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Refinance
your FHA Home Loan and Save Thousands!
with FHA Streamline Direct.com |
What is the history of the FHA Streamline Refinance Program? In the early 1980's, the government launched one of the best refinance programs available - the FHA Streamline program, which allows anyone with an FHA loan to lower their rates at any time to the lowest rates available, with no income quallifications, using their original FHA paperwork! This means that millions of Americans have the opportunity to lower their monthly payments and literally cut thousands of dollars off of their mortgage! The term "streamline" refers to the limited amount of documentation and underwriting that needs to be performed by the lender. The majority of this paperwork is already completed and only needs to be resubmitted to qualify for the refinance, which in essence "streamlines" the refinance process. How long does a streamline refinance typically take? A typical streamline loan takes between 25 to 40 days to complete, depending on the time of the month that you lock in your rate. What are the requirements for a streamline refinance? The only basic requirement of a streamline refinance is; a person can not have more than one late FHA mortgage payment in a six month period. However, if that person does have more than one late payment they may still quallify after paying some additional fees. Is there anything else I need to know about refinancing my FHA mortgage? As with all loans, there are a few things that you can and can't do with an FHA Streamline. If you currently have a 15 year fixed FHA loan, you can refinance to a 15 or a 30 year fixed or a 30 year variable. However, if you have a 30 year fixed or variable FHA loan, you can refinance to a 15 (The principal and interest can't increase by more than $50.00 per month.) or 30 year fixed or variable loan. In addition, you are not allowed to take money out through a streamline refinance, and you can't refinance to a higher rate than you currently have. As you can see, these items don't apply to most people, but it is necessary that we post them here. When is my rate actually locked? Your rate is considered locked when the loan officer has personally verified your mortgage information and intent to refinance. Once your rate is officially locked, you have a limited number of days to provide the required paper work and information before the lock is lost. During the rate lock period your interest rate can not go up. However, if interest rates drop during the application period we will make every effort to refinance your mortgage at the lower rate. How accurate are the interest rates shown on this site? We keep the rates as up to date as possible each day. However, the rates shown are subject to banking holidays and available information provided by the lenders themselves. Why go to such lengths to provide the lowest mortgage refinance rates? That's simple. We want you to tell your family, friends and associates, how much you saved and just how easy it was to refinance your home loan with FHA Streamline Direct.com |
