What Is a Streamline Refinance, The Truth About, streamline mortgage.#Streamline #mortgage


What Is a Streamline Refinance?

Streamline mortgage

Mortgage Q A: “What is a streamline refinance?”

While qualifying for a mortgage refinance is generally a lot harder than it has been in the past (now that lenders actually care how your mortgage performs), there are less cumbersome options available.

In fact, many lenders offer “streamlined” alternatives to existing borrowers to lower costs and make refinancing more accessible.

Plenty of banks out there have their own “streamline refinance” programs that come with looser credit scoring requirements, easier income and asset verification, and limited paperwork.

And in some cases, you don’t even need to order an appraisal. Put simply, a streamline refinance takes a lot of the legwork (and time) out of the process, and may increase your chances of approval.

However, streamline refinances also come with their own list of requirements, namely that the refinance has a “net tangible benefit.” In other words, it should help the homeowner, not just put money in the pocket of the loan originator.

This generally means that the mortgage rate should drop by an amount that will eclipse any related fees, and/or that the loan is converted from an adjustable-rate mortgage to a fixed-rate mortgage.

Streamline Refinance Guidelines

Here s a condensed list of possible streamline refinance guidelines and rules:

  • Must be current on your existing mortgage
  • Refinance must clearly benefit the borrower
  • No cash out allowed
  • Limited income/asset verification
  • Minimal credit requirements
  • Less paperwork
  • Faster processing
  • Lower closing costs
  • No appraisal necessary

*Keep in mind that these guidelines can vary widely from bank to bank, and not every lender will offer a streamline refinance, or approve you if they do.

FHA Streamline Refinance

Perhaps one of the most popular and well-known streamline refinance options out there comes courtesy of the FHA. In fact, the FHA has permitted streamline refinances since the early 1980s. Of course, they ve become much more popular lately thanks to the mortgage crisis.

They make it easy to refinance your mortgage to a lower mortgage rate, without the need for an appraisal, many of which happen to come in low these days.

And with no credit scoring requirement and limited documentation requirements, most borrowers can qualify for a streamline refinance quite effortlessly, even if they don t have adequate income, assets, or employment. The idea here is that a borrower with smaller monthly mortgage payments is a less risky borrower, which is good for the hard-hit FHA.

There are just a handful of simple requirements necessary for approval. As long as your existing mortgage is an FHA loan and in good standing (not delinquent), and the refinance will result in a lower monthly mortgage payment (or you’re converting your ARM to a FRM), you should be good to go. The only thing you really need to worry about is the seasoning requirements, including the following:

you must have made at least six (6) payments on the FHA-insured mortgage before refinancing

six (6) full months must have passed since the first payment due date of the original mortgage

210 days must have passed from the closing date of the original mortgage

Also note that no cash out can be taken out via a FHA streamline refinance. Only rate and term refinances work here.

However, you can get your hands on a no cost refinance, meaning you won’t necessarily need to pay out-of-pocket expenses, but you ll be stuck with a higher interest rate in return.

This is common because the FHA doesn t allow lenders to roll closing costs into the new mortgage amount on a streamline refinance without an appraisal.

Finally, because no appraisal is required, the FHA streamline refinance is an excellent option for those who are underwater on their mortgages.

Tip: President Obama recently lowered mortgage insurance premium costs on FHA Streamline Refinances to help more borrowers take advantage of the record low mortgage rates currently on offer.

VA Streamline Refinance

The FHA isn’t the only one offering streamline refinances. The VA also offers a streamlined “VA loan to VA loan” refinance, known as an “Interest Rate Reduction Refinancing Loan,” or IRRRL for short.

Yes, that’s a lot of “R’s,” but a VA streamline refinance is easy to execute and can save you a lot of money now that mortgage rates are so low.

The same basic rules apply. Your refinance must result in a lower interest rate, or you must switch from an ARM to a fixed-rate mortgage, and no cash out is permitted.

The VA does not require an appraisal or a credit underwriting package, and you have the option of rolling the refinance costs into the new loan or opting for a no cost refinance.

Additionally, a Certificate of Eligibility from the VA is not required, making a refinance a snap compared to the usual process.

HARP Streamline Refinance

You may have also heard of HARP and HARP 2.0, a streamlined loan program that allows underwater homeowners to refinance their mortgage, no matter how high their loan-to-value ratio (LTV) is.

