Streamline Refinance Versus Full Refinance - Which is Better for You?

I received an invitation to streamline refinance my loan with Citi Mortgage.  A streamline refinance is a "streamline" process to lower the interest rate. No documents are required.  One must pay for an appraisal upfront as well as other fees and costs which may be incorporated into the loan.  In other words, the only out of pocket expense would be the cost of the appraisal.

I spoke with several different people at Citi Mortgage. I got a different story/response from each of them.  Truth be told, they simply could not explain their own program. They could not tell me how it differed from the HARP program. Frankly, no one cared!

I spoke with Karen Levine, with Guaranteed Rate.  Karen is a local San Jose lender who I have worked with many times as a San Jose Real Estate Agent.  Because my loan was/is a Freddie Mac loan, Karen suggested that I refinance directly with Freddie Mac rather than do streamline refinance with Citi Mortgage.

Karen explained the Freddie Mac Open Access Refinance program and process.

We proceeded with the online application process and determined in a matter of minutes that based upon the information I provided I did not need an appraisal. I did have to provide full documentation for this full refinance (tax returns, bank statements, etc.) but that took me less than 30 minutes to compile and provide to Karen Levine via DropBox which is safer and more secure than sending confidential information via email.

Start to finish it took less than 30 days to complete the refinance. It cost me nothing - no out of pocket expenses. I lowered my interest rate from 6.125% to 3.99%.  We funded yesterday and we recorded today! 

I cannot say if a streamline refinance or a full refinance is better for you. It certainly was for me.  Most importantly, the big difference with the process is working with an experienced local lender with a proven track record of getting the job done!

If you are thinking of refinancing, or need a new loan, I highly recommend Karen Levine, local San Jose mortgage consultant and Radio Show Host. Karen knows loans! She knows the different programs that are available. She will lay out your options so that you may make an informed, education decision about which loan is right for YOU!

You may reach Karen at (408) 497-1647.  Karen answers her phone, is very responsive, takes excellent care of her clients, and she cares!

If you wan to buy a San Jose home or need to sell your San Jose Home, give Kathleen Daniels a call today! 408-972-1822.  As with lenders, it makes a big difference in the San Jose real estate agent you hire!

Streamline Refinance Versus Full Refinance - Which is Better for You? by Kathleen Daniels, San Jose Homes for Sale - San Jose Short Sale Agent