When it comes time for a change in one’s home loan, it’s a good idea to look into the FHA Streamline mortgage refinance program.
Pittsfield, MA -- (SBWIRE) -- 06/18/2013 -- There is important information one should know about this program and Real-estate-yogi.com is here to help explain it all, including:
- Benefits of FHA Streamline Refinancing
- Qualification Requirements
- Evaluate Financing Offers
- FHA Mortgage Insurance
Advantages of FHA Refinancing
The FHA Streamline mortgage refinance program offers many benefits to those who qualify for it. One is that it is easy to be eligible for it because FHA Streamline refinancing is crafted for those whose credit isn’t perfect. Another is that there is no appraisal required, which is an FHA guideline. It may prove difficult to find a lender that will not request its own appraisal, though. It also does not require employment verification and has no underwriting fees.
FHA Streamline Mortgage Refinance Program Online Application Approval!!
There are specific criteria that need to be met to qualify for an FHA Streamline refinance mortgage. One is that the original mortgage must be FHA-insured, up-to-date, and in good standing, which mean that no payments have been missed. The borrower must have had the loan for at least six months prior to refinancing, and the Streamline refinance must lower the interest rate, which will result in a lower monthly payment. Also, there is not an option for cash back with the Streamline refinance, although there usually is with other refinances.
Assess Several Offers
When shopping for a refinance, be sure to check with a few different lenders to get the FHA Streamline refinance mortgage rates. Also take into consideration what the terms of the loan are and how much the payment will be each month. Be careful, too , to find out if the lenders have “overlays” which are bank-demanded requirements that may be in direct conflict with FHA requirements. Remember, even a small change in interest can save one a great deal of money, so do look around before signing any paperwork.
FHA Mortgage Insurance Obligation
Along with the FHA Streamline Mortgage Refinance Program comes FHA mortgage insurance. The amount of insurance one will have to pay depends on when one obtained the mortgage originally. If one took out the first mortgage before June 2009, the FHA gives him reduced up-front mortgage premiums of 0.01% of the total loan amount. If the loan was taken out after that date, it will have a higher insurance premium.
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