Updated August 2nd, 2011 – Yesterday we saw an unprecedented drop of interest rates.
This now becomes a very realistic option!
Original Article July 14th, 2010: FHA Streamline refinance program is available to homeowners that currently have an FHA loan on an owner occupied home.
FHA Streamline refinance loans are much quicker and easier than a typical refinance due to the fact that there is no appraisal required and your loan balance will not go up.
With interest rates lower than I have ever seen them ( Added August 2nd, 2011: This link goes to Reuters article from 1 year ago – rates have dropped far below that! ) It makes sense to run the numbers real quick and see if there is an option for you to reduce your payment.
Before I tell you how to get started, let me run a couple of important things by you so that you can make an educated decision about whether or not pursuing this loan is financially advantageous for you.
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No cost refinance loans
No cost loans are a commonly advertised “lure” to get you to pick up the phone and call a lender. The fact is, with no cost and no fee loans, there are fees and costs and the interest rate is raised to allow the lender to pay those fees out of what they earn from charging you a higher rate.
This is often a very convenient and cost effective “win, win” situation for both the borrower and the lender. The part that I often have challenges with is the fact that this is not disclosed and the borrower is not given the opportunity to make an educated and informed decision.
No cost disclosure
So here’s the deal. The actual costs of an FHA streamline refinance are relatively low.
You can pay these minimal costs out of pocket and probably get a slightly lower interest rate.
This always results in you saving much more in the long run depending on how long you keep the loan. If you would like to have no money out of pocket there is an opportunity to do so.
Will a FHA Streamline refinance loan save you money?
So here’s my offer. If you would like us to run some numbers and see if a streamline refinance will benefit you, we can do this several ways.
Click Chat on the right side of this article, give us a call at 866-667-6724 and ask about a FHA streamline loan or leave a comment below and we will respond shortly.
Not missing an opportunity
If you know anyone that may benefit from being educated about a FHA streamline refinance, please forward this article to them. Thank you in advance for spreading the good news!