1.
What is a
Streamline
Refinance?
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2.
Refinance options are depleting, and lenders are
more concerned with how well your mortgage
performs. Qualifying for a mortgage refinance these
days are a lot harder than it has been in the past
because of limited options. Some lenders offer a
streamlined alternative to borrowers to help lower
their costs and to make refinancing more accessible
for them. Some banks offer their own streamline
refinance programs. These particular programs have
much less credit requirements and are easier for
borrowers to qualify for. They also offer more lenient
income and asset verification.
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3.
A streamline refinance takes off a lot of time
of the qualifying process and could increase
your chances of an approval. Like most
mortgage programs a streamline refinance
comes with a list of requirements, but in the
end the point of a streamline refinance is to
help the homeowner, not put more money in
the lender’s pocket. Your mortgage rate
should drop significantly as well as your loan
should be converted from an adjustable rate
to a fixed rate mortgage.
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4.
STREAMLINE REFINANCE GUIDELINES
Some of the possible streamline refinance guidelines:
Must be up to date and current on your existing mortgage
Refinance must clearly show it is to benefit the borrower
There’s no cash out allowed
Limited income/asset verification for qualification
Low credit requirements
Less paperwork and less time
Faster processing
Lower closing costs
No appraisal needed
*Note: These guidelines
can vary from bank to
bank and not every
lender will offer a
streamline refinance.
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5.
FHA Streamline Refinance
The FHA streamline refinance is one of the most popular and
widely known streamline refinance options out there. The
FHA has been permitting streamline refinances since the
80’s. The FHA makes refinancing your mortgage easy and
helps lower your current mortgage rate. Many borrowers
have been able to qualify for a streamline refinance
effortlessly because of the minimal credit scoring
requirement and limited documentation requirements.
Even with inadequate income, employment or assets
borrowers can still qualify for an FHA streamline refinance.
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6.
While these are just a few examples of the requirements
necessary for an approval you must also show your existing
mortgage is in good standing and that the refinance will
lower your monthly mortgage payment. If you get a no-
cost refinance you may not pay any out of pocket expenses
but you could be stuck with a higher interest rate. This
happens because the FHA won’t allow lenders to roll closing
costs into the new mortgage without an appraisal. Since an
appraisal isn’t required the FHA streamline refinance is a
good option for those who are upside down on their
mortgages.
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7.
DID YOU KNOW: President
Obama lowered the mortgage
insurance premium on FHA
streamline refinances to help
more people take advantage of
the lower mortgage rates.
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8.
VA Streamline Refinance
The FHA isn’t the only one offering streamline refinances.
The VA also offers a streamlined VA loan refinance, this is
most commonly known as an Interest Rate Reduction
Refinancing Loan or for short, an IRRRL. The VA streamline
refinance is easy to apply for and can save you money while
also lowering your mortgage rates. The same basic rules for
the FHA apply to the IRRRL. The VA also doesn’t require an
appraisal or any credit underwriting package. Your COE or
certificate of eligibility from the VA is also not required.
Just some of the many benefits that make this option a
quick process and a favorite.
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9.
CLICK HERE
TO LEARN MORE
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888-581-5008
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10.
Justin McHood is Americas Mortgage
Commentator and has been providing
Mortgage commentary for over 10 years.
Information provided by:
Justin McHood
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11.
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