Saturday, July 23, 2011

FHA Streamline Refinance Loans Will Lower a Home Owners Monthly Payments

In this housing market today, looking into FHA Streamline Rates is very important for home owners to consider. These FHA Streamline Rates are dropping at an amazing rate. This allows for home owners to save hundredts on their home, every month. This in tern will allow the home owner to save thousands every year through a streamline loan.

The best thing about applying for an FHA Streamline Loan, is the process is fast and hassle free, there is no additional paper work for the home owner, no out of pocket expenses for the home owner, the FHA Streamline Loan allows for a lower interest rate and a monthly payment, and finally the home owner will  save thousands through out the course of their mortgage. All these items above should be enough for any FHA home owner to make a change in their current mortgage plan, right now.

Now, when lowering a current home loan, your original loan must be an FHA loan, there has to be no FHA mortgage payment that has been 30 days late in the last 12 months, the refinance must result in the lowering of the monthly principal and interest payments, the home owner must have owned their original property for at least 6 months and finally the home owner also needs to have an FHA approved lender, the bank can offer one or the home owner can ask us and we will point you in the right direction and the FHA home owner must be ready to save money on your Mortgage!

Along with the above, the FHA home owner has to 2 years of steady employment, bankruptcies must be at least 2 years old, foreclosures must be at least 3 years old, the mortgage should be no more than 30% of your gross income.

If the above is important to the everyday home owner, so to is Medicare to insurance for veterans. If a senior is over 65 years old and a verteran, they qualify for the government-administered health insurance program. Medicare is also available to the disbaled, under 65 years old. As it turns out, Medicare does not cover every health issue which comes about for seniors. In this case, there is Medigap. Yes, Medigap fills in the "gaps" of health insurance the government will not cover. These Medigap plans are private, not public, and they are offered by most major insurers.

Just as confusing as Medicare, so to is Medigap. Medigap, just like Medicare, is regulated by the state and federal laws. The state and federal laws are supposed to protect the Medicare clients. There are twelve different types of  Medigap policies to choose from, and each is designated by a letter A through N. For a comprehensive list of the different types of polices and a description of each, check out this Medigap policy overview. My goodness, that is a lot of policies to look at and choose from.

If the Medicare clients looking for a less-expensive plan, they will also have with fewer benefits and higher out-of-pocket costs. The more expensive plans include some extra benefits, like coverage on their routine checkups, and some of their  Medicare deductibles and their at-home care services. The Medigap Plan A is the most basic policy;  which covers co-payments (but not deductibles), a skilled nursing care, or hospice care. The Medigap Plan L has a more comprehensive policy which covers co-payments plus 75% of hospital deductibles, 75% of skilled nursing care expenses, and 75% of hospice care.

It is importatn the Medicare clients exercises caution if they decide to cancel or change your Medigap plan — if you bought the policy before 1992, changes to coverage standardization rules will make it impossible if you to get the same policy back once it has been canceled.

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