Lower Your FHA Rate - FHA Streamline Refinance
What is a FHA Streamline, and how can it benefit me if I already have an FHA loan in place?
The FHA Streamline Refinance allows anyone with an FHA loan to reduce their current mortgage interest to the lowest rates available, with no credit checks, and no verification of employment or income! A FHA Streamline gives you the opportunity to drastically lower your monthly payments and literally cut thousands of dollars off of your mortgage!
The term "streamline" refers to the limited amount of paperwork and verification that needs to be performed by the lender. Most of this paperwork was completed when you purchased the home, and only needs to be resubmitted to qualify for the refinance, which "streamlines" the refinance process.
How can I qualify for a FHA Streamline Refinance?
The main requirement is you can not have any FHA mortgage payments that have been over 30 days late in the last 12 months.
What else do I need to know about a FHA Streamline Refinance?
As with most loans, there are certain rules that apply. If your current FHA loan is a 30 year fixed FHA loan, you can refinance to a 15 year, a 30 year fixed with a lower rate, or a 30 year variable. However, if you have a 30 year fixed or variable FHA loan, you can only refinance to a 15 year fixed if the payment is increasing $50 per month or less. Also, you can not take money out through a FHA Streamline Refinance.
How soon can I expect to close on my FHA Streamline Refinance?
A typical streamline loan will take about 15 to 30 days to complete.
What happens if interest rates go up before the lender closes my FHA Streamline Refinance?
Your rate is locked in when the loan officer has verified your mortgage history and intent to refinance. Once your rate is locked, you need to provide the required paper work to your lender in a timely manner to prevent losing the lock. During the rate lock period your interest rate can not go up.
How can I find out how much I will save on a FHA Streamline Refinance?
That's simple. Contact the FHA Loan Place either by phone or online. One of our experienced specialists will gather some basic information from you about your present loan and be able to determine your monthly savings.
How much money will it cost me out of pocket to close on an FHA Streamline Refinance?
That'’s the best news. Typically there is no out of pocket expense. In fact, you will normally get to skip a monthly payment, and often get a refund from your present lender.