The same simple qualification requirements (or lack thereof) apply here, though your loan must be owned by Fannie Mae or Freddie Mac, and must have been sold to the pair on or before May 31, 2009.

Additionally, your current LTV must be north of 80%, which isn’t a problem for most homeowners these days.

Finally, you must be current on your mortgage at the time of refinance, with no late payments in the past six months and no more than one late payment in the preceding 12 months.

Assuming you qualify, you should be able to get your hands on a much lower mortgage rate, even with an excessively high LTV, all with limited fees and closing costs.

Is Streamlining Your Refinance the Best Deal?

While a streamline refinance may be your easiest option, it may not be the best choice for you.

Whenever you’re in the market for a refinance, it’d be wise to take the time to shop around.

That means looking beyond your current lender and/or loan type to see if there’s something better out there.

For example, it might be better to have a conventional loan instead of an FHA loan, even if that means going through the whole underwriting process as opposed to a streamline.

You may find a lower mortgage rate with a new lender that will justify a more lengthy qualification process.

Sure, it can be a pain to refinance your mortgage, but the savings afforded each month and over your lifetime should definitely be worth your time.


Lend Smart Mortgage – Premier Mortgage Lender – Lend Smart Mortgage, LLC, streamline mortgage.#Streamline #mortgage


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  • Streamline Refinance Your Mortgage #obama #mortgage


    #streamline mortgage

    #

    Streamline Your FHA Mortgage

    Streamline refinance refers to the refinance of an existing FHA-insured mortgage requiring limited borrower credit documentation and underwriting. Streamline refinances are available under credit qualifying and non-credit qualifying options. Streamline refinance refers only to the amount of documentation and underwriting that the lender must perform, and does not mean that there are no costs involved in the transaction. The basic requirements of a streamline refinance are:

    The mortgage to be refinanced must already be FHA insured.

    The mortgage to be refinanced must be current (not delinquent).

    The refinance results in a net tangible benefit to the borrower. The definition of net tangible benefit varies based on the type of loan being refinanced, and the interest rate and/or term of the new loan.

    Cash in excess of $500 may not be taken out on mortgages refinanced using the streamline refinance process.

    Lenders may offer streamline refinances in several ways. Some lenders offer no cost refinances (actually, no out-of-pocket expenses to the borrower) by charging a higher rate of interest on the new loan than if the borrower financed or paid the closing costs in cash. From this premium, the lender pays any closing costs that are incurred on the transaction. FHA does not allow lenders to include closing costs in the new mortgage amount of a streamline refinance. Investment properties (properties which the borrower does not occupy as his or her principal residence) may only be refinanced without an appraisal.

    Detailed instructions to the lenders are contained in HUD Handbook 4000.1, II.A.8.

    Contact your lender to get started. You can find your lenders contact information by clicking on our List of approved lenders.


    FHA Streamline Refinance #variable #rate #mortgage


    #streamline mortgage

    #

    FHA Streamline

    Key Benefits

    Refinance your FHA loan to a crazy low rate with our speedy FHA Streamline

    • Are you currently in an FHA loan.
    • Do you want to save money with a lower rate and payment on your FHA loan – even if you owe more than your home is worth?
    • Would you like a mortgage with no appraisal required, lower credit requirements, and limited documentation to help you qualify?

    If you answered “yes” to these questions, you’re in luck. Mortgage rates are at historic lows, and an FHA Streamline might be right for you! You can qualify for an FHA Streamline Refinance even with less-than-perfect credit, so call our FHA Hotline now at (866) 577-8425.

    Why you should choose Quicken Loans

    • Only Quicken Loans offers you the Closing Cost Cutter and PMI Advantage. Find out how these great options can help guide you to the best decision to meet your financial goals.
    • Our powerful online tools, like MyQL Mobile, allow us to close your loan quickly. This app is exclusive to Quicken Loans clients and works with iPhone ® and Android™!
    • With more than 31 years of experience, we’ve designed a mortgage process that adapts to your needs.

    The interest on the portion of the credit extension that is greater than the fair value of the dwelling is not tax deductible for Federal income tax purposes. You should consult a tax advisor for further information regarding the deductibility of interest and charges.

