fha refinance If you haven’t noticed, the mortgage industry is in a frenzy. On one hand, you have large and small finance companies laying off their mortgage departments. And on the other hand, you have thousands of homeowners struggling to make their mortgage payment.

If you chose an adjustable rate, interest only, or other creative mortgage financing option, you may be in this situation. Your rate may be about to adjust, in which your monthly payments may double or triple. You want to refinance, but can’t get approved for a loan. Fortunately, there is a solution. An FHA refinance is intended to help homeowners like you.

This government backed loan allows homeowners to refinance their risky mortgages and obtain a rate at the current market rate. Thus, you’ll be able to afford and keep your property.

To obtain an FHA refinance, contact a mortgage lender or broker and complete an application. Express your desire to receive an FHA refinance. Be prepared to pay a few costs out-of-pocket such as an application fee, credit report fee, appraisal, and possibly a title search. It takes approximately two to three weeks to close on the refinance.