WSB Radio’s Ilyce Glink Show: Refinancing an FHA loan, selling your first home and cutting back on spending.

On this week’s Ilyce Glink Show on WSB radio, Ilyce explained the first rule for her concept of “rebuilding America one house at a time”—getting yourself back to ground zero.

Ilyce’s idea for rebuilding America starts at the very micro level—with you and your personal financial decisions—and then spreads to your family, block, neighborhood, community and city.

The very first, and most important step, of this rebuilding is getting yourself back to ground zero by stripping away all unnecessary finances and spending the least amount possible to get yourself through the day.

Think about your basic necessities, like shelter, food, clothing and medical help, and cut back on everything else that you really don’t need.

Once you cut superfluous spending and are able to get back to ground zero, your smart spending decisions will gradually become habit.

Ilyce helped callers on Sunday get back to ground zero by finding ways to cut back on spending, and a few listeners called in with questions about home refinancing and home selling.

One caller explained that she was having trouble finding a lender who would refinance her home because she was underwater on her mortgage, meaning that she owed more on her mortgage than her home was worth.

If you are trying to refinance your home and have an FHA loan, which is backed by the Federal Housing Administration, Ilyce explained that you can qualify for an FHA streamline refinance.

These loans do not require the lender to do an appraisal, verify your income or check your credit. You’ll just need to pay a couple of hundred dollars and the lender will lower your interest rate to around four-and-a-half percent.

For more information on the basic requirements for an FHA streamline refinance, check out this post and visit the website for the U.S. Department of Housing and Urban Development.

Another caller had questions about selling her first home and what services she should expect from her realtor.

If you are buying or selling your home and in the market for a real estate agent, watch the video below about how to find an honest real estate agent, and don’t forget to check out Ilyce’s other Real Estate Minute videos, posted on her YouTube channel at ExpertRealEstateTips.

Join the conversation by commenting below or tweeting Ilyce at @Glink, and sign up for the free weekly newsletter.

Ilyce will be back on the air next Sunday with more personal finance and real estate advice for homeowners at 11 a.m. EST.

Ilyce Glink Show – March 24, 2013


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Ilyce’s Real Estate Minute on finding an honest real estate agent