    How It Works

    Refinance to a lower mortgage rate with no appraisal

    Quicken Loans is proud to offer the FHA Streamline refinance, a loan program designed to help homeowners across America take advantage of today’s extremely low mortgage rates and get a lower rate and payment on their FHA loan. Is an FHA Streamline refinance right for you? Find out by calling our FHA Streamline Hotline now at (866) 577-8425 or by filling out the form the right.

    What is an FHA Streamline refinance?

    • The FHA Streamline is a refinance program from the Federal Housing Administration that could get you a lower rate on your FHA mortgage without an extensive qualification process. Simply put, the typical refinance process is streamlined! The FHA Streamline loan is also known as an FHA IRRRL (Interest Rate Reduction Refinance Loan).
    • In order to qualify, you must currently be in an FHA loan.

    How the FHA Streamline refinance works

    • FHA Streamline is a refinance program for homeowners currently in an FHA loan.
    • The FHA Streamline is offered as a 5-year adjustable rate mortgage (ARM), or a 15-or 30-year fixed-rate loan.
    • No appraisal required.
    • Minimal credit requirements.

    Is an FHA Streamline refinance right for you?

    The FHA Streamline could be right for you if you’re in an FHA loan now and you meet one or both of the following criteria:

    • Your current mortgage rate is higher than today’s mortgage rates.
    • You owe more on your mortgage than your home is worth.

    Call us now at (866)-577-8425 to see if you qualify for the great benefits of the FHA Streamline refinance.

    The interest on the portion of the credit extension that is greater than the fair value of the dwelling is not tax deductible for Federal income tax purposes. You should consult a tax advisor for further information regarding the deductibility of interest and charges.

    Get a low rate today!
    Call (800) 251-9080 or fill out this form now.


    About the FHA Streamline Rate Reduction Program #tila #mortgage


    #mortgage reduction program

    #

    About the FHA Streamline Rate Reduction Program

    FHA streamline rate reduction allows FHA-insured mortgage holders to apply for a lower rate with less paperwork.

    The FHA streamline rate reduction program is a option for homeowners with FHA-insured mortgages to reduce their interest rates and monthly payments with a lower amount of paperwork and qualification. Homeowners with an FHA mortgage can check to see if they can lower their payments through the streamline program. If mortgage rates decline, homeowners can keep checking until it makes sense to use the program and get a lower mortgage rate.

    Identification

    The FHA has offered homeowners with FHA-insured mortgages a streamlined refinance ability since the 1980s. The purpose of the FHA streamline process is to allow homeowners to get into a lower-cost mortgage with reduced paperwork and underwriting. The U.S. Department of Housing and Urban Development–HUD–notes that streamline does not mean there are no costs involved in this type of refinance.

    Considerations

    To qualify for a streamline refinance, the homeowner must meet several qualifications. The home must currently be financed by an FHA loan and the loan must have current payments for the last 12 months. The refinance must result in a lowering of both the interest and payments for the homeowner. The homeowner must provide proof of employment. A streamline refinance does not require a credit approval or meet debt-to-income requirements.

    Types

    There are three ways a streamline FHA refinance can be structured. If the homeowner elects to pay the closing costs, the new mortgage will start with a principal balance equal to the current balance of the existing mortgage. The new loan will be financed at the current FHA interest rate. Some lenders offer a “no-cost” streamline refinance by charging a higher interest rate and using the profits from the premium rate to pay the closing costs. The rate will still be below the rate for the existing mortgage and the homeowner will have no out-of-pocket cost. The third option is to have the closing costs rolled into the mortgage, increasing the amount of the mortgage principal. This option requires an appraisal to be performed on the home.

    Effects

    If the closing costs are rolled into the loan balance and a new appraisal is required, the loan must meet the FHA loan-to-value guidelines. In most cases, the new loan must be less than 96.5 percent of the appraised value. The streamline options that do not require an appraisal do not have any loan-to-value restrictions. The amount of the homeowner’s mortgage principal is not increased with these options.

    Potential

    The streamline process from the FHA allows homeowners with FHA mortgages to lower their rates and payments almost anytime rates have fallen enough to cover the closing costs. An FHA loan can be streamline-refinanced as soon as six months after the loan is taken out. The streamline process does not allow any cash out from a home with equity. A cash-out refinance must go through the complete underwriting and approval process.


