If you are currently in an FHA loan, it will probably make sense to talk with a FHA streamline refinance expert about the FHA streamline program because interest rates are lower now than they have been in the last few years. The FHA streamline program is designed to help people who are currently in FHA loans to take advantage of lower interest rates without having to completely re-qualify for a new loan.
How low are the FHA streamline program interest rates?
Generally speaking, the FHA streamline rates have fluctuated between 5% and 5.5% for the month of January. If you are in an FHA loan that has an interest rate of 6% or higher, you could end up saving hundreds of dollars on your mortgage by participating in the FHA streamline program.
With the FHA streamline program, you may or may not need an appraisal depending on how long you have been in your current FHA loan. It is also possible to get the lender to pay for your closing costs in the FHA streamline program in excange for a higher interest rate.
When choosing a lender to work with, make sure that you find a loan officer who has experience with the FHA streamline program – and not just a few loans… great loan officers who know about the FHA streamline program have probably done hundreds or even thousands of them and will be happy to help you qualify for the FHA streamline program.
To find an FHA streamline program expert, call 888.448.2669 and an experienced FHA streamline program expert will help answer your questions.