The FHA Streamline program was initially designed to allow people to take advantage of lower interest rates without having to completely requalify for a new loan. The term “streamline” refers to the amount of documentation required, not that it is an easy process.
No matter how you slice it, the FHA streamline program is going to require effort on your part. Whether participate in the FHA streamline program with or without an appraisal, the primary goal should be to save as much money as you can with as little effort as possible.
When does the FHA streamline program make sense – as in, when do the benefits outweigh the costs involved with the program? Generally speaking, if you can save at least 1% on an FHA 30 year fixed rate loan, the FHA streamline program will make sense.
Since FHA 30 year fixed rates today are hovering at around 5%, that would mean that anyone who is currently in an FHA loan that is 6% or higher may be able to save a bunch of money on their mortgage payment each month by participating in the FHA streamline program.
Call your FHA streamline refinance experts today at 480-374-0303 to find out if the FHA streamline program will help put in an overall better financial position.