    FHA Streamline Mortgage – FHA Streamline Refinance Rates and Lenders #coldwell #banker #mortgage


    #streamline mortgage

    #

    FHA Streamline Refinance Rules 2015: The NEW FHA Streamline Facts

    The changes outlined below are effective January 26, 2015. (Mortgage Letter 2015-01 ) FHA has reduced its mortgage insurance premiums as of January 26, 2015. Allowing for new FHA mortgage borrowers to take advantage of the 0.50 basis point reduction on annual Mortgage Premium rates. If eligible, existing FHA homeowners may be able to choose an FHA streamline mortgage refinance in order to take advantage of these new MIP rates.

    An FHA streamline refinance is often considered by FHA homeowners who would like to reduce their rate and mortgage payments with less documentation required. The streamline refinance program is one of the benefits that the FHA offers to its borrowers, as it is usually a quick and the least expensive process with lenient documentation and credit standards as oppose to a traditional refinance.

    New 2015 FHA Mortgage Insurance Premium Rate Reduction

    The FHA has become an even greater deal for FHA borrowers in 2015. Recently, the Federal Housing Administration (FHA) reduced its annual mortgage insurance premiums by as much as 0.50%. This may result in many borrowers today to take advantage of these rates through FHA s Streamline Refinance program.

    Eligible borrowers may now be able to ditch their current interest rate and monthly mortgage insurance through one refinance transaction.

    Futhermore, the FHA also offers a refund on Upfront Mortgage Insurance Premiums (UFMIP). This means that some of the upfront premium that you have had to pay at the time of closing on your original mortgage loan may now be credited towards your new loan s UFMIP.

    Benefits of an FHA Streamline Refinance

    If you are a current FHA-insured mortgage homeowner, you may fine that the FHA offers several advantages. One of the advantages is the FHA Streamline Refinance program. Here are a few of the common advantages, such as:

    • Usually does not require for an appraisal
    • Underwater homes may be eligible
    • Offers some of the lowest rates
    • Typically does not require for additional proof of income documentation
    • You may be able to qualify for a refund on your Upfront MIP that you originally paid
    • All FHA loans with a closing date of June 1, 2009 may be eligible for a reduction in mortgage insurance premiums by 0.01% for upfront and 0.55% for monthly
    • With a Streamline Refinance under the FHA, the closing time tends to be a lot quicker

    The FHA streamline refinance program has been helping homeowners lower their rate for a few years and is considered to be one of the most easiest refinance process around.

    Most of the time, the FHA streamline guidelines say that no new appraisal required (the original loan price is used), no new credit review is required, no verification of employment or income is required, and no cash back is allowed. But don t be confused just because the government guidelines say one thing doesn t mean that lenders aren t requiring another. Many lenders have additional requirements that require additional requirements such as appraisal, credit verification, etc.

    UFMIP and MIP for FHA Streamlines

    For streamline refi transactions endorsed by FHA on or before May 31, 2009, the annual MIP will be reduced to .55 percent or half of the current annual fee and the upfront MIP will be lowered to .01 percent. The changes were made effective as of June 11, 2012.

    FHA Streamline Rates

    Just like interest rates from other mortgage products, the FHA streamline refinance rates change every day. To see an average of what interest rates are being quoted today, type your zip code in over on the right hand side to see what lenders are offering in your area.

    FHA Streamline Credit Score Requirements

    Many people ask if FHA requires a minimum credit score when doing an FHA streamline refinance and the short answer is yes but it will vary by lender. Lenders may carry different minimum credit score requirements for the FHA streamline program.

    If you aren t sure what your credit score is exactly, be sure to ask your lender to help you get a copy of your credit report.

    FHA Streamline Appraisal Requirements

    There are two types of FHA streamline programs the FHA streamline with appraisal and the FHA streamline without appraisal programs. The FHA streamline without appraisal program may be an ideal solution for people who currently owe more than their home is worth and don t want to hassle with a loan modification.

    Getting The Right Mortgage Product

    If you currently have an FHA loan that you have got in the last few years, chances are high that you are at a higher interest rate than is currently available. When you go to look at what your refinance options are, chances are if you just want to lower your mortgage payment and not get any cash out then the FHA streamline program is right for you and then the next step to take is to start shopping lenders. There are many lenders who can help you and the key is to do as much homework as you possibly can about what types of questions to ask lenders and then start to work with the one that you like the best.

