Do you want to refinance your home and are looking for a better refinancing option that’ll help you lower your loan interest rate? You may have many questions about whether FHA Streamline Refinance is a good mortgage product for you. If you want to lower the rate of interest on your loan, then you must keep reading to get all the answers to your questions.
FHA Streamline Refinance FAQ’s
Here are FHA Streamline Refinance frequently asked questions that’ll help you decide whether FHA Streamline Refinance suits your financial needs.
1. What is an FHA Streamline Refinance Mortgage Loan?
FHA Streamline is a home loan program that was introduced by the Federal Housing Administration (FHA). It’s designed for existing FHA customers to speed up the home refinancing process by relying on the paperwork from the original loan rather than recreating documentation or new underwriting.
2. Why is FHA Streamline Refinance a popular mortgage product?
FHA streamline refinance is a popular mortgage product because it requires less paperwork. This program doesn’t require an income verification or a re-appraisal on the property. It allows you to reduce the interest rate on your current home loan. FHA Streamlined Refinance cuts down on the amount of paperwork required.
3. Am I eligible for an FHA Streamline Refinance?
FHA Streamline Refinance is a special mortgage product reserved for qualified homeowners refinancing an existing FHA Mortgage Loan with a new FHA mortgage loan. If you’re currently an FHA mortgage loan holder, then you may be eligible for an FHA Streamline Refinance Loan. FHA mortgage loans provide significant benefits to borrowers such as relaxed credit qualification requirement, a small down-payment, and a low-interest rate.
If you’re looking for mortgage companies in MA for refinancing assistance, Drew Mortgage Associates can help! Drew Mortgage Associates is a Boston mortgage lender that can assist you with mortgage loans or refinancing to a low-interest rate or reduced term that best suits your financial goals. Our mortgage planners are highly trained professionals that can identify the best refinancing program that fits your current economic condition.