Read our reviews on FHA Rate Guide (Federal Housing Administration) to understand how it works, its pros and cons, and whether it is suitable for you.
Table of Contents
About FHA Rate Guide
FHA (Federal Housing Administration) rate guide is a mortgage marketplace site that connects and guides the homebuyers with the lenders. This helps the homebuyers to make a comparison of the mortgage with mortgage rates. FHA is owned by LeadPoint, a Provo, Utah-based company which was incorporated in the year 2010. It was created with an aim to help in generating sales for various industries. FHA Rate Guide is not the lender themselves. #FHA
They provide information about people looking for mortgages to several banks and lenders. Thus, it helps them to connect with each other, and work on the mortgage.
FHA Rate Guide aims to provide the best mortgage loan for all sections of people. Individuals can bring to light their requirements, and the rest will be done by FHA Rate Guide, bringing the best deal; fits all circumstances.
In order to get in touch with FHA Rate Guide, you need to fill up the application form of the company. After filling up the application, consumers have the freedom to choose the most suited loan for themselves, given the state of their current situation. They are different from other company which works in the same field.
Unlike other companies, FHA Rate Guide does not provide any details about them, which is needed by the customers. But FHA Rate Guide is helpful, especially for homeowners who desire to refinance and take out an additional loan as equity.
The service provided by FHA will help you tremendously, as you can do everything online; which saves time and energy, as well as finding the best home and mortgage loan that one needed the most.
How Does FHA Rate Guide Work?
FHA Rate Guide provides their customers with the best lenders, who are affiliated with their company. Those homeowners who are wishing to refinance and take-out loans for home equity benefit a lot from them.
Eligibility
In order to get the assistance of FHA Rate Guide and get connected to the best lenders, a person must be at least 18 years of age. They must be a resident of US, have the complete legal authority to get into an agreement; eligible for a mortgage.
After one completes the above process, one will get the right to access the application for provided by the company. In the form, one must provide detailed information, through which the company can communicate.
Detailed information about the property value, income, property type, total down payment, or total payments that need to be paid or still pending, credit score, and how much additional loan that one needs to take from the particular lender.
Working
After you provide the necessary details needed by the company; FHA Rate Guide will then share the information to the lender which they think is best suited for your circumstances. But before giving their customers detailed information about their lenders; they first contact the lenders working with them, in order to get their approval. After getting their approval FHA Rate Guide will then connects both the lender’s and borrowers’ contact information.
One thing that every borrower needs to keep in mind is that the work of FHA Rate Guide is to provide information and find the best lenders, suiting the circumstances of the customer. After connecting both the parties, their work is done. FHA Rate Guide does not have any hand when it comes to the rates and fees of the loan.
This is purely controlled by the lenders and the agreement between both parties. The work of FHA Rate Guide is completed once they collect their customers’ information and share it with the potential mortgage loans which work best for both parties.
Qualifying FHA Loan
Anyone can apply for FHA Rate Guide. There is no specific qualification made for the borrowers. You need not even be a first-time buyer to qualify for the loan. The borrower must also be ready to make the property as their primary home. Finally, the home needs to be approved by FHA, and the mortgage agreed must be set within the current FHA Rate Guide limits. You can also learn how to qualify for FHA Loans in the USA.
Nonetheless, qualifications for getting the loan is not made by FHA, as their only job is to make a connection between the lenders and the borrowers. Therefore, they do not set any kinds of requirements needed in their website. But, after FHA Rate Guide connects the homebuyer with the lender or bank, the requirements will be led down by the lender, with agreement between both the parties.
#FHARateGuide #FhaRateGuideReviews #federalHousingAdministration
Fees and Rates
When it comes to the fees and rates of mortgage loan, FHA Rate Guide does not have any control over it. Hence, the rates will vary, depending on the understanding of both the parties and also the process followed the particular bank or any private lenders. However, there are some terms which are followed by all in general, which will be discussed below;
When it comes to loan types, there is fixed rate, variable rate ARM and I/O, VA loan and FHA loans. All kinds of credit, including low and damaged credit are welcomed when it comes to FHA Rate Guide. There is no loan amount set for the borrowers. Every lender differs from one another when it comes to their application.
But most often, lenders also make a fixed rate which is best suited for both them and the borrowers, thus, maintaining a fixed penalty fee for when the borrower is unable to make payments on the specific time, which is agreed by the customers. Additional fees are set for the borrowers, in order not to create any hurdles in the process of paying their mortgage.
Pros of FHA Rate Guide
- When it comes to any online form, there are pros as well as cons.
- When it comes to benefits, FHA Rate Guide provides the best service needed by customers.
