Rich Kahan The Federal Savings Bank

10/20/2022

10/20/2022

Check out our Rate-buster programs.
All of these programs are exclusive TFSB programs.
We are the lender.
Call me for any questions anytime.
All rates on these programs are in the 5.25% range.

03/14/2022

05/25/2021

Check our program. It's great for of all types!

04/22/2021

Our program is just simply for and . Take a look at the basic program guidelines below and feel free to reach out any time for more info on this amazing program we have for this category!

03/08/2021

03/04/2021

If you’re struggling to pay your mortgage due to COVID-19, there may be immediate help available. Contact your loan servicer today or talk to a HUD-approved housing counselor for free advice on what to do next.

http://cfpb.gov/housing

03/02/2021

2021 is THE year for some to refinance. FHA mortgage loan interest rates are reported at a best-execution (which means that ideal borrower qualifications are assumed) 2.30% and while those numbers are bound to change, it’s an indicator of where rates have been so far this year.

Will these low rates last long? Those ready to refinance a home loan into an FHA mortgage may not want to wait too long to find out. The conditions that result in the kinds of historic lows we’ve seen in the last 12 months are not guaranteed and if you’re ready for a loan now, it may be wise to explore your options.

Add to that the fact that FHA loan limits are higher in 2021; these factors make it a very good year to consider an FHA loan even if it’s not a refinance you’re after.

Borrowers have the option to refinance an existing FHA loan or a non-FHA mortgage. You can refinance out of a conventional loan into the government-backed FHA mortgage.

Are you a home owner seeking a better interest rate and a more affordable loan? Perhaps you want to get out of an adjustable-rate loan and into a lower mortgage rate than a conventional loan? Here are the options you should think about when considering the options.

Get a Better Interest Rate

Refinancing could earn you a better interest rate. Compared to conventional or non-government-backed mortgages, FHA mortgage loans potentially offer a more competitive interest rate. Lower rates are definitely possible using an FHA loan as long as you remember a very important factor here to consider--your credit rating.

The better your credit report looks, the better your FICO score is, the better the rates you are offered may be. Borrowers who apply with excellent credit are offered excellent interest rates by comparison. But you don’t have to have perfect credit to be approved for an FHA mortgage; in cases where the applicant has lower FICO scores or represent an increased risk for the lender, higher rates may be offered.

Refinancing to Get Cash Back

Do you want to convert the equity in your home into cash? FHA mortgage loans include a Cash-Out refinance loan option. Using this loan a borrower can refinance an existing FHA mortgage OR a non-FHA mortgage. How much will you get in cash at closing time? That calculation depends on how much is left over after your original loan is paid off in full, plus other any other expenses which are paid through refi loan proceeds. Cash-out refinance loans require a new appraisal and a new credit check.

Ditch Your Adjustable Rate Mortgage

Do you have an FHA or non-FHA adjustable rate mortgage? Consider refinancing into a fixed rate FHA home loan. You can refinance in this instance using an FHA cash out or no-cash-out refinance loan. The longer you have owned your home and the longer you have paid on your mortgage, the more potential cash back you could qualify for.

03/01/2021

How To Avoid Mortgage Scams

The FHA and HUD announced extended foreclosure relief for borrowers affected by the global coronavirus pandemic, and in any situation where home owners need mortgage relief the scammers begin coming out of the woodwork. And indeed they have over the past year with COVID-19-related scams, fraud, identity theft, etc.

The lowest kinds of predators come out from under their rocks during times of national crisis, but you can avoid getting scammed by taking some sound advice on how to proceed when you are in need of assistance on your home loan.

Home loan relief can be offered to you by third parties--refinance loans, and other lending. But scammers offering you “help” with your mortgage loan are counting on you NOT knowing the advice below.

Get it in Writing

Any promises you are made should be given to you in writing. Never trust an oral agreement no matter how confident you might be in that agreement. Anything you don’t get in writing may not be coming to you when it’s all said and done. Bankers know this--don’t let someone try to talk you into something that is NOT part of industry best practices. A real lender knows better.

Know the Documents You Are Asked to Sign

You should fully read and fully understand the legally binding paperwork you must sign digitally or in person. Any situation where you are rushed to read through the documents you are meant to sign is a consumer-hostile environment and you should never put up with this. All borrowers should have a personal policy never to sign something they do not fully understand.

And that understanding may, depending on circumstances, require the assistance of a lawyer well-versed in real estate law and the applicable laws of your state.



Do not allow yourself to be rushed into signing anything obligating you to pay something the size of a mortgage or even a small personal loan. You are, after all, on the hook for what you agree to in writing. Don’t you want to make sure you’re singing what you THINK you are signing?

What To Do if You Find Errors

Suppose you were promised something verbally that was not represented as promised in those legally binding documents. Or an error. Or a blank page in the contract that could easily be filled in with terms unfavorable to you later.

You must never sign any document with errors, blanks, incorrect information, etc. The home loan process costs a great deal of your money--your contract can easily be re-accomplished with the correct and accurate information. Never sign ANY mortgage or lending paperwork that has errors, blank spaces, or incorrect information of ANY kind.

Never Pay Anyone Else But Your Lender

When someone asks you to sign over the title of your house to them in order to “save your mortgage”, you are being scammed. When someone asks you to make payments to someone else besides your lender or loan servicer, you are being scammed.



When someone tells you to stop making payments to your loan servicer but not to tell the lender about the “help” you are getting, you are being scammed. Always contact the lender, always be honest with the lender about your circumstances, and do NOT cut the loan servicer out of your mortgage relief issues.