A penny saved is a penny earned. Whatever your goals are, we can help make it happen.
It's your mortgage. use it how you want.
Take cash out
Start leveraging your investment to make smarter use of the equity in your house.
Lower your payment
A lower payment can improve your financial security if you are an established homeowner.
Shorten loan term
Save money by refinancing to a shorter term so that you can pay off your mortgage sooner.
Reasons to refinance
Refinancing your home can be a big decision.
Imagine a simple, clear, fast and free way to find out exactly how much you can save and get the resources you need.
At Mid America Mortgage, Inc., we help you get a better understanding of how much you could save in under 30 seconds.
FHA Fixed Rate refinance
FHA fixed rate loans are some of the most popular programs for refinancing.
This is where you have stable predicable payments each month and as a result offers the most security for yourself and your family.
If you are currently in an adjustable rate mortgage (ARM) and would like the security of a fixed rate, a fixed rate FHA is the right program for you.
The process generally involves the following steps:
- Speak with your assigned Loan Officer about an FHA loan in El Paso
- Complete a full mortgage application with the assigned lender
- Upon approval, supply the required documentation
- Coordinate with appraiser that lender chooses
- Send in loan package and clear conditions from the Bank
- Schedule closing
If you are looking to refinance and want the best rate and terms, and want an easy process with more favorable guidelines, an FHA loan is probably the best choice for you.
An FHA Streamline Refinance allows you to refinance your current FHA loan into another FHA loan. An FHA Streamline allows you to:
- Refinance into a lower rate and payment
- Convert you FHA ARM into a fixed rate
- Convert you 203(k) rehab loan into a 203(b) FHA loan
- Shorten you loan term
There are only a few requirements to obtaining an FHA Streamline loan, they are:
- You must have been in your current FHA loan for a period of at least one year
- Your current FHA loan must be current at the time of closing the new FHA loan
- The new FHA loan must offer a lower payment or shorten the term without increasing your payment by more than $50
- If current FHA loan is an ARM, and the new loan a fixed, the interest rate on the new fixed loan may not be more than 2 percent higher than that of the ARM.