Many people who are interested in an FHA streamline refinance wonder what is involved and how long it takes to complete the refinance and get a new FHA loan. Depending on which lender you choose, times may vary – from anywhere between 2 and 6 weeks.
The process of the FHA streamline refinance is relatively simple. First, in order to qualify for an FHA streamline refinance, you need to have been on time with your mortgage payment for the last 12 months and live in your home. Once you qualify for the program, you will need to sign the initial paperwork and provide proof of identity. For the FHA streamline refinance program, you will also need to provide a copy of your current mortgage statement or a copy of your current note.
Once the initial paperwork for the FHA streamline refinance is signed, you can then lock-in your interest rate and the paperwork is processed and sent to underwriting. Once your FHA streamline paperwork is in underwriting, you should expect it to take about 2 weeks after that until you are ready to sign the final paperwork.
Signing the final paperwork usually takes about an hour and can be done with a mobile notary service in your home or at a title company. Once you have signed the intial paperwork, you then have a 3 day waiting period before your loan funds and your FHA streamline refinance is complete.
Make sure you work with experts who know the FHA streamline refinance program and can help you answer any questions that you may have about the program. The best way to contact an FHA streamline refinance expert? Call 888.448.2669 and an FHA streamline refinance expert will be happy to answer your questions.