The new FHA Short Refinance program that becomes effective in September 2010 is intended to help homeowners who are upside-down on their mortgage. That is, they owe more on their home than it is currently worth. The Administration hopes this program will help three-to-four million homeowners to stay in their homes over the next few years. The short refinance program is great for anyone and right now the FHA rates in Nevada are at an all time low.
Getting the Best Nevada Interest Rate - Because homes in Nevada are pricey, it is important to get the best interest rate possible on your mortgage. This article discusses three ways you can ensure that you're getting the best Nevada home mortgage loan interest rate.
The existing loan to be refinanced must not be an FHA-insured loan, and the refinanced FHA-insured first mortgage must have a loan-to-value ratio of no more than 97.75 percent. To facilitate the refinancing of new FHA-insured loans under this program, the U.S. Department of Treasury will provide incentives ($500) to existing second lien holders who agree to full or partial extinguishment of the liens. While well-intended, the program has several problems that are likely to limit its usefulness. First, if a borrower is current on his loan, how will the lender justify a principal reduction to the note investors? What is their incentive? Second, many properties have a second lien - why would the second lender agree to eat a principal reduction - and perhaps a large one at that - unless the property is in imminent danger of foreclosure.
Shop Online - If you don't have the time to make call after call to get rate quotes, you're probably better using an online database broker service. This is a website that takes all of your information once and then provides you with rate quotes from several different companies. This can be a huge time-saver! However, it's always important to get in contact with the actual mortgage company in order to ensure you were quoted correctly.
One day, lenders will have to step up to the reality that the best way to revive the real estate market is to re-value properties at their current market worth. Otherwise, it will continue to be a long road of short sales, foreclosures, bankruptcies and strategic defaults...all of which accomplish the same thing, but in a much more painful, expensive and longer fashion. Perhaps the implementation of judicial cram-downs is ultimately the only way to instill sense in this whole mess. Don't pass up the chance for a refinance on your home. With FHA rates in Nevada, you can't go wrong.
Getting the Best Nevada Interest Rate - Because homes in Nevada are pricey, it is important to get the best interest rate possible on your mortgage. This article discusses three ways you can ensure that you're getting the best Nevada home mortgage loan interest rate.
The existing loan to be refinanced must not be an FHA-insured loan, and the refinanced FHA-insured first mortgage must have a loan-to-value ratio of no more than 97.75 percent. To facilitate the refinancing of new FHA-insured loans under this program, the U.S. Department of Treasury will provide incentives ($500) to existing second lien holders who agree to full or partial extinguishment of the liens. While well-intended, the program has several problems that are likely to limit its usefulness. First, if a borrower is current on his loan, how will the lender justify a principal reduction to the note investors? What is their incentive? Second, many properties have a second lien - why would the second lender agree to eat a principal reduction - and perhaps a large one at that - unless the property is in imminent danger of foreclosure.
Shop Online - If you don't have the time to make call after call to get rate quotes, you're probably better using an online database broker service. This is a website that takes all of your information once and then provides you with rate quotes from several different companies. This can be a huge time-saver! However, it's always important to get in contact with the actual mortgage company in order to ensure you were quoted correctly.
One day, lenders will have to step up to the reality that the best way to revive the real estate market is to re-value properties at their current market worth. Otherwise, it will continue to be a long road of short sales, foreclosures, bankruptcies and strategic defaults...all of which accomplish the same thing, but in a much more painful, expensive and longer fashion. Perhaps the implementation of judicial cram-downs is ultimately the only way to instill sense in this whole mess. Don't pass up the chance for a refinance on your home. With FHA rates in Nevada, you can't go wrong.
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Looking to find the best deal on FHA rates Nevada, then visit www.fhastreamlinerefinance.com to find the best advice on FHA mortgage rates in NV for you.
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