    To find out if the FHA streamline program can help you lower your monthly payment and put you in a better overall financial situation, be sure to shop around and speak with a loan officer at a lender who specializes in the FHA programs. When you find the right loan officer who has the right knowledge, the next step is to get your application completed and turned in before rates go back up and it no longer makes sense to refinance.

    THIS IS AN ADVERTISEMENT AND NOT AN ACTUAL NEWS ARTICLE, BLOG, OR CONSUMER PROTECTION UPDATE

    FHAStreamlineMortgage.com authors are dedicated to bringing readers valuable information which can help them accomplish their financial goals. This site does receive compensation for product reviews and referrals or purchases made through our links. This page is an advertisement/advertorial. Any story that may appear on this site is for demonstration purposes only and everyone’s results may vary. We hope you find our online resource informative and helpful.

    This site is in no way affiliated with any news source. This site contains affiliate and partner links. This website and the company that owns it is not responsible for any typographical or photographic errors. If you do not agree to our terms and policies, then please leave this site immediately. All trademarks, logos, and service marks (collectively the “Trademarks”) displayed are registered and/or unregistered Trademarks of their respective owners. Contents of this website are copyrighted property of the reviewer and/or this website.

    IMPORTANT MORTGAGE DISCLOSURES:

    When inquiring about a mortgage on this site, this is not a mortgage application. Upon the completion of your inquiry, we will work hard to match you with a lender who may assist you with a mortgage application and provide mortgage product eligibility requirements for your individual situation.

    Any mortgage product that a lender may offer you will carry fees or costs including closing costs, origination points, and/or refinancing fees. In many instances, fees or costs can amount to several thousand dollars and can be due upon the origination of the mortgage credit product.

    When applying for a mortgage credit product, lenders will commonly require you to provide a valid social security number and submit to a credit check. Consumers who do not have the minimum acceptable credit required by the lender are unlikely to be approved for mortgage refinancing.

    Minimum credit ratings may vary according to lender and mortgage product. In the event that you do not qualify for a credit rating based on the required minimum credit rating, a lender may or may not introduce you to a credit counseling service or credit improvement company who may or may not be able to assist you with improving your credit for a fee.

    Mortgage Lenders are constantly changing their policies in your state to meet demand and manage risk. Affiliated comparison sites can give you access to today’s most competitive rates in your state. Example savings illustrated above is for demonstration purposes only and results will vary based on your individual qualifications which may be associated with your home’s loan-to-value, home type, city and state where the home is located as well as other factors including but not limited to credit scores, employment history, residency type and other factors.

    Copyright 2016

    NMLS ID #1237615 | AZMB #0928735

    8149 N. 87th Place, Suite 211, Scottsdale, AZ 85258

    is not a government agency. Not affiliated with HUD, FHA, VA, FNMA or GNMA. We work hard to match you with local lenders for the mortgage you inquire about. This is not an offer to lend and we are not affiliated with your current mortgage servicer.

    NMLS ID #1237615 | AZMB #0928735

    8149 N. 87th Place, Suite 211, Scottsdale, AZ 85258


    FHA Streamline Mortgage – FHA Streamline Refinance Rates and Lenders #home #refinance #loans


    #streamline mortgage

    #

    FHA Streamline Refinance Rules 2015: The NEW FHA Streamline Facts

    The changes outlined below are effective January 26, 2015. (Mortgage Letter 2015-01 ) FHA has reduced its mortgage insurance premiums as of January 26, 2015. Allowing for new FHA mortgage borrowers to take advantage of the 0.50 basis point reduction on annual Mortgage Premium rates. If eligible, existing FHA homeowners may be able to choose an FHA streamline mortgage refinance in order to take advantage of these new MIP rates.

    An FHA streamline refinance is often considered by FHA homeowners who would like to reduce their rate and mortgage payments with less documentation required. The streamline refinance program is one of the benefits that the FHA offers to its borrowers, as it is usually a quick and the least expensive process with lenient documentation and credit standards as oppose to a traditional refinance.

    New 2015 FHA Mortgage Insurance Premium Rate Reduction

    The FHA has become an even greater deal for FHA borrowers in 2015. Recently, the Federal Housing Administration (FHA) reduced its annual mortgage insurance premiums by as much as 0.50%. This may result in many borrowers today to take advantage of these rates through FHA s Streamline Refinance program.

