Explore the Mortgage101 Library
Check Local Mortgage Rates
Loan Program Choices
Use our calculator to find out your estimated monthly payment in advance: Enter the loan amount, interest rate, and length of mortgage.
Try our Mortgage Payment Calculator
There are three basic types of FHA refinance loans, each catering to three basic types of borrowers.
FHA Refinance Loan
This basic FHA refinance loan is open to anyone. You may apply for the traditional FHA Refinance Loan even if your original mortgage was not an FHA loan. The FHA refinance loan works exactly the same as a traditional refinancing loan, except your loan has the additional insurance provided by the Federal Housing Administration.
FHA Cash Out Refinancing Loan
With a Cash Out Refinancing Loan, you apply for an amount greater than the current balance of your mortgage, so you can use the money left over for other things. If you have a good deal of equity in your home, you can use a Cash Out Refinancing Loan for other financial needs, like home improvement or college education. Your original mortgage must have been an FHA loan to qualify.
FHA Streamlined Refinancing Loan
The FHA Streamlined Refinancing Loan is only for existing FHA loan holders who want a lower interest rate on their mortgage. If you do not have an existing FHA loan, you may not use the Streamlined Refinancing loan. If your original loan is an FHA loan, however, your lender can reuse most of the same paperwork from your initial FHA loan, so your refinancing loan can be processed much faster.
- Home Equity Loans for People with Bad Credit
- Appraisal Basics
- Second Mortgages: Advantages and Disadvantages
- What Lenders Don't Reveal About Home Equity Loans
- Low Down Payment Loan Qualification
- How to Get Approved for an FHA Loan despite Bad Credit
- 3 Factors that Can Negatively Affect Your Mortgage Application
- Should You Refinance? Make Sure the Timing is Right
- 3 Warning Signs of Loan Modification Scams