| In today's mortgage industry, there are a lot of | | | | order an appraisal. If you no longer need to wait |
| interesting situations that have come up. After | | | | for an appraisal, you can often cut at least three |
| the house bubble has burst, there are a lot of | | | | weeks off your waiting time. This process should |
| people finding that they are in need of a refinance | | | | also cut down the amount of paperwork and |
| and there are lots of different options for you. | | | | underwriting that the lender needs to do, so you |
| One of the most common options is to do an | | | | can refinance quickly and save even more money. |
| FHA streamline Refi. | | | | Since the lender does not to do another income |
| Though there are four main qualifications, it might | | | | verification, order an appraisal, and can often cut |
| still be in your best interest to try. The FHA | | | | out a lot of the underwriting process, you do not |
| Streamline Refi Loan has become one of the | | | | even need to do the application in person, you |
| most popular ways to refinance a mortgage loan. | | | | might even be able to do this through the |
| One of the reasons it is so popular is because | | | | telephone or through the Internet. |
| during the housing bloom of the late '90's and | | | | But aside from those obvious benefits, an FHA |
| early 2000's a lot of home mortgages were FHA | | | | Streamline Refi can really benefit those that have |
| Home Mortgages. No the homeowners are looking | | | | pretty good credit and little to no debt. Once the |
| for ways to lower their mortgage payments. | | | | process is over and they have lowered their |
| The four main qualifications or requirement for a | | | | monthly principal and interest payment, they |
| FHA Streamline Refi are the following: | | | | should have a little more money left over that |
| 1. The first qualification is that the loan to be | | | | can be used towards either paying off the house |
| refinanced needs to be insured by FHA to begin | | | | quicker or for other items like personal uses or |
| with. | | | | even for extra home improvements. |
| 2. The loan also needs to be in good standing and | | | | If your situation qualifies you for this particular |
| cannot be delinquent. | | | | type of loan, an FHA streamline Refi could put |
| 3. The third qualification for an FHA Streamline | | | | you and your house in a much better position. |
| Refi is the transaction should reduce your monthly | | | | Although the four above qualifications are a must |
| principal and interest payment. | | | | the possibility of lower your mortgage certainly |
| 4. The last qualification is that there is to be no | | | | makes it worthwhile to check with a FHA Lender |
| cash out as a result of this transaction. | | | | to see if you can save money. The FHA |
| The reason that an FHA streamline Refi is | | | | Streamline Refi can put more money in your |
| considered streamline is because the lender can | | | | pocket which is certainly a good thing during these |
| often times lower your interest rate without even | | | | hard times! |