Mortgages

Mortgage refinancing is when you take out a new mortgage on new terms to pay off the current mortgage. It might benefit you in terms of lower interest rates, changing the type of mortgage, and other reasons also. You can learn more about mortgage refinancing by going through the consumer’s guide to mortgage refinancings. The veterans can also qualify for the Interest Rate Reduction Refinance Loan (IRRRL).  Like mortgage refinancing, there are reverse mortgages also. A reverse mortgage allows you to turn part of the equity in your home into cash due to which, you will not have to sell your home and take additional monthly bills. The three kinds of reverse mortgages include:

• Proprietary reverse mortgages
• Single-purpose reverse mortgages
• Federally insured reverse mortgages

You can file a complaint with the Federal Trade Commission, State Attorney’s general office, and State Banking Authority if you suspect any fraud or abuse.

Further, the Department of Housing and Urban Development has two programs for homebuyers to make the process more affordable. The two programs are:

FHA loans- Their requirements are not as strict as others and will be a good mortgage choice for first-time buyers.

HUD homes- It is the HUD that oversees the FHA loans program and takes ownership of the property if the homeowners default on their FHA loan.

If you need any additional information concerning the FHA loans or HUD homes you can reach out to the FHA resource center or check the list of frequently asked questions.