Rate and Term Refinancing with FHA

No cash back is allowed with FHA streamline loans and you must already have an FHA mortgage with your current 1st mortgage. You will enjoy the automated loan process that FHA streamline loans provide. Take a minute and find out how much you can save with a fixed FHA mortgage rate for 30-years.

FHA Streamline Refinance for the Lowest FHA Rates

We are an FHA lending company that specializes in FHA streamline refinance loans. Our lending team understands the needs of FHA borrowers and how FHA streamline refinancing works, so you will get the best mortgage rate and great advice to maximize the FHA loan programs.

Sign Up for FHA Rate Alerts

Loading...Loading...


Nov
17

What is a FHA Streamline Loan?

By admin

What is a FHA streamline loan? The streamline refinance is the same as the regular FHA refinance, just less paperwork. While this may sound like a selling gag, it can save you a good chunk of closing costs. In most cases the FHA mortgage lender will waive the appraisal.

To qualify for a FHA streamline refinance, you must already have an FHA loan that you have made at least six payments on. And you cannot be currently delinquent. The focus of this type of refinance is to lower your monthly payments. These loans require that, if you have a current fixed rate and want to get fixed rate financing, then your new monthly payments must be at least five percent lower than your current one. If you have an ARM and would like to refinance to a fixed, or another combination, your mortgage professional will be able to provide more information.

A FHA streamline refinance is a great way to lower your monthly payments while FHA mortgage rates are still low. There are two options for refinance in this situation. Some companies will offer a “no cost” option that means you will have no out of pocket expenses. The catch is that your interest rate may be a bit higher. The other option is to wrap the costs into the mortgage amount. Your payment may be a bit higher though, and you must have equity to cover it. Discuss both options with your mortgage lender and see which one is for you.

Sandy recommends learning more about FHA Mortgage products online. He suggests comparing FHA lenders and verifying their experience processing FHA loans.  Article Source: http://EzineArticles.com/?expert=Sandy_Sarconi

Share and Enjoy:
  • Print
  • Digg
  • Sphinn
  • del.icio.us
  • Facebook
  • Mixx
  • Google Bookmarks

Comments are closed.