Refinance Your Fha Home Mortgage Loan Refinancing With The Streamline

Refinance Your Fha Home Mortgage Loan Refinancing With The Streamline Process

Refinance Your Fha Home Mortgage Loan - Refinancing With the​ Streamline Process
You can now refinance your FHA loan with their streamlined process .​
With reduced paperwork,​ your lender can process your mortgage much quicker .​
There are some unique requirements to​ refinance your FHA loan,​ but you​ continued to​ be backed by the​ FHA through this process.
Basic Requirements
In addition to​ having a​ good credit record to​ refinance your home,​ the​ FHA also requires you​ to​ already be FHA insured and be current on​ your mortgage .​
Refinancing also has to​ lower the​ borrower’s monthly payment,​ and no equity can be withdrawn.
Refinancing Packages
Financing companies offer a​ couple of​ different refinancing packages for FHA mortgages .​
a​ common package offers no up front payment to​ refinance .​
Often these types of​ mortgages are touted as​ no cost,​ but you​ pay higher interest rates for this option.
Another type of​ refinancing package allows closing costs to​ be included as​ part of​ the​ mortgage amount .​
This option is​ only available if​ there is​ enough equity in​ the​ property,​ which is​ determined by a​ FHA appraiser.
You can also choose a​ traditional refinancing package where you​ pay loan fees and points up front .​
This option will give you​ the​ best rates.
Mortgage Terms
In addition to​ low interest rates,​ you​ can save money and build up your equity faster by choosing a​ short term loan rate .​
By converting from a​ 30 to​ 15 year mortgage,​ you​ qualify for a​ lower rate and reduce you​ overall interest payments by at​ least half.
If you​ have an​ adjustable rate mortgage,​ you​ can also save on​ interest rates in​ the​ long term by locking into a​ fixed rate mortgage .​
However,​ if​ you​ think interest rates will fall in​ the​ future,​ stick with an​ ARM.
FHA Lenders
Only HUD approved lenders can refinance FHA loans .​
Fortunately,​ most lending companies are HUD approved .​
You should also compare rates and fees of​ these lenders to​ be sure that you​ find the​ lowest rates and fees.
To save time,​ use an​ online mortgage broker to​ request quotes .​
Within a​ matter minutes you​ can have a​ list of​ lenders with their rates to​ compare .​
From this list you​ can request more information from lenders or​ apply online for speedy processing .​
Online lenders will also offer discounts since they have less overhead costs than traditional financing companies.

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