STREAMLINED
REFINANCING – for FHA LOANS
FHA Streamlined loans
will allow a homeowner to reduce their current interest rate on the current FHA
loan. The loan process is very simple,
quick and is often done without an appraisal, hence the name “Streamline”. Using the FHA Streamline refinance option
also cuts down on paper work your lender is required to do saving you both
valuable time and money.
Qualifying for a
Streamline refinance requires the homeowner to have a current FHA Loan with a
good payment history and the new loan must have a lower interest rate than the
current FHA Loan. Streamline Loans are
great for lowering your monthly payment but does not offer any cash out
options. Homeowners who have low debt,
are in good financial standing and just want to have a little extra monthly
money every month will find this option a smart refinancing choice.