Take Advantage of The FHA Streamline Refinance

FHA streamline refinancing has become an increasingly attractive option for FHA mortgage holders. It has been in effect since the 1980s for insured mortgages and those who want to refinance for a number of reasons. "Streamline" refers to the reduced amount of paperwork and approval processes needed to receive refinancing on a current FHA mortgage. There are two types of FHA streamline refinances: without appraisal and with appraisal.

FHA Streamline Refinancing: Without Appraisal

This type of FHA refinancing is for those who wish to refinance to obtain a lower interest rate and do not wish to take cash out of their home’s equity. Without appraisal means that there are no appraisals needed on the property to establish value, and no credit evaluations needed to approve the mortgage. The FHA streamline refinancing without approval can eliminate the need to re-qualify because of credit history.

Terms of a streamline refinance are:

• The mortgage that you would like to refinance should already be a FHA-approved mortgage.
• Cash cannot be withdrawn from equity when using the streamline without appraisal option.
• Refinancing should be for the purpose of lowering monthly principal and interest payments or locking your adjustable rate to a fixed rate.
• Mortgage payments must be current, and a 12-month mortgage payment history will be assessed to make sure that no payments have been late.
• No income, asset, or employment verifications are needed to qualify.

FHA Streamline Refinancing: With Appraisal

FHA streamline refinancing with appraisal is similar to that without appraisal, except that it is for homeowners who wish to receive cash from their home’s equity. The other difference between the two is that financing with appraisal requires an appraisal assessment of the property being refinanced, and re-qualification for the mortgage is necessary. Credit, employment, and income requirements will be reassessed upon refinancing with a streamlined, with appraisal mortgage. When you take out a FHA streamline refinance mortgage with appraisal, all closing costs can be refinanced.

Why Use FHA Streamline Refinancing?

FHA Streamline Refinancing is a quick and easy way to take advantage of low interest rates or lower your monthly payments. FHA mortgage qualifications are convenient and only a small amount of money is needed to refinance. If you currently have a FHA mortgage and would like lower payments or cash back from the escrow of your current mortgage, FHA Streamline Refinancing may be the perfect solution.

What To Do Next?

Mortgage Services, Inc. is an approved FHA lender, and has been in business for over 20 years providing mortgage solutions to meet the financial needs of our customers. To receive a FREE analysis for the FHA Streamline Refinance call (800) 922-3210 or apply online using our secure application.

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