Ways to Save Money

In these hard times, money is hard to come by so you should know how to save it until things get better. Since it is a balancing act that is somewhat challenging, here are a few ways that can teach you how to save money. If you don’t want to lose your home like a lot of Americans have over the past year, you have to kill your debt first. You do that by calculating how much money you spend in a month and then see where the budgets can be made so there is money you can use to pay ...

Five Practical Ways to Save Money for Students

It can be hard to think of ways to save money especially for students since they don’t have their own money yet. This is because at times, for all the expenses while on campus, there is barely left to save. Although it is hard, it doesn’t mean that it is impossible for students to save money while studying. All they need is to develop good time management skills, strict budgeting, and practicality. If you are one of those who are thinking of ways to save money while on campus or even before you enter one, here are some of the ...

Six Simple Ways to Save Money

No matter where you look at it, there will be always ways to save money if the person has the will do so. If you are one of those who are trying to come up with ways to save money in this unstable economy, it is best to start with developing a simple lifestyle. When you are able to do this, the rest will follow. But, if you are one of those who are not sure where to start, here are some eight simple ways to save money. 1. Cut down on grocery or shopping sprees. Although buying groceries is a ...

Save Money Without Feeling Poor

Yes. You are feeling the economic crunch. Times are hard and you are finding it hard to even make both ends meet with the rising costs of basic necessities and the fact that you lost one of the part-time jobs that you are holding. This is the common scenario that people, not only in the US, is feeling. They may not have lost their jobs but they have certainly found it hard to earn extra. Can you blame them then if they look for ways to cut costs and save money? Although it looks like a pretty daunting task, it’s not ...

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Homeowners With An FHA Mortgage: Streamline It -Save Money

There is a fast and easy way to lower the payments on your existing FHA mortgage. It will not take money out of your pocket for closing costs. There is no appraisal required. As long as you've made your existing FHA mortgage payments there is no credit qualifying. You don't even have to be working and making an income to get it.

An FHA Streamline loan option is already built into your existing mortgage. One feature it offers is that you can get a new lower rate loan, if it is available, without reappraising your property. You just need to take the step to contact an approved FHA lender to get the details and see what it could mean to you in monthly payment savings. You will have a new mortgage process to go through, but it is abbreviated since there is no appraisal involved. On the mortgage application the sections that relate to income, assets and debts do not need to be completed. The full process should easily be wrapped up in less than 30 days.

You will not get cash back from this loan. This program is designed strictly to lower payments. This is a benefit that is given to the mortgage payer to make it easier to continue mortgage payments as time goes on. The amount of the new loan will be the lesser of either the original loan amount or the existing debt. The original loan amount is the amount of the loan at the time you took out the present FHA mortgage. Existing debt can include the current loan amount, closing costs, reasonable discount points and prepaid expenses necessary to close a new loan. The upfront mortgage insurance on the loan to be paid off is subtracted out of these calculations. These two options are only available to you if you occupy the home as your residence.

If you have an FHA loan on an investment property, even if you originally lived in it, you will only be eligible to refinance the current mortgage balance. All closing costs and pre-paids will be paid out of pocket at escrow. You will not be able to add these costs to your new loan.

An appraisal could be done in processing the loan. If the formulas above do not pencil out, you may need to establish a higher current value to avoid out of pocket expenses at escrow. This gives flexibility provided the property has appreciated. The credit qualifying portion is still waived.

With the increase in mortgage rates over the last year, some people who have existing FHA ARM mortgages may be concerned that their annual rate adjustments could be climbing. You can use the FHA Streamline program to switch to a fixed rate FHA mortgage as long as the new rate is no more than two percent more than the current rate on your loan. If you feel that for your circumstances it would be better to go from a fixed rate to an ARM the new rate needs to be two percent less than the rate on the current loan.

So many people over the years have become homeowners by getting an FHA loan. At the time of purchase of a house an FHA loan gave all the features that made it an attractive alternative to other loans. Expanded qualifying, competitive rate and low out of pocket expenses turned renters into buyers. Now as time has passed, if you have a high rate that needs to be refinanced, FHA may again be the way to go to save money as the best option.
About The Author

Bill Wehr publishes mortgage articles at http://www.mortgagejourney.com. Bill has an MBA and is the owner of Great Pacific Northwest Mortgage http://www.billwehr.com serving Oregon and Washington. For loans please complete a secure on-line application at http://www.portlandoregonmortgages.com.