FHA Refinancing Advice Needed

by MV
(Novato, CA USA)

Ask Kate: FHA refinancing advice As customers of our major mortgage lender for 15 years, we want to refinance possibly with FHA. Our goal is to access some of our equity.

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What type of documentation will FHA require? Honestly, we need to borrow against our equity to meet current expenses since we are self-employed and can only document social security income at the moment.

Do we have a prayer of qualifying? Without a cash-out refinance, we will be in trouble next month meeting our current mortgage payment.

Kate Answers: FHA Refinancing Advice Needed

Hi MV, Even if I could give you specific refinancing advice, I do not have enough details. Instead I recommend two things. Improve your luck and qualify your lender.

1- Here is a checklist of paperwork commonly required by lenders for refinancing and home buying. I call it The Mortgage Planner. The mortgage checklist is helpful in getting your ducks in a row. It certainly improves your luck.

2- What if you could learn how to compare mortgage rates and lenders online? Finding the right person to advise and qualify you would be the second step I recommend.

I hope you'll come back to my website again in the future. Of course, all of my information is free.

So remember to bookmark Get-Your-Best-Mortgage-Rate.com to your favorites and visit often for up to date tips for buying a house, mortgage news and refinancing advice.

You can also invite friends to comment on this page or create a page of their own like you did.

Best Wishes,

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P.S. Go to my Best Mortgage Rate Blog, an entertaining source of mortgage information. Subscribe now to the RSS feed.

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You can also ask Kate about your mortgage at Refinancing Advice The Nuts and Bolts.

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