For the past year, mortgage interest rates have hovered at or around record lows, spurring a surge in home buying and refinancing activity across the country. Refinancing a home, however, can be a chore and often requires sizable upfront costs.
For homeowners eager to refinance to take advantage of low rates but unsure where to get the best deal, local realtor and finance expert Donnell Kearney recommends the FHA Streamline Program from First Choice Loan Services, which allows buyers with FHA loans to refinance at no cost.* Specifically, First Choice covers all closing costs, which can total upwards of $5,000.
In addition to closing costs being covered, there are a number of other advantages to the Streamline Program:
- Homeowners can refinance without the need to get an appraisal.
- There is minimal paperwork involved.
- Rates on FHA loans are assumable, which means that even when interest rates increase, the buyer of your home can assume your low-rate loan, making your home a better deal than comparable properties.
Donnell Kearney has been a successful realtor and developer in the DC area since 2001, but his background is in the financial sector, as he has spent time in retail banking, investment banking and insurance.
“Many of my clients have utilized the FHA program for its low rates and low down payment requirements,” Kearney said. “I know that the current rate environment won’t last forever, and I want to help as many people refinance as I can. First Choice has a true niche concept for qualifying refinance borrowers.”
If you have an FHA loan and are interested in taking advantage of the FHA Streamline Program, click here or contact Donnell Kearney at 240-403-5000 ×124 or firstname.lastname@example.org. Include reference number ‘202’ in your voicemail or email subject line.
* Borrowers are responsible for maintaining the required FHA insurance on new loans, as well as escrows for property taxes and hazard insurance.
This article originally published at http://dc.urbanturf.com/articles/blog/refinance_your_fha_loan_at_no_cost/6228
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