NOW IS A GREAT TIME TO CONSIDER A MORTGAGE REFINANCE

If you've already got an FHA loan, whether you’re in State College or anywhere else, now may be a perfect time to think about a streamline refinance. Refinancing is a great way to get a lower mortgage rate.

The FHA streamline refinance option is easy and fast, making it a very attractive option. An FHA loan is one insured by the Federal Housing Administration. FHA loans are required to carry insurance, in the event a borrower can’t repay the loan, the lender is able to recoup their losses.

According to State College mortgage broker D. Shane Whitteker, FHA typically offers reduced documentation options on this type of mortgage, which is one area where the speed and simplicity come into play. Whitteker is the owner and lead broker at State College mortgage company Principle Home Mortgage.

“Many times these mortgages can be done without an appraisal which saves the borrower money and time,” Whitteker says.

Whitteker specializes in helping his clients with mortgages and refinances. According to Whitteker, now is a good time to examine your home mortgage and refinancing options.

"Mortgage rates are incredibly low currently and this could be a great time for homeowners to save money by getting a better interest rate,” Whitteker says.

Whitteker helps his clients to navigate the complexities of getting a home mortgage, looking to get the lowest interest rate possible. He says he can often help his clients save in other ways as well. One way he can help is to look for ways to reduce the buyer’s mortgage insurance costs.

"Sometimes we can reduce the mortgage insurance a homeowner pays on top of bringing the rate down," Whitteker says. "The mortgage insurance factor changes every so often depending on HUD and their financial projections for solvency with the FHA program."

To learn more about different types of home mortgages and refinance options in State College and beyond, contact Principle Home Mortgage today to see what you can save!