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FHA Debt Consolidation Refinance
Use the equity in your home to lower your bills using a FHA Debt Consolidation Refinance. When you use the equity in your home to pay off high interest rate credit cards, personal loans and auto loans you can save hundreds or even thousands of dollars each month.
EquiFund's automation generates mortgage loans that are 1% lower than most all lenders and banks, guaranteed.
FHA loans, also known as Federal Housing Administration home loans, are underwritten and approved in accordance with FHA underwriting guidelines.
Benefits of Debt Consolidation using a FHA Loan:
- Save hundreds or thousands of dollars each month.
- Use payment savings to pay off home faster.
- Qualify with lower credit scores.
- Low annual percentage rate.
- Lower interest rates.
- Borrow up to 80% the value of your home.
Reasons to Consolidate your Debts?
- Improve Cash Flow: Consolidation can lead to lower monthly payments, and breathing room in your budget.
- Lower Interest Rate: Eliminate high interest rate credit card debts can lower overall interest payments.
- Reduce Stress: A single loan is less stressful than managing multiple debts.
- Avoid Default: Debt consolidation can help prevent missed payments or defaults on individual debts.
- Faster Debt Repayment: With reduced interest rates and a focused approach, you may pay off debts faster.
How do I determine if it is beneficial to refinance?
The ultimate goal in deciding if and when you should refinance to access the equity in your home to pay off your debts should be determined by the net benefit a debt consolidation provides you compared to what your current monthly payments on your bills are.
Our online debt consolidation calculator will compute your new monthly payment, any comparative loan savings, and the amount of payment savings available to you.
FHA Debt Consolidation Refinance Requirements:
Available Loan Terms: 30, 25, 20, 15 and 10 year fixed and adjustable rate loan options
- Primary Residence only
- Single, Condo, Manufactured, Multi-family
- Borrow up to 80% of homes value
- Lower Rate & Better Terms
- 580 Minimum Credit Score
- Debt-to-Income ratio less than 55%
- No Bankruptcy 7 in last 2 years
- No Foreclosure in last 3 years
5 Steps to Getting a Debt Consolidation Refinance Online:
EquiFund Mortgage offers an online mortgage market place where you can identify and select the lowest interest rate mortgage loan from today's best lenders.
This mortgage app will compare your current loan to a new proposed loan to calculate your new interest rate, monthly payment savings and closing cost.
The mortgage app will verify your net tangible benefit and determine if refinancing is warranted.
1. Apply: Online Mortgage App
In less than 3 minutes you will be pre-qualified online. Our mortgage app will determine your eligibility and identify the lowest interest rate mortgage for your Debt Consolidation Refinance.
Provide basic information:
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Current loan information, payment, interest rate, loan balance
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Credit score and credit history
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Monthly debts other lines of credit
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Annual Gross Income
2. Review Loan Options:
After you have entered your basic information from step 1 into the mortgage app, the mortgage app will verify eligibility for loan programs, and display debt consolidation loan offers for your review.
You will be shown funds available for consolidating your debts. The mortgage app is designed to identify and sort the lowest interest rate mortgage loans from in ascending order.
Reviewing Loan Options:
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Identify the highest monthly payment savings from list of loans
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Consider the annual percentage rate, as the true determinant of lowest cost loan
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Expand the DETAILS button on each loan result for payment savings details
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Select your preferred loan offer.
3. Upload your Income Documents
Once you have reviewed and selected the debt consolidation loan program that offers you the most payment savings with the lowest interest rate, you should upload your income documents.
When we receive your income documents, we will begin the formal process of originating and underwriting your mortgage loan request.
Income Documents to upload inside our app:
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1 Month most recent pay-stubs
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Last 2 years IRS Tax Returns or W2's
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Drivers license and social security card
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Copy of current monthly mortgage statements
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Copy of homeowners insurance declaration page
4. Talk with Us:
Once you have uploaded your documents, it will be helpful to have a conversation with one our licensed loan originators. They will become your primary point of contact. The assigned Loan Originator will review all of your documents, the loan option selected and answer any questions you have.
Working with our Loan Originators:
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Discuss any questions you have
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Communication is essential to deliver your request efficiently
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Watch for emails, and text messages
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We want to get to know you
5. Underwriting and Closing:
Once you have uploaded your income documents and spoken with a Loan Originator, your file will be moved to underwriting. Depending on your current loan-to-value, the requirement to have your home appraised may be waived.
Be responsive and available for any additional documents needed by the underwriters. The Loan Originator will stay in communication to honor your loan request, and move your loan file to closing as fast as possible. We normally close mortgage loan request in less than 30 days.
Underwriting and closing requirements:
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You may have to furnish additional items
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Stay in contact with your Loan Originator
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Review your Final Closing Disclosure to verify terms, closing costs.
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Schedule your closing
FHA Loan Limit
The Federal Housing Administration determines the maximum eligible loan amount based upon the county for which your property is located.
When the new loan amount exceeds the FHA Loan limit for the county the property is located in, then the loan request will be considered for Jumbo loans underwriting guidelines.
However, in high cost areas, there are FHA loans known as High Balance Areas. These programs offer higher than average loan limits as determined by the average cost of a home in that area.
To check loan limits in your area, please give us a call and one of our licensed loan officers will be more than happy to assist and answer any questions you may have.