FHA Streamline Refinance
Another popular mortgage product that has caught on in the past few years is the FHA Streamline. Now, keep in mind, you must already have an FHA Mortgage to qualify for this type of refinancing. With that said; if you have an FHA mortgage, you may be able to significantly lower your monthly payment, even if you owe more than your home is currently worth.
This type of financing is available for all Federal Housing Authority loans. FHA Streamline allows anyone to take advantage of lower interest rates by refinancing their current FHA loan, into a lower fixed rate on a new FHA loan. A lower interest rate means a lower mortgage payment. A lower mortgage payment means more homeowners will be able to stay in their homes and avoid foreclosure.
How can a lower monthly mortgage payment benefit you?
Let's look at an example of how this program can save you money. If you have a 30-year fixed rate loan for $250,000, at an interest rate of 7 percent, your monthly payment is approximately $1,663. Refinance that loan at a rate of just 5 percent, and your new payment would be about $1,342 - a savings of $321 every month, $3,852 in a year, and $115,560 over the 30-year life of the loan. Think about this; what would you do with an extra $321 a month. Or, and extra $3,852 a year? If you are already paying a higher interest rate on an FHA mortgage, refinancing that mortgage with an lower interest rate is actually putting money back in your pocket!
Has your income decreased since you financed your home?
FHA Streamline makes it simple. With the relaxed guidelines recently approved by the government, it's possible to qualify for an FHA refinance with NO income verification. These rules make it easy and faster to get a lower payment on an FHA loan.
Has your home decreased in value since you last financed?
Appraisals must be done for other mortgage loans. But, with the Streamline process, FHA Streamline makes this process simple. Because the appraisal may not be required, homes that are worth less than is currently owed on the FHA loan may qualify for refinancing.
Do you qualify for FHA Streamline? Find out today.
In todays down economy, it's easy to see why the popularity of the FHA Streamline is growing fast. It is a program that every homeowner with an FHA loan should think about and look into. If you already have an FHA loan, the FHA Streamline could lower your mortgage rate and monthly payment, and still give you the security of the FHA program.
Contact: Stephen-Michael to see if you qualify for this opportunity to refinance your FHA loan with an FHA Streamline Refinance.
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