Cash Out Refinancing

• 1). Determine the amount remaining on your mortgage. You can do this by asking for a payoff quote from your existing lender.
  
  
• 2). Determine how much cash you would like to acquire. This can be a small amount dedicated toward a specific purchase or a large amount to help if you are on a fixed income in retirement.
  
  
• 3). Add the remaining mortgage and the cash out amount together. This is the sum you will need to take from a new lender to acquire the cash out refinance option.
  
  
• 4). Secure a loan from a private lender for this amount. Work with an FHA qualified lender to streamline this step with the next.
  
  
• 5). Apply for the FHA guarantee on the loan. With the guarantee, your rate will likely be lower.
  
  

Streamlined Refinancing

• 1). Assure your current FHA mortgage is in good standing. Make any late payments or finance payments you may still owe.
  
  
• 2). Contact your lender to ask for a refinance option that lowers your monthly payments. You cannot raise your payments with an FHA Streamlined Refinance option.
  
  
• 3). Ask your lender for a refinance quote.
  
  
• 4). File necessary paperwork with the FHA to assure this loan meets the refinance regulations.
  
  

Making Home Affordable Program

• 1). Contact the FHA or an FHA qualified lender to explain your situation.
  
  
• 2). Provide proof you have an adjustable rate loan that adjusted to a level too high to be affordable under your current income.
  
  
• 3). Provide proof of income to show you could afford to remain in the home if you were able to return to a lower interest rate.
  
  
• 4). Apply for a new mortgage with a qualified lender through the FHA.