly apply to first time homebuyers, however; for someone who is buying another home or moving out of one and into another some of these will apply as well.

No matter what your personal situation is, these are extremely important things to remember before even getting started at looking into buying a new home. Get your credit on track: If you’re planning on buying a home, you’ll need to have substantial credit history, and a good credit score. The first thing you need to do is perform a credit check for yourself, and then you will know what you’re looking at, as far as qualification for loans. Being financially aware is an invaluable skill when you’re preparing for large purchases; so the more you know about your financial standings, the better off you are. However, if you haven’t been tracking your financial status and keeping up with the numbers, there are some things to check up on.

A good time to consider checking your credit is about three to six months before you plan on paying your lender a visit. Credit checks are usually free as long as you don’t do them often. It’s also important to remember that running a check on your credit score can hurt your credit if you do it too often. You’ll want to examine your credit reports to understand your standings on these scales. These reports will include bad marks on your credit. If there are any of these that are not accurate, make sure a good credit repair company (Contact me for referral) to have them corrected. Also, if you happen to discover that your credit score isn’t where it should be, make sure to speak with your local lender to seek advice for your financial situation.

Credit is going to be necessary for a home purchase; bottom line! Down Payments and Closing Costs Are Going to Add Up: Most first time homebuyers know that they are going to need a fairly large sum of funds to pay for part of the house up front and settle the closing costs. Right now, in the housing market that we’ve come to know, 3-5% of the price of the home is considered enough for a down payment. Granted, this number is considerably lower than a few decades ago, but in this market, that’s expected. There are several programs that first time homebuyers can enroll in to assist with the financial difficulties of buying homes in this day and age. However, for first time buyers, it’s important to know that paying more upfront is going to make your future a little easier. Your mortgage payments will be lower, or you won’t be paying them for quite as long. This is something to consider, based on your personal situations.

Unfortunately, there are quite a few people who are uninformed of this when buying a house. Young families are quick to jump into the responsibility of a house because of the space, the yard, and the feeling of being an owner. This has lead to a lot of owners who end up not being able to pay the mortgage; partially because they didn’t pay enough up front to make their mortgage payment manageable and realistic. Another huge part of purchasing a house and paying the mortgage is choosing the right kind of loan for the house.

Look out for adjustable rate mortgages, or commonly referred to as ARMs, because at any time, the interest rate on the loan can change, and that usually means going up. This can cause financial trouble for unaware, and usually new, homeowners.

Fit Your Budget to Available Homes: This is the most exciting part! Now you can start your house hunt, but you’ll need to know what kind of house you can afford. You’ll need to figure out what your debt to income ratio is, and how much of your monthly income is going to be designated to paying off debts.  This is a good time to get in touch with your lender, and discuss what options you have. A huge part of this is composing a budget plan just for your personal expenses. This will help create a financial map and guideline to keep you on track from the very beginning and it will provide crucial information for your lender, so they can help you make the best decision. It’s the best in this situation that you tell your lender exactly how you spend your income, so you can guarantee a comfortable financial future.

Remember, foreclosure has been a huge problem across our nation that has affected so many of our high population states. Things are looking up these days, but it’s still going to take a long time for us to come out of this housing recession. Some statistics across the board range from 1 in every 605 Homeowners in CA, and as little as 1 in 10,000 New Hampshire Homes being foreclosed, according to the 2012 foreclosure forecast. These statistics are staggering and as a nation we want to change them.  In order to avoid getting yourself into something you may not be able to follow through with, taking these first steps is crucial. They will give you a great foundation to start on when you’re ready to begin your house hunting quest. Get started here, next you can do the leg work and find your dream home. Happy Hunting!

Erik Kinsley