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What is a FHA Streamline Loan?
Posted by: | CommentsWhat 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
FHA Streamline Refinance Website Goes Live
Posted by: | CommentsThe FHA Streamline Refinance Company announced a new website dedicated to helping FHA homeowners uncover the best FHA mortgage rates online. The FHA lending company posts HUD news and FHA loan guidelines so consumers can consider the FHA streamline loans that lower interest rates and monthly payments.
Sign up and get email alerts on FHA rates, so you know the best time for an FHA streamline.