Your FHA Streamline Refinancing
Now that you have been enjoying your new home through FHA financing for some time, you may begin to consider refinancing as you see current interest rates dropping, or your personal finances improving significantly. There is an important difference between FHA Streamline refinancing and that offered through conventional loans; the FHA Streamline program requires the applicant to prove that refinancing offers a financial benefit of at least 0.5% over current FHA PMI (private mortgage insurance) monthly payments. This is a safeguard for the homeowner, helping them to make informed, beneficial decisions.
FHA Streamline Advantages
Statistically, 1 in 3 FHA home loan holders could save up to $3,000 per year on mortgage insurance premiums! The Federal Housing Administration Streamline refinance program can help you take advantage of this. By switching to a lower interest rate on your loan and better mortgage insurance premiums, the extra cash can be in your pocket or bank account.
This streamlined program does not require a new property appraisal, and the homeowner does not need to provide current proof of income. This may be an advantageous move for you! Contact a mortgage professional for FHA refinancing.
Find out if I qualify for an FHA Streamline loan!
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