Many mortgage companies use the term “streamlined
Why You Might Like It
If you have an FHA loan, reducing your interest rate and monthly payment is certainly appealing. FHA Streamline Refinancing is usually constructed, to be quick, easy, and relatively hassle-free. You’ll want to check with your FHA mortgage company to see if you might qualify for a better interest rate and lower monthly payments through refinancing.
How It Works
You and your FHA mortgage company find that you can lower your current FHA loan by refinancing, because you qualify for a lower interest rate than you did when you originally signed your mortgage. This loan is usually available in either a fixed rate or an adjustable rate. Typically there is no credit check, and you won’t have to go through a property appraisal or income verification. Refinancing is done with few documents to sign. You likely will meet with your lender, sign a few papers, and you can quickly start paying a lower monthly payment at a lower interest rate.