Because the FHA streamline mortgage program is so easy to do, many times it may make sense to participate in the FHA streamline mortgage program more than once in a relatively short period of time. There are no time restrictions on how many times you can do an FHA streamline mortgage – only that it makes financial sense each time you do it.
No matter where you live, you can check out interest rates on a daily basis. Sometimes Arizona mortgage rates will be different than California mortgage rates – so be sure to check local mortgage rates, not national ones.
If 2 years ago, you got an FHA loan at 7% – that was probably a pretty good rate at the time. If then 12 months later, you participated in the FHA streamline mortgage program and got your rate down to 6%, that was also probably a pretty good rate at the time. Now that interest rates are hovering in the 5% range… it may well make quite a bit of sense to participate in the FHA streamline mortgage program again.
When trying to decide if it makes sense to participate in the FHA streamline mortgage program, make sure that you weigh out the benefits (how much money you will save each month) vs. the costs (how much it will cost you out of pocket and/or how much will be added to your loan) and if the benefits are more than the costs?
It makes the decision easy.