When shopping for a loan officer to help you with your FHA streamline refinance, be sure to ask him how your interest rate will be determined. Interest rates are changing multiple times per day and it is important that you are aware that whatever the interest rate is when you first start talking about your FHA streamline refinance may not be the one that you end up getting.
Why?
Because the interest rate that you will end up getting with your FHA streamline refinance is the one that is “locked in” when your loan officer actually locks your FHA streamline refinance with the investor.
You can check the Arizona mortgage rates that are posted each morning – but remember, rates change multiple times per day and many times for the better… so be sure to be in constant contact with your loan officer once you start the paperwork for your FHA streamline refinance.
And remember – nothing is final until you have signed the final paperwork for your FHA streamline refinance – you can change lenders at any time. If you have questions during the FHA streamline refinance process, and your loan officer isn’t answering them – it might be a good idea to switch lenders!