    Eligible borrowers may now be able to ditch their current interest rate and monthly mortgage insurance through one refinance transaction.

    Futhermore, the FHA also offers a refund on Upfront Mortgage Insurance Premiums (UFMIP). This means that some of the upfront premium that you have had to pay at the time of closing on your original mortgage loan may now be credited towards your new loan s UFMIP.

    Benefits of an FHA Streamline Refinance

    If you are a current FHA-insured mortgage homeowner, you may fine that the FHA offers several advantages. One of the advantages is the FHA Streamline Refinance program. Here are a few of the common advantages, such as:

    • Usually does not require for an appraisal
    • Underwater homes may be eligible
    • Offers some of the lowest rates
    • Typically does not require for additional proof of income documentation
    • You may be able to qualify for a refund on your Upfront MIP that you originally paid
    • All FHA loans with a closing date of June 1, 2009 may be eligible for a reduction in mortgage insurance premiums by 0.01% for upfront and 0.55% for monthly
    • With a Streamline Refinance under the FHA, the closing time tends to be a lot quicker

    The FHA streamline refinance program has been helping homeowners lower their rate for a few years and is considered to be one of the most easiest refinance process around.

    Most of the time, the FHA streamline guidelines say that no new appraisal required (the original loan price is used), no new credit review is required, no verification of employment or income is required, and no cash back is allowed. But don t be confused just because the government guidelines say one thing doesn t mean that lenders aren t requiring another. Many lenders have additional requirements that require additional requirements such as appraisal, credit verification, etc.

    UFMIP and MIP for FHA Streamlines

    For streamline refi transactions endorsed by FHA on or before May 31, 2009, the annual MIP will be reduced to .55 percent or half of the current annual fee and the upfront MIP will be lowered to .01 percent. The changes were made effective as of June 11, 2012.

    FHA Streamline Rates

    Just like interest rates from other mortgage products, the FHA streamline refinance rates change every day. To see an average of what interest rates are being quoted today, type your zip code in over on the right hand side to see what lenders are offering in your area.

    FHA Streamline Credit Score Requirements

    Many people ask if FHA requires a minimum credit score when doing an FHA streamline refinance and the short answer is yes but it will vary by lender. Lenders may carry different minimum credit score requirements for the FHA streamline program.

    If you aren t sure what your credit score is exactly, be sure to ask your lender to help you get a copy of your credit report.

    FHA Streamline Appraisal Requirements

    There are two types of FHA streamline programs the FHA streamline with appraisal and the FHA streamline without appraisal programs. The FHA streamline without appraisal program may be an ideal solution for people who currently owe more than their home is worth and don t want to hassle with a loan modification.

    Getting The Right Mortgage Product

    If you currently have an FHA loan that you have got in the last few years, chances are high that you are at a higher interest rate than is currently available. When you go to look at what your refinance options are, chances are if you just want to lower your mortgage payment and not get any cash out then the FHA streamline program is right for you and then the next step to take is to start shopping lenders. There are many lenders who can help you and the key is to do as much homework as you possibly can about what types of questions to ask lenders and then start to work with the one that you like the best.

    To find out if the FHA streamline program can help you lower your monthly payment and put you in a better overall financial situation, be sure to shop around and speak with a loan officer at a lender who specializes in the FHA programs. When you find the right loan officer who has the right knowledge, the next step is to get your application completed and turned in before rates go back up and it no longer makes sense to refinance.

    THIS IS AN ADVERTISEMENT AND NOT AN ACTUAL NEWS ARTICLE, BLOG, OR CONSUMER PROTECTION UPDATE

    FHAStreamlineMortgage.com authors are dedicated to bringing readers valuable information which can help them accomplish their financial goals. This site does receive compensation for product reviews and referrals or purchases made through our links. This page is an advertisement/advertorial. Any story that may appear on this site is for demonstration purposes only and everyone’s results may vary. We hope you find our online resource informative and helpful.

    This site is in no way affiliated with any news source. This site contains affiliate and partner links. This website and the company that owns it is not responsible for any typographical or photographic errors. If you do not agree to our terms and policies, then please leave this site immediately. All trademarks, logos, and service marks (collectively the “Trademarks”) displayed are registered and/or unregistered Trademarks of their respective owners. Contents of this website are copyrighted property of the reviewer and/or this website.

