American Wide Loans- FHA Refinance & VA Refinance Home Loans with the Lowest Rates

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American Wide Loans is the nationwide mortgage company that provides the best affordable home loans for all types of customers and credit. If you want a fixed, adjustable rate mortgage, purchase a home or consolidate debt, we have the loan for you.

Time to Refinance?

You shouldn't refinance if you do not have to.. We have tips below that will give you an idea if you should refinance. Build up equity: It is feasible to go for a refinance when you have built up at least 10% equity in your home(For Fannie Mae owned mortgages, the value is 5%). It is also possible for you to choose the option if your equity is less than 5%, but you may have to pay a certain amount of cash in order to make up for the difference in equity. See if the market rates are low enough. : You should follow the 1% Rule which companies say that you can enjoy all the benefits of a refinance with a rate 1% lower than you currently have. The interest savings will help you recoup the costs you've paid for the new loan provided you stay in the property for a certain period of time (break-even period).

However, there are no-cost as well as low-cost refinance loans wherein the costs are included into the loan. By choosing this option, expect higher rates on the loan. Moreover, these loans are limited when the market is in a credit crunch. Pay off any late payment: You can refinance your loan as many times as you like within the guidelines. Most lenders prefer that you have no late payment for the past 12 months before you switch over to a new loan. Remove negatives and improve credit score: Pull your credit report from the bureaus and review it for any negative items (late pays, collections etc) and inaccurate detail. Try to dispute negative items and remove them from the report. If required pay off any unpaid debt. Otherwise, you won't get a low rate and may not even qualify. There are sub-prime lenders out there who may offer you a bad credit refinance loan. Avoid them whenever possible. They will charge higher rates and fees.

Now is the time to do a FHA Refinance!!

FHA home mortgages are not just for first-time home buyers. FHA refianance loans can eliminate debt caused by sub-prime mortgages where interest rates have gotten out of control. There are different ways to get into an FHA refinance loan.
The advantages include a low fixed rate mortgage guaranteed by the FHA, predictable FHA mortgage payments and lower interest rates for those who qualify. The FHA also has the cash-out option to refinance and credit cards or major improvements on your home. You may qualify for one of two FHA mortgage plans which offer cash-out plan. FHA refinancing loan offers amounts up to 85% of the appraised value.

Requirements for an FHA mortgage product such as FHA refinance loans require copies of your income tax returns to verify the actual amount of money you report to the government. If your job situation has changed since your last tax filing, you may be able to furnish proof of income through your new employer.

Now is the time to do a VA Refinance!!

Keep these factors in mind when doing your Cash-out VA Refinance:A cash-out VA refinancing loan is a VA guaranteed loan which refinances any type of lien or liens against the secured property. The liens to be paid off may be current or delinquent, and from any source. (tax or judgement liens, VA Refinance, FHA, or conventional mortgages). Income, credit and your home value will be used to qualify you for the loan.. Loan proceeds beyond the amount needed to pay off the liens may be taken as cash by the borrower for any purpose acceptable to the lender. Cash-out VA refinance loans can be for up to 100% of the appraised value of the home. The loan must be secured by the first lien on the property.

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