FHA Streamline Refinance

Micheal Price

FHA Streamline Refinance

FHA Streamline Refinance- LTI Mortgage DecorativeUnless you’ve been living under a rock for the past two months you should know that Mortgage Rates are at an All-Time Low.  If you’ve been thinking about refinancing your loan, now is the time to do it.  When it comes to refinancing an FHA Loan, an FHA streamline is by far the best way to do it.

In most cases, this is the easiest loan you can refinance.  It’s so easy because the requirements to refinance it are very minimal.  You can refinance without an appraisal and in most cases without going through the income verification process all over again.  This makes it fast, efficient and very effective.  There are too many loan products on the market that are this easy to refinance.  The only loan product that I can think of that would be easier to refinance would be a VA IRRL, and it’s almost identical to the FHA Streamline Refinance process.

[thrive_link color=’orange’ link=’http://Smarturl.it/moneymikemortgage’ target=’_self’ size=’medium’ align=’aligncenter’]Apply Only For An FHA Streamline[/thrive_link]

FHA Streamline Refinance Requirments

When you’re looking to refinance your FHA Streamline, be sure that your payments are current.  It makes it difficult if you’re currently late on any mortgage payments to get a streamline approved.  Other than that.  You just need to have current employment.  FHA assumes that since you are currently making payments on the house, there is no need to fully qualify income-wise.  Especially since the payments are going down.  It makes total common sense.

Streamline Appraisal Requirments

If you’re just doing a normal streamline refinance, there is no need to get an appraisal.  Again, FHA assumes things are still in good standing and all you’re doing is lowering your mortgage payment.  No need to put you into more debt by making you pay for another appraisal.  The drawback to this is, you can’t roll in all the closing costs into the loan if you don’t get an appraisal.  [thrive_link color=’orange’ link=’http://Smarturl.it/moneymikemortgage’ target=’_self’ size=’medium’ align=’aligncenter’]Apply Only For An FHA Streamline[/thrive_link]

You may be required to bring a small amount of cash to closing to cover the limited closing costs.  Keep in mind, that you won’t have a mortgage payment for at least 30 days after closing so that payment could be as simple as you making the payment you would have normally paid to help keep things simple.  

If you’ve got an interest rate that’s higher than the current market and you’ve got an FHA loan, you should definitely consider doing an FHA Streamline Refinance.  The savings can definitely be worth it.  With such a small amount of cash out of pocket and monthly savings, it’s definitely something you should look into.  If you’ve got any questions, please feel free to reach out to LTI MortgageCall us directly at 214-915-2016 and we’ll help you go over your options.  We can’t wait to help you start saving!

[thrive_link color=’orange’ link=’http://Smarturl.it/moneymikemortgage’ target=’_self’ size=’medium’ align=’aligncenter’]Apply Only For An FHA Streamline[/thrive_link]

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About the Author

Micheal Price has more that 15 Years in the Mortgage Industry. He's held positions from Senior Loan Officer to Company President. He's always on the cutting edge of technology and bringing you the best mortgage strategies possible.

Micheal Price

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