What is an FHA StreamLine?
FHA Streamline Refinance is a loan product which allows an individual who has an existing FHA loan with a current, good standing repayment history to refinance with no appraisal and little to no out of pocket expense to take advantage of current, lower rates. The "Streamline" refers to ease of the transaction for you, the borrower in regard to the application process and amount of supporting documentation required.
What are the benefits?
-NO APPRAISAL REQUIRED
-Lower interest rate for the life of the loan
-Lower your monthly Principle and Interest payment (FHA requires that the transaction saves you 5% minimum)
-No increase in the principle of your loan
-Possible credit of a portion of your original Mortgage Insurance Premium
-Quick approval and closing thanks to the "Streamline" process
To determine if an FHA Streamline Refinance is the right option for you contact me for a brief review of your current situation and a quick look at your possible scenarios.
-Lower interest rate for the life of the loan
-Lower your monthly Principle and Interest payment (FHA requires that the transaction saves you 5% minimum)
-No increase in the principle of your loan
-Possible credit of a portion of your original Mortgage Insurance Premium
-Quick approval and closing thanks to the "Streamline" process
To determine if an FHA Streamline Refinance is the right option for you contact me for a brief review of your current situation and a quick look at your possible scenarios.
