What’s the difference between an appraisal and a comparative market analysis? Good question! An appraisal is a certified appraiser’s calculation of the value of your home at a given point in time. In order to get the approximate value of your home, the appraisal takes into consideration such things as:…
Quicken Loans now offers FHA Streamline refinance, the easiest way to refinance your FHA loan. With FHA Streamline, you could refinance an FHA loan with no appraisal and no income/assets verification.
Not sure if an FHA Streamline is right for you? Find out if you qualify for an FHA Streamline refinance in just a few easy steps!
Or, watch our FHA Streamline video on YouTube for more information about this great opportunity to lower your mortgage payment with an FHA refinance.
Refinancing an FHA Loan with FHA Streamline
FHA Streamline offers a great opportunity to anyone currently in an FHA loan. All FHA loans qualify for the program, including 30- and 15-year fixed rate FHA loans and all ARM FHA loans. FHA Streamline allows you to take advantage of lower mortgage rates by refinancing your current FHA loan into a lower fixed rate on a new FHA loan.
Lower Your Mortgage Rate on Your FHA Loan with FHA Streamline
Quicken Loans makes it simple. If today’s mortgage rates are lower than your current rate, or you have an FHA ARM that may adjust upward, you can refinance your FHA loan up to the original amount of your current loan at today’s lower rates. And with FHA Streamline, you could qualify for an FHA refinance with no appraisal and no income verification. It’s easy, fast and designed to get you a lower payment on your FHA loan.
What the FHA is Saying about FHA Streamline
Here is some information from HUD’s website about FHA Streamline:
“The ‘streamline’ refers only to the amount of documentation and underwriting that needs to be performed by the lender, and does not mean that there are no costs involved in the transaction. The basic requirements of a streamline refinance are:
- The mortgage to be refinanced must already be FHA insured.
- The mortgage to be refinanced should be current (not delinquent).
- The refinance is to result in a lowering of the borrower’s monthly principal and interest payments.
- No cash may be taken out on mortgages refinanced using the streamline refinance process.”
Get an FHA Streamline and Get a Lower Mortgage Rate Today
Let’s clarify the benefits of FHA Streamline. Consider a 30-year fixed rate mortgage of $250,000. The monthly payment on this mortgage at 7% is approximately $1,663. If you could lower that interest rate to 5%, your payment would be approximately $1,342. That’s a monthly difference of $321. Over a year that would be $3,852. Over 10 years the difference is $38,520. And over the full life of your 30-year mortgage, that’s a difference of $115,560. Those numbers are catching the attention of homeowners across the country!
FHA Streamline Could Put Money Back in Your Pocket
It’s easy to see why the popularity of FHA Streamline is growing fast. And it’s a program every homeowner with an FHA loan should look into. If you have an FHA loan, Streamline could lower your rate and payment today while still giving you the security of the FHA program. Get in touch with us at (800) 251-9080 and we’ll find out if you qualify for a quick and easy refinance to a lower rate and payment – with no appraisal required. It’s the fastest, easiest way to lower your payment on your FHA loan today.
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