Streamline Refinance
If you currently have a home loan insured by the FHA, streamline refinance might be the fastest, most convenient, and most affordable way for you to save money on your house payments. FHA refinancing allows homeowners with FHA-insured mortgages to refinance their loans without having to slog through the mountain of paperwork typically required during the refinancing process. While FHA refinance loans are insured by the government, they are issued by private lenders just like those featured on our site, so you can access quotes on an FHA streamline loan quickly and easily right here. Read on to determine if you can benefit from the FHA streamline refinance program.
Qualifying for FHA Refinance Loans
To qualify for an FHA refinance loan, your existing mortgage has to be an FHA home loan. You must also be current on your mortgage payments, meaning the loan cannot be delinquent. Additionally, to get FHA streamline loans, your prospective new rate must be lower than your current interest rate and must result in lower monthly payments. Finally, you cannot use FHA streamline refinance for a cash-out option. In other words, the savings from the new mortgage must come in the form of lower payments or a shorter repayment term rather than a cash payout.
Benefits of an FHA Streamline Loan
As with any refinancing loan, the purpose of streamline refinance is to save the homeowner money on monthly payments and interest. What makes FHA refinancing unique, however, is that it requires no additional paperwork to complete. Your lender will rely on all of your original loan’s documentation to streamline the process. You will also enjoy no out-of-pocket expenses with an FHA refinance loan, in addition to a quick and hassle-free transaction process. Depending on the rates at the time you take out the FHA refinance loan, you could save thousands of dollars over the course of your mortgage.
Finding a Lender for FHA Refinancing
A common misconception among streamline refinance borrowers is that the government issues refinance FHA loans directly. In reality, the government only insures the loans; independent lenders still issue the actual funds and handle the process. To see how much you could save through FHA refinancing, enter your information into our online quote request form in order to view as many as five free rate estimates from FHA-approved lenders. Viewing the rates does not cost you anything, and you do not obligate yourself to borrow from any of our lending affiliates, so request your quotes today.
