Streamline Your FHA Mortgage
Streamline Refinance FAQs
Dallas Streamline Refinance
What is an FHA Streamline Refinance?
Since the early 1980s, the FHA has allowed streamline refinances on government-insured mortgages. The FHA Streamline Refinance Program has been designed as a way for current FHA homeowners to reduce their monthly principal and interest payments on their existing FHA-insured mortgage.
Are there any appraisal fees?
Because eligible borrowers have already qualified for an FHA loan, there is very little required to convert their current FHA loan into an FHA loan with a lower interest rate. Our mortgage experts will need to verify that you are in good standing with your current FHA loan and currently employed.
What are the basic requirements of a streamline refinance?
The following statements must be true in order to streamline an FHA Mortgage:
- The mortgage to be refinanced must already be insured by the FHA;
- The mortgage to be refinanced must be current on all payments;
- The refinance process should result in lowering the borrower’s monthly principal and interest payment, or convert an adjustable-rate mortgage (ARM) to a fixed-rate mortgage;
- No cash is to be withdrawn on mortgages refinanced using this method.
In what ways do lenders offer streamline refinances?
Streamline refinances can be offered by lenders in several different ways. For more information regarding Team Candy’s Dallas Streamline Refinance Program, give us a call at (512) 524-8077 or send us an email at Team@CandyBuzan.com.
*Statement based on loan amount of $175,000, 360-month loan term, 4.5% Dallas mortgage rate and 4.5972% Annual Percentage Rate.