FHA Rate Guide provides an online service that matches individuals searching for mortgage products, with the best lenders on the market. By completing a detailed online application form, consumers can access the most suitable loan for their current situation. Homeowners who wish to refinance and take out an additional loan as equity can especially benefit from using the FHA Rate Guide. This service will save you time and effort when it comes to finding the perfect mortgage product for you and your home.
Eligibility Process
If you are a homeowner seeking to refinance and take out home equity, FHA Rate Guide can match you with the most appropriate lenders suitable for your circumstances. In order to complete the initial online application, you must first confirm that you are at least 18 years old, a resident of the U.S, and possess the legal authority to enter into an agreement.
If you meet the eligibility criteria, you can then access the application process on the official site. You are required to input detailed personal information of your income, property type, property value, your total down payment, or total payments remaining for your mortgage, your credit score, and how much additional cash you need to borrow.
Next, FHA Rate Guide will share your information with their trusted lenders before emailing you eligible loans that match your conditions. Due to the nature of the FHA Rate Guide’s service, the company is not entitled to assist with any loan application process nor do they have any form of control over rates and fees. The main purpose of FHA is to collect your data and provide you with information on potential mortgage loans that match your circumstances.
Fees & Rates
FHA Rate Guide does not operate as a direct lender. Instead, they provide a matching service with some of the best lending companies on the market. Loan terms will vary depending on influencing factors including the total amount of on request, your zip code, and your current credit score. However, the following terms apply in general:
Loan Types: Fixed-rate, variable-rate ARM and I/O loans, VA loans, and FHA loans.
Credit score: All credit types are welcomed including low and damaged credit.
Loan amount: No maximum loan amount
APR: This rate can vary. After completing the online application you will receive a specific APR in your personal quote.
Additional fees: Each lender will differ when it comes to fees and rates. Most companies will apply a penalty fee for late or missed payments.
Repayment Terms
As with fees and rates, repayment terms will also vary depending on the lender. Repayment periods typically start from 1-7 years variable-rate and 10-40 years fixed-rate. Your current credit score, the total amount of loan, and the state you reside in will affect this.
Customer Support
As FHA Rate Guide is not a direct lender, the level of customer support they offer is limited. If you wish to contact the company with regards to using the service, feedback, or any issues, you can do so by completing an online contact form found on their official website. Their small team of representatives should get back to you quickly. Unlike actual lending companies, consumers do not have access to any FAQs or useful resources on the FHA Rate Guide site.
