When interest rates are low, many people who are in FHA or VA loans have at least heard something about the FHA streamline refinance (or the VA streamline refinance for those Veterans who are in VA loans) and are wondering:
What are the streamline mortgage fees?
Streamline Mortgage Fees
Regardless if you go through the FHA or VA streamline, streamline mortgage fees are going to apply. Each program is slightly different – but the key is whether or not you have to actually write a check for the streamline mortgage fees or you can roll them into your loan.
If you roll your streamline mortgage fees into your loan, then you can actually close your streamline mortgage without having to write a check to the lender. That doesn’t mean that there aren’t costs associated with your streamline mortgage, it just means that the lender allowed you to roll them into your loan.
Streamline Mortgage Fees Vary By Lender
Another important item about any fees associate with a streamline refinance is the fact that these fees will vary by lender. If you are interested in doing a streamline, then you will be well-served to shop at least a small handful of lenders to see which lender has the best fees and lowest rates for you.
The FHA streamline mortgage program has no official “this is how much it should cost” guidelines that they require lenders to follow – so if you are a consumer, you will probably find that you can save quite a bit of money just by shopping around.
So the two keys to the streamline mortgage fees are: first, find out if the lender will let you roll them all into your loan and second: find out what the different fees are for multiple lenders.