- Any kinds of credit of the borrower are accepted by the company.
- They have more than 200 partnering lenders, working with them in full swing. Therefore, it is not hard to get mortgage loans when it comes to FHA Rate Guide.
- There is one or the other lender willing to work and assist you.
- Customers can choose any kinds of loans, which they think is best suited for their needs.
- Customized loan offers are plenty.
Cons of FHA Rate Loan
Lack of Transparency
They do not provide adequate information in their website. One can only get in touch with them by filling up the application form provided by them for knowing the capability and needs of the borrowers. No information about them is brought to light. There is only little information about them, which is a hurdle for many customers.
Limited Customer Support
They give limited customer support. Their services provided for their customer is very less which a big problem is for first time customers. There is no information about the process of the company and process where the borrower needs to go through while working with their company. Instead of providing their information, the question is put on the consumers about their mortgage needs.
The company does not provide any contacts or email where the consumers can clarify their doubts. Instead, the consumers need to go through their privacy policy to know more about them and how their company process. Although the name of the company carries the name ‘guide’, there is not actual guidance in their work.
Difficult For Beginners
Proper guidance is not provided for the seekers. Therefore, those people who are new to mortgage will not be able to get the make the best choice set for them. They are left optionless without anyone to guide and counsel them.
Once the seekers start taking their survey, they are asked as to whether they want fixed rate mortgage or valuable rate loan. But the buyers have no idea about the option set before them.0
Therefore, it would be very good if FHA website also give basic advice to their customers, for better working of the company as well as the consumers.
FHA Rate Guide Customer Reviews
When it comes to FHA Rate Guide, there are many positive responses and reviews by customers. Many are satisfied with their service. But on the other hand, there are also people who are not satisfied with their service and the way they process. The overall rating of the website is very good.
Many customers claimed that they have found their dream home, with the help of FHA assistance. The properties that are sold through FHA Rate Guide are trusted by the buyers and borrowers. They are one among the companies who offers very good assistance, thus, finding the best lenders who suits the needs of the buyers the best.
Positive Customer Review
Talking about experiences with FHA Rate Guide, a customer reviews it by saying that the assistance rendered by the company is satisfactory. She was provided with the best lender who fits her needs the most. The lenders recommended by FHA Rate Guide are more than they claimed to be. They did every possible way to fit to her needs. They were able to make an agreement that suits her circumstances. As a first-time buyer, she was helped tremendously by the company as well as the lenders. The goodness of the company is reflected in the attitude and understanding of the lenders. She says that FHA Rate Guide gets her trust completely and that she will surely prescribed and recommend the website to others who are in need of any mortgage loan or properties.
Negative Customer Review
A customer gave reviews that the service provided by FHA Rate Guide is not up to the mark. After filling up the form provided by the website, he was not reached by them for a long time. He was helpless because he could not get any information about the company, or ways to connect with them. Although he was reached by the company, the service that they rendered was not helpful at all. Their assistance was not as to how they have claimed. Therefore, he says that his experience with FHA Rate Guide ends up in disappointment.
Summary
Buying a house or getting a mortgage loan through FHA Rate Guide is a huge advantage for people, especially first-time buyers. FHA Rate Guide is linked with many other branches, which are affiliated to their company in various ways. FHA is especially popular among first-time buyers and people with tight finance, as the price that they offered is manageable by all sections of people. There is different ranging of price, through which the buyer can choose according to their capacity.
Easier to get loan
Getting a loan through FHA is also easier, comparing to the other conventional sites. One can sit comfortably at home and get the best deal offered by lenders through FHA Rate Guide. When planning for a loan, one needs to put a lot of effort and time, in order to get the best deal and understand lenders.
But with the facility of internet available at hand, there are also many scam companies who scams people and get the profit out of it. Therefore, the growth of scam also terrifies people when they think of getting a loan in order to balance their circumstances.
Fixed Rate Mortgages
FHA offers a standard of 30 years fixed-rate mortgages, and 15 years fixed-rate mortgages. Borrowers are also given the option of using ARM if needed. The decision is up to them. In return, FHA also offers a full line of FHA refinances products, including the low-doc FHA Streamline Refinance.
Despite the achievements reviews, one must not be biased towards FHA Rate Guide just because of the good things said by the people. Do thorough research about the company. Get all the information that can be acquired. If you think that the company can meet up to your requirement, given your situation, go ahead with it. And when you think that you can trust the company, start going through their privacy policy; find ways to connect with them. Nonetheless, despite all the odds, FHA Rate Guide is a must visit for people searching for best mortgage loans. Make a decision that will change your life forever. Be wise and choose the best option available for a better future.
