FHA Streamline Refinance - FHA Refinance Loan

Lower Your Payments with an FHA Refinance Loan

Because rates are at historic lows, now is the time to consider an FHA refinance loan to reduce your monthly payments and provide you extra cash each month to pay off debt, fix up the house or simply lower you monthly expenses.

For existing FHA loan holders, the FHA, streamline refinance allows you to skip the traditional headaches and paperwork, and you secure an FHA mortgage refinance loan without credit checks, house appraisals, income verification or credit underwriting.

Why Should I Consider an FHA Refinance Loan?

With an FHA refinance loan, you can secure a lower interest rate, get out of an adjustable rate mortgage and more and use the FHA refinance loan to reduce monthly expenses. Any FHA refinance loan must be lower than your existing mortgage.

Basic Requirements of a FHA Streamline Refinance

• The mortgage to be refinanced must already be FHA insured
• The mortgage to be refinanced should be current (not delinquent)
• The refinance must lower the principal and interest payments of the previous mortgage payment.
• No cash may be taken out on mortgages refinanced using the streamline refinance process

Using FHA streamline refinance, rate and monthly payments are lowered quickly without the usual paperwork and a streamlined application process.

How does an FHA Refinance Loan Work?

The Federal Housing Administration (FHA) does not lend you money, but provides the insurance and financial backing against a standard mortgage. With that insurance in place, lenders can provide you lower interest rate FHA refinance loans. FHA refinance loans are good for anyone looking to reduce their monthly expenses.