There are three types of refinance loans insured by the FHA. The Rate & Term Refinance and Cash-Out Refinance are explained here. The streamline refinance is explained on its own page as it has a much different process. FHA loans can be used to consolidate multiple mortgage loans into a single low payment.
A Rate & Term loan is used to consolidate multiple mortgage loans into a single low payment. This loan allows borrowers to finance up to 97.75% of their home’s current market value. This is valuable if you took out more than one loan for your home and want to make a single monthly payment.
A cash-out refinance permits borrowers to turn the equity in their home into cash. Mortgage proceeds can then be used to pay off other loans (additional mortgage loans, student loans, etc.), credit card bills, car payments, or be used in any way the homeowner sees fit. This type of refinancing allows the borrower to receive up to 85% of the home’s current value.
Oceanside Mortgage Company has loan officers ready to assist you 24 hours per day, 7 days per week. As a Better Business Bureau accredited business with an A+ rating, you’re sure to get the help you need with Oceanside. Call us today by clicking the button below, or call us at (800) 955-8965.
Oceanside Mortgage Company is a private corporation. Oceanside Mortgage Company is not acting on behalf or at the direction of HUD/FHA/VA/USDA or the Federal Government. By refinancing your existing loan, your total finance charges may be higher over the life of the loan. NMLS# 80015 Visit the Nationwide Mortgage Licensing System & Registry consumer access website for licensing information: www.nmlsconsumeraccess.org Website authorization by the New York State Department of Financial Services is pending. Until this website is authorized, no mortgage loan applications for properties located in New York will be accepted through this site