Streamline Refinancing

If you already have a FHA Mortgage, Streamline Refinancing is a great option to lower your interest rate and monthly payments. This quick, low-cost refinance will provide you with more money each month.

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Benefits of a FHA Streamline Refinance

• Appraisal usually not required
• Very little paperwork
• No income verification, employee verification, or underwriting fee
• Easily increase or decrease the length of the term of your existing loan
• Take advantage of current low interest rates
• Little or no out-of-pocket costs
• Start Your FHA Refinance

Many people choose a FHA Streamline Refinance because they can refinance with no out-of-pocket costs. This is offered in two ways: the costs can be covered by the lender in exchange for a slightly higher interest rate, or the costs can be included in the new loan if the property has sufficient equity.

FHA Streamline Requirements

There are certain requirements of a FHA Streamline Refinance. First and foremost, your existing loan must be FHA-insured, current, and in good standing. The borrower must have opened the loan at least six months prior to refinancing. The Streamline Refinance must lower the borrower's interest rate, thus lowering monthly payments. Cash back is not an option for this type of refinance.