FHA Streamline Mortgage Refinance One Stop Solution for Homeowners

Posted by William Jones on July 17th, 2018

Do you have a current FHA mortgage loan? If yes then you have increased your chances of securing FHA streamline mortgage refinance option that is only available to those homeowners who have a mortgage loan with FHA.

Not all lenders offer the streamline mortgage refinance loan and so every homeowner should make sure that they have a mortgage with FHA to qualify for the home mortgage refinance loan. Homeowners who have an existing FHA mortgage loan balance that is more than the value of your home can also qualify for FHA home refinance without getting a new appraisal done. Applying for streamline mortgage refinance has several benefits like most of the times a new appraisal is not required, there is not much hassle of paperwork, there is no need of employee, income verification or credit check as well as no underwriting fees is necessary. FHA streamline mortgage refinance just reduces or extends the term period of repayment of the existing mortgage loan and lets the homeowner take advantage of the low interest rates in the market. The best part about streamline mortgage refinance is that the out-of-pocket expenses are kept to the minimum thus enabling the homeowners to get a grip on their financial situation and also save their homes from foreclosure.

In FHA streamline mortgage refinance the term ‘streamline’ refers to the number of documents required by the underwriter. Online lenders that specialize in providing FHA streamline mortgage refinance options are the best places to visit to get the most competitive rates on home mortgage refinance schemes. Homeowners need to fulfill certain eligibility criterion’s to qualify for the FHA streamline mortgage refinance and those criterion’s are as follows:

• The mortgage loan should be FHA HUD Insured loan and has to be at least 6 months old
• The streamline mortgage refinance option should lower the rate of interest and overall principle by at least per month or help the homeowner convert an adjustable rate mortgage to a fixed rate mortgage.
• The existing home mortgage loan should be updated without any delays in payment in the past 12 months and one has to go through evaluation if one wishes to roll in the closing costs.

Many homeowners who have an FHA insured mortgage loan opt for FHA streamline mortgage refinance because of the advantages associated with it. The best part about acquiring an FHA home refinance is the ability of homeowners to benefit from the interest rates in the market as well as lower closing costs. Being on time and regular with the existing mortgage loan will help the homeowners grab the best interest rates on the FHA home mortgage refinance schemes.

FHA streamline mortgage refinance loan is a very good method of securing lower interest home mortgage refinance without the necessity of a new appraisal or hassle of presenting too many documents. It is a more streamlined version of home mortgage refinance loans and the homeowners face less difficulty in availing the best rates on FHA home refinance but only if they fulfill certain criterion’s to qualify for the loan.

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