    IMPORTANT MORTGAGE DISCLOSURES:

    When inquiring about a mortgage on this site, this is not a mortgage application. Upon the completion of your inquiry, we will work hard to match you with a lender who may assist you with a mortgage application and provide mortgage product eligibility requirements for your individual situation.

    Any mortgage product that a lender may offer you will carry fees or costs including closing costs, origination points, and/or refinancing fees. In many instances, fees or costs can amount to several thousand dollars and can be due upon the origination of the mortgage credit product.

    When applying for a mortgage credit product, lenders will commonly require you to provide a valid social security number and submit to a credit check. Consumers who do not have the minimum acceptable credit required by the lender are unlikely to be approved for mortgage refinancing.

    Minimum credit ratings may vary according to lender and mortgage product. In the event that you do not qualify for a credit rating based on the required minimum credit rating, a lender may or may not introduce you to a credit counseling service or credit improvement company who may or may not be able to assist you with improving your credit for a fee.

    Mortgage Lenders are constantly changing their policies in your state to meet demand and manage risk. Affiliated comparison sites can give you access to today’s most competitive rates in your state. Example savings illustrated above is for demonstration purposes only and results will vary based on your individual qualifications which may be associated with your home’s loan-to-value, home type, city and state where the home is located as well as other factors including but not limited to credit scores, employment history, residency type and other factors.

    Copyright 2016

    NMLS ID #1237615 | AZMB #0928735

    8149 N. 87th Place, Suite 211, Scottsdale, AZ 85258

    is not a government agency. Not affiliated with HUD, FHA, VA, FNMA or GNMA. We work hard to match you with local lenders for the mortgage you inquire about. This is not an offer to lend and we are not affiliated with your current mortgage servicer.

    NMLS ID #1237615 | AZMB #0928735

    8149 N. 87th Place, Suite 211, Scottsdale, AZ 85258


    VA Refinance Loans: Home Equity Loans and VA Streamline Refinance #2nd #mortgages


    #home refinance loans

    #

    A VA approved lender; Mortgage Research Center, LLC – NMLS #1907. Not affiliated with any government agency. Not available in AZ, NV, or NY.

    VA refinancing, whether with a VA streamline refinance or a VA home equity loan, involves repayment of your current real estate debt from the proceeds of your new VA mortgage, with the same borrower(s) and the same property.

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    Introduction to VA Refinance Loans: IRRRL & Cash-Out Refinance Loans

    VA Home Refinance Loans

    Sometimes you require additional cash now, for a real need. Perhaps you need to pay college tuition, or perhaps it’s time to make improvements that will increase the value of your home prior to sale. Maybe you just want to take advantage of lower interest rates so you can keep more of your hard-earned money in your own pocket.

    It may be time to consider the many options available for refinancing your VA Home Loan.

    Option 1: VA Loans for Home Equity Refinancing

    Whether you need money to consolidate high interest credit card debt, pay for college tuition, buy a new car, or make home improvements to your home, your VA home loan benefits may be able to help.

    A VA refinance transaction involves repayment of your current real estate debt from the proceeds of your new VA mortgage that has the same borrower(s) using the same property. This is called a “Cash-Out” Refinance.

    Cash-Out Refinances are used for homes that are used as a principal residence by its owner. That owner can refinance in some cases up to 100 percent of the home s appraised value plus allowable costs and fees. Homeowners who have sufficient equity in their homes may be able to take out cash beyond what they owe on their mortgage.

    This VA refinance option is available to veterans who currently have a VA loan as well as to those who have other types of home financing. The Cash-Out option is how a veteran with a non-VA-loan can obtain a VA-backed mortgage. Credit and underwriting standards can vary by lender, and they re typically more like a VA purchase loan when pursuing a Cash-Out refinance.

    Option 2: VA Streamline Refinance

    The VA has created a program called the Streamline Refinance to provide a way for current VA homeowners to lower their interest rate with little or no out-of-pocket costs. These loans can also be made faster and with less documentation than a typical loan.

    An Interest Rate Reduction Refinance Loan (IRRRL) or Streamline Refinance allows you to refinance your current mortgage interest rate to a lower rate than you are currently paying (or to refinance from an adjustable-rate mortgage into a fixed-rate one). This is only available to veterans who are refinancing a VA mortgage.

