There’s never been a better time than now to consider refinancing your existing FHA loan. Newly reduced FHA mortgage insurance rates and current mortgage interest rates make refinancing with a FHA Streamline better than ever!
A FHA Streamline is a mortgage with reduced documentation, does not require an appraisal, and is designed for borrowers that currently have a FHA mortgage looking to refinance to get a lower monthly payment.
You must have an existing FHA mortgage, be able to verify you are still employed via a recent paystub, and no more than 1 late payment on your existing loan in the past 12 months.
If you have an existing FHA loan and you obtained the loan prior to January 26th 2015, you may be able to save money on your monthly mortgage insurance and if interest rates are also lower than what your current interest rate is than you could save even more money each month.
The goal of most borrowers who start off with a FHA loan is to eventually refinance it to a Conventional loan that doesn’t have PMI. If your home’s value has gone up significantly, or if you’ve paid down your loan to the point where you could get a conventional loan without PMI, then maybe you’re a better candidate for getting a Conventional loan and may quite possibly save even more. However if your home’s value and existing balance doesn’t support having at least 20% equity, than reducing your payments with a FHA Streamline refinance until you could get a conventional loan without PMI is a terrific solution.
The process is simple. Give us a call today to get started and let us show you how much we might be able to save you on your loan per month!