FHA has permitted streamline refinances
on insured mortgages since the early 1980's. The streamline refers only to the
amount of documentation and underwriting that needs to be performed by the mortgage
company, and does not mean that there are no costs involved in the transaction.
The basic requirements of a streamline refinance are:
mortgage to be refinanced must already be FHA insured.
The mortgage to be
refinanced should be current (not delinquent).
The refinance is to result
in a lowering of the borrower's monthly principal and interest payments. No cash
may be taken out on mortgages refinanced using the streamline refinance process.
Lowest Mortgage Rates for Refinancing
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- Loan Programs for All Credit
- Refinance your Existing Mortgage - Lower
your Current Payments.
- Convert your Adjustable
Rate Mortgage to a low fixed loan.
- Convert your
30 yr Mortgage to a 15 yr Mortgage - build equity faster.
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can also be done without appraisals, but the new loan amount cannot exceed what
is currently owed.
Rates are the lowest they have been in over 40 years,
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at no cost with no application fees, and no obligations.