What is a “Net Tangible Benefit”? When you refinance your home, the lender will look at the cost savings or reasons for the refinance to ensure that there is a “Benefit” for you to refinance. This is in place so that consumers are not talked into refinances that do not benefit them and only generate income for a lender. If you are considering a refinance, let’s talk about your situation.
Related Article Title: Net Tangible Benefit Requirements for FHA Refinance Question: Does FHA require a 48-month recoupment as part of the Net Tangible Benefit for closing costs and non-finance MIP when a client is requesting a rate/term refinance? Answer: The 48-month rule you’re referencing is actually a lender overlay and not in FHA regulations. The […]