If you need a quick and straightforward way to refinance your exciting FHA loan, you might want to consider applying for an FHA streamline Loan. This article presents FHA Streamline Loan information and advice on how to apply.
FHA Streamline Loan Information - What Is It?
An FHA Streamline Loan is used when refinancing a loan on a current property. FHA developed the Streamline loan so that customers could refinance more quickly and with less hassle. The term "streamline" simply refers to the kind of refinancing plan you are using. With an FHA Streamline Loan, information requirements are simplified which results in reduced paperwork, underwriting, and documentation. The trade off with an FHA streamline refinance is higher restrictions, but if your aim is simply to reduce your terms and/or payments, you should give serious consideration to an FHA Streamline Loan. Information on qualifications and restrictions are included below. For FHA Streamline Loan application information specific to your situations, you can talk to an FHA lender.
FHA Streamline Loan Information - Will My Costs be Reduced?
With a successful FHA Streamline Loan application, your monthly costs and/or overall mortgage costs over the life of the loan will reduce, but a Streamline FHA loan is not cost free - closing costs either need to be:
- Paid out-of-pocket - Included in the loan amount - Exchanged for a higher interest rate (yet one that is still lower than the current rate)
Depending on the details of your situation and your FHA Streamline Loan application, you may be able to obtain a streamline refinance without paying any out-of-pocket fees.
FHA Streamline Loan Information - Who Qualifies?
Successful FHA Streamline Loan application requires:
- The mortgage to be currently insured by the FHA - The mortgage to be current--not in default, no late payments - The refinanced loan to result in lower monthly payments (principal and interest) for the borrower - Subject loan to be more than 6 months old In addition, the FHA Streamline Loan application is subject to other restrictions. For example, cash-out is not an option and there are limits on the term lengths relative to the current situation. Essentially, the new arrangement cannot significantly increase the life of the loan for loans that have been paid down a whole lot, and a 15 year mortgage cannot be changed to a 30 year term. Clarifying what you are able to accomplish will require more specific consideration of your specific FHA Streamline Loan information with the aid of a qualified FHA lender.
FHA Streamline Loan Information - How Do I Apply?
In order to process an FHA Streamline Loan Application, you will need the help of a qualified FHA lender. If you feel that an FHA Streamline Loan is right for you, you should contact an FHA lender to discuss terms and rates. You will have a short FHA Streamline Loan Application to fill out, and the lender will give you more FHA Streamline Loan information regarding the process, your options, and what to do to move forward.
The focus of the FHA Streamline Loan Application is to make your home's mortgage more affordable and more manageable for you. If you've had your current loan for a good amount of time, improved your credit standing, or increased equity in your home, it may be a good time to contact your FHA lender for more information and to complete an FHA Streamline Loan application.
This article is provided by Access National Mortgage, based in
by accessnational@gmail.com
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