Having a mortgage is a serious financial commitment. Even though you negotiated for the best home price and interest rate you can get, perhaps you noticed that rates have dropped. Or maybe paying certain bills, you realized that having a lower mortgage payment would be better for you. You may think you have to wait until terms ends before making any changes, but that’s not so. In fact, if you have an FHA mortgage, you should look into FHA streamline refinance loan.
Getting an FHA streamline refinance loans is a way you can
refinance your FHA loan, but a lot more easily than refinancing a conventional
loan. You don’t have to suffer through the necessary documentation, such as
your bank statements, employment records, or credit score review that you need
to do for conventional refinancing. And you will still get the benefits of
refinancing, such as a lower interest rate and lower monthly payments.
Of course, there is a catch. You do need to meet certain
requirements for an FHA streamline loan.
How Can I Get an FHA Streamline Refinancing Loan?
To get a lower interest rate with an FHA streamline
refinancing loan, you should already have an FHA mortgage.
You also need to meet these requirements:
You need to be up-to-date with your current loan.
You must have owned the property for at least six months
before you can consider refinancing.
Your new loan will not allow any
cash back. You can add closing costs, if there are any.
If you don’t have an FHA loan but are looking to
refinance, you are still eligible for conventional refinancing or apply for the
regular FHA refinancing loan.
If you have an FHA loan but want to refinance to lower your
monthly mortgage payments, take a look at an FHA streamline loan. With your
current FHA loan you can avoid much of the paperwork and get a leg up on your
finances.
Give us a call at First Rate Mortgage in Fremont and we will
help you will all you home loan needs.
