If you have followed the financial or political news at all this year you are aware that the housing market has been thrown into turmoil.  Lenders are going out of business right and left as well as credit is getting very tight and more difficult to obtain.

  The good news is that the FHA fixed rate mortgage remains as the best loan product in the United States today.  Many of you may be familiar with FHA as you currently have an FHA mortgage.  For those of you who don't who may wish to refinance for any number of reasons such as shortening your term, reducing your interest rate or taking cash out of your home to pay for college, pay off debt or make home improvements - FHA is available to you too.

The advantages of the FHA mortgage are great!

• The first feature that many of our clients have used is the streamline refinance to lower their interest rate or shorten the term of their FHA mortgage using no documentation and reduced closing costs.  FHA rates are very low at the moment.  If you are currently in an FHA mortgage give us a call to check your interest rate to see if you would benefit from a streamline refinance, either by reducing your rate or the term of your loan.  If you can save thousands of dollars, why wouldn't you want to do so?  If you are in Conventional financing or have a first and second mortgage the FHA mortgage may be an excellent way to combine both loans into one.

 

• The second feature of FHA mortgages is that FHA offers a 95% cash-out feature.  What this means to you is that if you have equity in your home and need to access it for any number of reasons, you can refinance it for up to 95% of the value and receive cash back.  You don't need to take out a second mortgage which may have an interest rate that is variable nor do you have to worry about the ins and outs of Conventional financing and many of the costs that go along with a cash-out Conventional refinance

  Looking forward to 2008 there are changes planned for the FHA program.  However, these changes appear to be very positive for the consumer unlike the changes that are occurring with Conventional lending.  We at Tippecanoe Mortgage can't stress enough the importance of calling today to determine if refinancing your mortgage is right for you.  Interest rates on FHA loans are as low as we have seen them in several years.  Let us evaluate your situation to see if refinancing your FHA mortgage makes sense.

IT IS URGENT THAT YOU ACT NOW! 

INTEREST RATES ARE AS LOW AS WE HAVE SEEN THEM IN 5 YEARS!

 

Your Local Mortgage Services:

Don Frazier
Mortgage Consultant

Office:  765-446-2930                                   
Email:  dfrazier@tippecanoemortgage.com

Website: http://www.indianamortgageman.com/

 

Mortgage services for Greater Lafayette and West Lafayette Indiana, Purdue University, Tippecanoe County and the surrounding Indiana Communities.  We are a Local Company with a National Reach! Visit my website for great home loan information: http://www.indianamortgageman.com/