With 30 year interest rates falling once again to incredibly low levels, this is a great time to think about lowering your interest rate with a FHA loan streamline refinance. Here are some highlights of the FHA streamline refinance:
- You have to be already in a FHA loan to do a FHA streamline refinance (but if you are not in an FHA loan you can still refinance into an FHA loan, please conact for details)
- You do not need to get an appraisal
- You do not need to provide ANY income documentation
- This loan does not require a credit report
So the FHA streamline refinance can be a very painless way to drop yourself into a lower interest rate and lower your mortgage payment. In many cases you can complete a FHA streamline refinance with zero out-of-pocket costs. So you can drop your monthly mortgage payment without any out of pocket expenses. FHA does require 1.5% up front mortgage insurance that can be rolled into the new loan.
Here are the items to have prepapred to complete a FHA streamline loan:
- Original deed of trust (should be part of the original documents signed when you purchased)
- Original HUD 1 settlement statement from when your purchased (should be part of the original documents signed when you purchased)
- You most recent mortgage statement
- Copy of your existing note (should be part of the original documents signed when you purchased)
- Homeowners insurance declaration page
- Photocopy of drivers license and social security card
We can also assist you in gathering items 1,2 and 3 if you provide us with the contact information of the escrow company that handled your original closing.
So these are all the only items we need and we can drop you right away into a much lower interest rate fixed for 30 years and saving your tens of thousands in interest over the life of your FHA loan. Please email or call below if you have any further questions.
Warm Regards,
Rob Chomentowski
Sr. Loan Officer and FHA home loan specialist
858-922-7899 (direct)
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