For many homeowners, refinancing is the best way to go. What many people do not know about is the availability of FHA streamline financing options. This option allows homeowners to refinance at a lower rate more quickly than usual. Reducing your interest rate may be easier than you think.
Are you hearing about an FHA Streamline loan for the first time? Pay close attention to these terms to determine if you might be a good candidate for this loan option.
Requirements for an FHA Streamline Loan
Already having an FHA loan means you may be a good candidate for an FHA refinance loan. One of the requirements for a quick loan is a good payment history. You need to demonstrate that you have a solid history of paying your loans on time, though, you do not necessarily need to undergo income verification or a credit check like for other loans. You may also not need an appraisal for the home.
And of course, the refinancing deal must be beneficial for the borrower as well. Perhaps the borrower sees that refinancing in this way will give you the means to pay off your loan easier and on time, they may be more amenable to the idea.
Why Are FHA Streamline Loans So Attractive?
FHA Streamline loans do not require that you go to your loan officer's office. Rather, you can perform most of the tasks via phone or the web. You may have to send in some signed documents to the office, however.
This loan is attractive to many people because it often does not matter how much you still have to pay on your mortgage. So long as you are up-to-date on payments, you may be able to refinance easily. Plus, the loans are available as adjustable or fixed rate options, and you can choose a 15-year or 30-year term based on your needs.
The best benefit of FHA Streamline loans is that you can permanently lower your monthly payments without having to jump through hoops to do so. As a result, you can see the financial benefits in other aspects of your life.
The finances surrounding buying and selling homes can be tricky. It is always a good idea to speak with a professional real estate agent to discuss your options for securing a good loan for your home. This method of refinancing may be the best for your situation.Share
24 February 2019
I always wanted to buy my own home and after saving enough money for a down payment, I decided that it was time. Before I started looking at houses, I talked with a loan officer about financing. I wanted to know how much money I could borrow so I could look at houses in that price range. I was very happy after my meeting at the loan company and I was ready to start house hunting. My name is Jarod Spangler and I'm now a homeowner. If you have the dream of owning your own home, I think you'll find my blog of help to you. I've documented my journey of saving money, securing a loan and purchasing a house. To help you become a homeowner too, I'm offering advice and tips of things that I've learned along the way.