Wishing everyone a happy and healthy start of the new year!!
If you currently have an FHA mortgage, you may be eligible for an FHA streamline refinance. Rates are at their lowest... and there are still too many Americans who think that they will not qualify for any time of refinance, and continue to pay higher rates than they should!
If you've been turned down in the past for a refinance, try again! Rates are at an all time low, and products are continously being enhanced to qualify more and more people.
An FHA streamline loan can help homeowners lower their monthly mortgage payment and interest rates, typically with lender paid closing costs!! If you are upside down on the value of your house.. this product is perfect, as NO appraisal is required and the guidelines are minimal.
What does streamline refinance mean?
- No Appraisal is required
- Lender paid closing costs (No out of pocket costs)
- This product allows for only the principle balance plus 30 days of interest to be refinanced
- Lower monthly mortgage insurance (increases savings)
- Underwriting is minimal, as no income documentation is required (Just verification of employment)
- Processing time within 30 days
An example of savings could be..$150/month, which turns into $1,800/year, which could become $54,000 over the 30 year term of the loan.. why leave all that money on the table and in the banks' pockets?
This does not just apply to a mortgage.. you should always be mindful of lowering rates and payments on car loans, insurance, cable bill & credit card bills.. just to name a few.
For any questions on an FHA streamline loan please feel free to contact me at:
Dorothy@fundsforhomes.com or (860)833-1083
*loans are always subject to Lender's final approval