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What is Streamline Refinancing?
Streamline refers to a Refinancing option that uses much less documentation and has quick turnover rate. This option was created to be a quicker more efficient option. Because of it’s special process there are some more specific requirements, however in general streamline refinances are easier to qualify for. This is mostly due to the fact that streamlines do not require an appraisal.
This list is general and condensed, each program and lender will have a variation of these guidelines:
*No cash out
*Low closing costs
*Must be current on your existing mortgage payments
*Refinance must clearly save the borrower money
*Minimal Credit requirements
There are a list of guidelines and requirements that will vary based on the type of streamlined refinance program you are thinking about going with. However, your loan may be more accessible with a streamline program than ever before.
Some of the most popular streamline refinancing options include:
VA Streamline Refinance
This loan is exclusive to Veterans or their spouses
FHA Streamline Refinance
You must be an FHA loan holder to do and FHA streamline refinance
USDA Streamline Refinance
This refinance is for home in rural areas
HARP Streamline Refinance
This loan was created by the Home Affordable Refinance Program to help homeowners who may have little or no equity in their home.
It may seem like a streamline refinancing is too good to be true. However you may qualify to refinance your home with a streamline program, and you could save big. There are pros and cons to all money borrowing situations so it is important to shop around and make the best decision for your financial situation.