FHA Streamline Refinance
Borrowers who have a current FHA loan and are considering refinancing may be able to skip much of the paperwork and expense of the traditional refinance process through the FHA streamline refinancing option. Streamlined loans require the lender to go through far less underwriting and paperwork, allowing the homeowner to receive the new loan much faster.
FHA streamline refinance loans are available to homeowners with an existing FHA-insured loan in good standing that are living in the home as their primary residence. In order to qualify for the streamline refinance option, the new loan must lower the homeowner’s monthly interest payment. While borrowers may not take out cash when using the streamline program, the lower interest rate will ultimately put more money into their pockets month to month after refinancing. Home owners who currently have an FHA loan with a high rate of interest can use this program to refinance at a more competitive rate without the need for an appraisal and the required paperwork is also less than a traditional FHA mortgage.
At Mortgage Rates California, we are ready to help you find the right choice for your family’s refinancing needs. If you are currently in an FHA loan and would like to refinance at a lower interest rate, the FHA streamline program provides a convenient and affordable way to do so. Contact one of our home loan specialists today to learn more about your options and start the refinance process.