- You may be able to refinance your home with a lower rate and payment, even if you are under water. You may also be able to get out of (or in to) an adjustable rate mortgage. It’s up to you!
- All of this may be possible without increasing your loan amount AND you may even be able to avoid the typical loan processing times, or even having an appraisal done.
Our super-fast FHA Streamline (sometimes called the IRRRL or Interest Rate Reduction Refinance Loan) allows you to take advantage of the lower interest rate environment without the long and drawn out process that is typical for qualifying for a home loan.
Mortgage Insurance Refund
- Borrowers with FHA loans that are refinanced are sometimes entitled to a refund of their up-front mortgage insurance premium. This refund is going to be larger the sooner you refinance, so time is of the essence!
- The FHA will periodically update their mortgage insurance rates. This means that on top of saving on the interest rate, you may be able to save money each month on your FHA mortgage insurance (MI) rate.
If you are currently in an FHA loan, you may be able to significantly better your financial situation. Even if your loan amount is higher than your home value.
Net Tangible Benefit
- The FHA requires that in order to qualify for the FHA Streamline, the new loan must have a net tangible benefit. This ensures that the new loan must meet minimum government standards in order for the loan to close.
We are proud to offer this program, let us shop the interest rates and find you the loan that is right for you.