The Advantages of a FHA Streamline Refinance
- Because you already have an FHA loan, you’ll need fewer documents to refinance.
- In many cases, you can refinance with FHA Streamline without a new appraisal on your home.
- More lenient credit requirements to refinance compared to most other loans.
- You can refinance even if you owe more than your home is worth.
Want to see if you qualify? Call our FHA Hotline at (866) 577-8425.
The Benefits of Getting a Loan from Quicken Loans
- We’re an FHA-approved lender and process FHA loans every day.
- You get a completely online application with less paperwork.
- Home Loan Experts are available via chat, email and phone to help you understand whether an FHA loan is right for you.
- We service 99% of our mortgages, so our great customer service continues after you close.
- We don’t charge you to make your mortgage payments online.
- You can pay off your mortgage ahead of time with no penalties.
How It Works
The Different Types of FHA Streamline Refinance Loans
- Refinance to a mortgage with low fixed interest rate and choose from a variety of terms (the length of the mortgage.
- Or refinance to an FHA adjustable rate mortgage with a low fixed rate that ends after five years.
How an FHA Streamline Refinance Works
- You need to already have an FHA loan to qualify for an FHA Streamline.
- If your current mortgage interest rate is higher than today’s rates, you can use an FHA Streamline to lower your interest rate, which usually lowers your monthly payment.
- Fewer documents are required and most people don’t need an appraisal, streamlining the process.
- An FHA Streamline is primarily for lowering your interest rate, so the amount of cash you can get out of your home from refinancing is limited to $500.