FHA Refinance Loan â Find the Best Terms It is important that you realize if you are in the market for an FHA refinance loan, that in spite of the inference, the FHA itself does not issue or carry loans. What the Federal housing Administration does, is to actually guarantee loans for people who qualify with FHA lending terms and regulations. What this means, is that you are going to have to get your FHA refinance loan from a private lender, just as you would any other type of home refinance loan. Multiple Loan Options Not all lenders carry the same loan terms and interest rates and in fact, they are free to set what ever terms thy like, as long as they fall withing the parameters of FHA guidelines. What this means, is that when you contact the various lenders you will need to contact for refinance loan comparisons you will be faced with a myriad of different refinance loan packages, all with their own complex formulas for terms and repayment. Understanding and Comparing Terms Each lender will require you to fill out their required applications and questionnaires, which can be a time consuming process in itself. Even then, after you have compiled your data on several various FHA refinance loans, all of it must be comprehended before the various loans can be compared with one another. Understanding the precise terms of any FHA refinance loan is crucial to getting the best terms that fit your personal need and financial situation. A Loan Intermediary This is the precise reason why most loan experts will recommend that you procure the services of a loan intermediary. Not only can they present you with information that the have readily available on FHA refinance loans but they can far more quickly and expediently secure information for you on multiple FHA refinance loan options. Also, most importantly, a loan intermediary can assist you in navigating and understanding complex loan contracts and the innumerable terms and fees that they contain.