5 Important Things To Know About An Arizona Refinance
When doing an Arizona Refinance through the FHA Streamline Refinance program, there are 5 important factors that really make this work well for Arizona home owners. This version of the Arizona Refinance is helping people get into some crazy low interest rates, even if they owe more on their mortgage than their house is worth.
Arizona Refinance Factor #1
That's right. This version of the Arizona Refinance does not require an appraisal. And that is very important for home owners in Arizona as so many of us are upside down in our equity. In other words, we owe more than our homes are worth. So the FHA Streamline Refinance lets us get that new loan and get into some of these crazy low interest rates.
This also saves you about $450 for not having to buy that silly appraisal..
Arizona Refinance Factor #2
No Income Qualifying
When applying for this Arizona Refinance you do need to show a source of income, but not an amount you actually earn. So if the amount you earn now is different that it was when you got your original FHA Loan, it's not part of the qualifying process. Even if you are unemployed, as long as you can prove you are earning unemployment, you will qualify.
This makes qualifying for the FHA Streamline Refinance way easier..
Arizona Refinance Factor #3
You see, you've already qualified for the FHA Loan once. So as long as you have maintained a decent credit profile and still have a source of income your original qualifying carries over into your new Arizona Refinance. So there is less work, less processing, less underwriting, less costs and a whole lot less stress.
Arizona Refinance Factor #4
Lower Closing Costs
Since this type of loan is a whole lot less work, the closing costs are much lower. We're able to get discounts for this Arizona Refinance from Title, Escrow, the Lenders and even on our processing. And for larger loan amounts, there may be an option for us to cover all the closing costs.
Arizona Refinance Factor #5
Skip A Payment
Now, this is everybody's favorite part of the FHA Streamline Refinance. You get to skip a payment. After you do the Arizona Refinance, your first payment will be due on the 1st of the month that is at least 30 days in the future.
To simplify, if you were to close in September, your first payment would be due on the 1st of the month that is at least 30 days away and that would be November 1st.
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