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Low costs, and a new low rate! FHA has permitted streamline refinances on insured mortgages since the early 1980's. The streamline refers only to the amount of documentation and underwriting that needs to be performed by the mortgage company, and does not mean that there are no costs involved in the transaction. The basic requirements of a streamline refinance are:
• The mortgage to be refinanced must already be FHA insured. Streamline refinances are offered in several ways: Some companies offer "no cost" refinances (actually, no out-of-pocket expenses to the borrower) by charging a higher rate of interest on the new loan than if the borrower financed or paid the closing costs in cash. From this premium, the company pays any closing costs that are incurred in the transaction. Companies may offer streamline refinances and include the closing costs into the new mortgage amount. This can only be done if there is sufficient equity in the property, as determined by an appraisal. Streamline refinances can also be done without appraisals, but the new loan amount cannot exceed what is currently owed, i.e., closing costs may not be added to the new mortgage with those costs either being paid in cash or through the premium rate as described above. Investment properties (properties in which the borrower does not reside in as his or her principal residence) may only be refinanced without an appraisal and, thus, closing costs may not be included in the new mortgage amount. Contact Us for More Information! :: Home :: Search For Rates :: FHA Loans :: Reverse Mortgages :: VA Loans :: Loan Programs :: Pre-Qualify :: Purchasing :: Refinance :: Calculators :: Loan Process :: FAQ :: About Us :: Licensing :: Tell-A-Friend :: Join our Winning Team! :: Contact Us Today! :: Secure Credit Form :: Find The Perfect Mortgage Loan: Debt Consolidation | Second Mortgage | Home Equity | Home Improvement | First Mortgage | Refinance | Purchase | Cash Out | Jumbo Mortgage | FHA Streamline | VA Streamline | No Equity Loan | 125% Second Mortgage | 100% Second Mortgage | 80% Second Mortgage | Fixed Rate Mortgage | Adjustable Rate Mortgage | Commercial Loan | Construction Loan DISCLAIMER: THE CONTENTS OF THIS WEBSITE, INCLUDING ALL ARTICLES AND LINKS IS FOR GENERAL INFORMATIONAL PURPOSES ONLY, AND IS NOT INTENDED TO PROVIDE PROFESSIONAL, ACCOUNTING, TAX. LEGAL OR FINANCIAL ADVICE. EQUAL HOUSING LENDER
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