What Is Streamline Refinance

SANTA ANA, CA–(Marketwire – Oct 4, 2012) – With mortgage rates at or near record lows, many FHA borrowers can now save approximately $3,000 a year in excess interest costs. How? By trading in that.

The Streamline refinance, or Interest Rate Reduction Refinance Loan (IRRRL), is one of the best options for homeowners who already have a VA Loan and would like to refinance into a lower interest rate and lower their monthly mortgage payment.

The FHA Streamline Refinance is a special mortgage product, reserved for homeowners with existing fha mortgages. homeowners with conventional mortgages via Fannie Mae or Freddie can’t use it. fha streamline refinances are the fastest, simplest way for FHA-insured homeowners to refinance their respective mortgages.

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An FHA Streamline is primarily for lowering your interest rate, so the amount of cash you can get out of your home from refinancing is limited to $500. Call (800) 251-9080 or fill out this form to apply for an FHA Streamline.

Your options on an FHA streamline refinance, however, are to pay your closing costs with cash or to find a lender who will do a "zero cost refinance." While "zero cost" sounds like a great option, what this actually means is that you must pay a slightly higher interest rate over the life of your loan to reimburse the lender-paid closing costs.

Pre Approved Fha Loan How to Get Pre-Approved for an FHA Loan Gather the Necessary Documents to get Pre-Approved. Find an FHA Approved Lender. Once you have your documents together, Compare Your Options. Once you have the quotes from all of the lenders,Current 15 Year Mortgage Interest Rates  · The average 30-year fixed mortgage rate is 4.25%, down 4 basis points from 4.29% a week ago. 15-year fixed mortgage rates fell 6 basis points to 3.61% from a week ago.

A streamline refinance is one way to replace an existing home mortgage to get a better interest rate and lower monthly payments. Although it behaves much like any other loan in that it requires a loan application and approval, a streamline refinance generally has less stringent credit and verification requirements — and much less paperwork — than a conventional refinance loan.

 · Five Advantages to Refinancing via FHA Streamline. If you decide to refinance, you may want to find out if you qualify for an FHA Streamline refinance loan. This type of mortgage program is available to those whose current mortgage is FHA insured.

FHA streamline refinance: 5 strict conditions If your FHA mortgage is current and at least six months old, you can afford closing costs and refinancing would reduce your term or rate, Streamline.