Refinancing Your FHA Home Loan
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.
You need to choose an FHA-approved lender.
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.