Mortgages Made Simple
Get the Best Deal on your Home Refinance
WHY GET A STREAMLINE REFINANCE?
For many homeowners, an excellent way to save money is to refinance their mortgage rate. By refinancing, you may be able to get a lower interest rate and reduce your monthly payments - saving you money each month. Others choose to refinance into a shorter-term loan to pay off their mortgage quicker and cut the amount of interest they pay possibly saving thousands over the life of their loan.
A streamline refinance may be the best way to refinance your current mortgage. This type of loan differs from a typical refinance mortgage loan in a number of ways, but generally comes with lower costs because the process is not quite as involved. Streamline refinances do not give the option for cash out and you must already have an existing FHA or VA loan to qualify.
Freedom Mortgage can help you find out if a streamline mortgage refinance is for you. First we gather the required information such as if your mortgage is already an FHA or VA loan, is your mortgage up to date with no late payments, and your credit report and other documentation. We will then be able to provide you in depth details about your potential streamline refinance benefits. By using a streamline refinance, you can save on the closing costs as well as the time involved reducing your total out of pocket expense.
The Federal Housing Administration and Department of Veterans Affairs run two of the more popular streamline programs for loans they insure/guarantee.
The FHA has run its streamline program since the 1980s as a way to cut down on paperwork and save consumers money compared to a normal loan.
If you have an existing FHA loan, are current on your payments and want to lower your monthly payments, an FHA Streamline Refinance may be right for you.
VA streamline refinance
You can use a VA streamline refinance if you have a mortgage backed by the Department of Veterans Affairs, meaning you are a veteran or part of the armed services.
This type of loan is also sometimes called an Interest Rate Reduction Refinancing Loan (IRRRL). It is very similar to an FHA streamline, with reduced closing costs and paperwork demands.
Some refinance loans do not require an appraisal. Find out more about No Appraisal Home Loans.
Talking to an expert at Virtua Funding is the first step to refinance your mortgage rate. Doing so could significantly lower your monthly payments, saving you thousands of dollars every year.