FHA Streamline Refinance

FHA loan refinance to lower interest FHA loan.
  • No Appraisal Required*
  • No Income Verification*
  • No Employment Qualifying*
  • No Assets Verification*
  • No Credit Qualifying*
  • No Debt Ratios
  • No Seasoning Required*
  • No Face to Face Application
* These items changed since Nov 17, 2009

VA Streamline Refinance

VA loan refinance to lower interest VA loan.
  • No Appraisal Required
  • No Income Verification
  • No Assets Verification
  • No Credit Qualifying
  • No Debt Ratios
  • No Seasoning Required
  • No Face to Face Application

FHA 203K Streamline Loan

Simplified (Streamlined) version of FHA 203K loan. It is "light" rehab loan (up to $35,000) under FHA guidelines perfect for most light fixers and upgrades. Owner occupied properties only. When combined with FHA purchase loan can be used for "fixer" purchases.
  • Can exceed the purchase price
  • Can be adjustable or fixed rate
  • Owner can do some of the work himself
  • Up to 6 months to complete work

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Have a quick Question?
 

Aug
07

What is the average monthly savings when doing a mortgage refinance?

By
fha streamline


My wife and I are in the process of refinancing our mortgage but we are unsure if the deal makes sense or not. Currently we have a 30yr FHA fixed loan with a rate of 6.5%. Our broker has presented us a streamline option where we can get a 5.5% rate today without having to buy down the rate. After some calculating we would only save around $108/month and it would take approx. 3.25 years to recoup the fees and start to see some savings. Our plan is to sell the property in about 5-6 years so that’s why we are hesitant to lock and proceed with the deal. Thoughts please, thank you.

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Categories : Q&A

1 Comments

1
tornticket
August 10th, 2009 at 5:28 am

Based on the limited information that you have provided, it looks like you should stick with the streamline refinance. If you break even with the costs in 3 years, then you will save $108 per month for every month thereafter that you have that loan. If you have the loan for 5 years, you will save $2,592 over and above your costs. I like it.

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