Fha Streamline Refinance - The Ups And Downs
When you are paying a mortgage on a new home, you might find yourself in trouble sometimes
. The reasons can vary, but in this economy, more and more people are having trouble keeping up with the basic payments that make up a regular life. The truth of the matter is that when you are behind even a little bit, the bills and expenses can really pile up, then you are buried in debt before you know it. At times like this, it can be tempting to do something drastic, such as declare bankruptcy or even become delinquent on your mortgage. Here is a word to the wise. This is not a way out, and it could result in you losing your home and not being able to buy a new home for years and years.
This is why many people consider an FHA streamline refinance. If you are unfamiliar with the FHA streamline refinance options, you should know that it is a program offered by HUD that allows those who are paying mortgages in the FHA program the option to refinance. For many people, this can be a lifesaver. It can lower monthly payments, therefore making it much easier to pay per month and to not fall behind. In order to get this kind of refinancing options, however, you have to make sure that you do have an FHA loan and that it is not delinquent.
If you don't fall into both of these categories, then you will most certainly be denied the refinance option. You should keep in mind, however, that there are some negative aspects to the FHA streamline refinance. For example, when you lower your monthly payments, your mortgage will actually be much longer. This means that you can end up paying per month for thirty, forty, or even over fifty years. This is the kind of stress that many people want to avoid. They would rather struggle for a few years than be a slave to the monthly payments for year after year.
In the end, however, this option might be better than some other options, such as bankruptcy. If you are considering the FHA streamline refinance option, then you will want to look at your finances closely and also look at the kind of money you will be bringing in the future. You will want to consider your long term goals and the kinds of other expenses you foresee in the future, such as children, illness, or other medical expenses.
by: Jeff Moran
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