Is your rate 6% or above? Do you have an FHA loan with an adjustable rate? Did you know that on a $200,000.00 loan a 1% lower rate would save you over $125.00 a month. 2% lower more than doubles that. Let me get you a 30 year fixed rate as low as 4.875%. Even if your credit is not as good as when you orginally got your FHA loan, or you have more debt you may still qualify for this program. It is designed by HUD to simply make your monthy payment more affordable. I can qualify you in just a few easy steps! It is simple and takes as few as two weeks to complete!
Lower Your Mortgage Rate on Your FHA Loan with FHA Streamline
Community First Bank makes it simple. If today’s mortgage rates are lower than your current rate, or you have an FHA ARM that may adjust upward, you can refinance your FHA loan up to the original amount of your current loan at today’s lower rates. And with FHA Streamline, you could qualify for an FHA refinance with no appraisal and no income verification. It’s easy, fast and designed to get you a lower payment on your FHA loan.
What the FHA is Saying about FHA Streamline
Here is some information from HUD’s website about FHA Streamline:
“The ‘streamline’ refers only to the amount of documentation and underwriting that needs to be performed by the lender, 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 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.”
Get an FHA Streamline and Get a Lower Mortgage Rate Today
Let’s clarify the benefits of FHA Streamline. Consider a 30-year fixed rate mortgage of $250,000. The monthly payment on this mortgage at 7% is approximately $1,663. If you could lower that interest rate to 5%, your payment would be approximately $1,342. That’s a monthly difference of $321. Over a year that would be $3,852. Over 10 years the difference is $38,520. And over the full life of your 30-year mortgage, that’s a difference of $115,560.