    “No Cost” Streamlines let you refinance your mortgage with no out-of-pocket expenses. One option is to let the lender pay the costs in exchange for a higher interest rate. Another option that lets you obtain market rates is to roll the closing costs into the new loan.

    Unlike a Cash-Out refinance, veterans don t need to intend to occupy the home to obtain a Streamline refinance. Prior occupancy is all that s required for a Streamline. Some lenders may not require a credit score or appraisal in certain situations for veterans considering a VA Streamline. It s best to check with lenders about their policies and requirements.

    VA Loan Refinance

    1. Introduction and Overview
    2. VA Streamline (IRRRL)
    3. VA Cash Out Refinance

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    We Get the Veteran Vote


    Streamline Mortgage Solutions #home #interest #rates


    #streamline mortgage

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    We Are Step One

    After a decade in the business world, we started Streamline Mortgage Solutions in 2005 to offer customized services that allow clients access to the industry s best pricing. We are now leaders in our field. Our company recently ranked among the top two percent of mortgage professionals in Central Florida as recognized by Orlando Magazine ® .

    • We help with your loan when purchasing or refinancing a home anywhere in Florida.
    • We are ethical, professional and fair.
    • We offer each client personalized options.
    • We guide you through our process.
    • We are experienced and knowledgable. with $150 million in mortgage loan volume, and an extraordinary level of service.

    It s like my family helping yours.

    Clarity and
    Personalized Service

    Meet Chris and Christine. Just like you, they wanted to understand the lending process and receive service they could depend on. Our individualized approach assures our clients are informed and in control each step of the way.

    Every client we have, we work with for all the right reasons.

    Brian Zimel, President and CEO, Streamline Mortgage Solutions and one of Orlando s leading mortgage brokers.


    About the FHA Streamline Rate Reduction Program #home #loan #rate


    #mortgage reduction program

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    About the FHA Streamline Rate Reduction Program

    FHA streamline rate reduction allows FHA-insured mortgage holders to apply for a lower rate with less paperwork.

    The FHA streamline rate reduction program is a option for homeowners with FHA-insured mortgages to reduce their interest rates and monthly payments with a lower amount of paperwork and qualification. Homeowners with an FHA mortgage can check to see if they can lower their payments through the streamline program. If mortgage rates decline, homeowners can keep checking until it makes sense to use the program and get a lower mortgage rate.

    Identification

    The FHA has offered homeowners with FHA-insured mortgages a streamlined refinance ability since the 1980s. The purpose of the FHA streamline process is to allow homeowners to get into a lower-cost mortgage with reduced paperwork and underwriting. The U.S. Department of Housing and Urban Development–HUD–notes that streamline does not mean there are no costs involved in this type of refinance.

    Considerations

    To qualify for a streamline refinance, the homeowner must meet several qualifications. The home must currently be financed by an FHA loan and the loan must have current payments for the last 12 months. The refinance must result in a lowering of both the interest and payments for the homeowner. The homeowner must provide proof of employment. A streamline refinance does not require a credit approval or meet debt-to-income requirements.

    Types

    There are three ways a streamline FHA refinance can be structured. If the homeowner elects to pay the closing costs, the new mortgage will start with a principal balance equal to the current balance of the existing mortgage. The new loan will be financed at the current FHA interest rate. Some lenders offer a “no-cost” streamline refinance by charging a higher interest rate and using the profits from the premium rate to pay the closing costs. The rate will still be below the rate for the existing mortgage and the homeowner will have no out-of-pocket cost. The third option is to have the closing costs rolled into the mortgage, increasing the amount of the mortgage principal. This option requires an appraisal to be performed on the home.

    Effects

    If the closing costs are rolled into the loan balance and a new appraisal is required, the loan must meet the FHA loan-to-value guidelines. In most cases, the new loan must be less than 96.5 percent of the appraised value. The streamline options that do not require an appraisal do not have any loan-to-value restrictions. The amount of the homeowner’s mortgage principal is not increased with these options.

    Potential

    The streamline process from the FHA allows homeowners with FHA mortgages to lower their rates and payments almost anytime rates have fallen enough to cover the closing costs. An FHA loan can be streamline-refinanced as soon as six months after the loan is taken out. The streamline process does not allow any cash out from a home with equity. A cash-out refinance must go through the complete underwriting and approval process.