If you currently make your mortgage payments to GMAC, you may have heard about something called the GMAC FHA streamline refinance program.
Is this something that is only for people who have an FHA loan with GMAC?
In fact, if you have an FHA loan — no matter who currently holds the mortgage — you may be eligible for the FHA streamline refinance program.
Sure, GMAC offers the FHA streamline refinance and yes, so do many other FHA-approved lenders. Loan officers who work at GMAC will be happy to give you a free FHA streamline refinance quote if you call them – but beware: if you only shop GMAC you may not get the best deal on your FHA streamline loan.
In fact, as it turns out – the more lenders that you shop who can help you with your FHA streamline, the better your chances are that you are going to get the best deal possible on your loan.
GMAC FHA Streamline Refinance Program
For anyone who is currently in an FHA loan, the FHA streamline program was designed so that you could refinance the loan when rates dropped with any FHA approved lender, not just the lender that you are currently with. The FHA streamline refinance program has the same general guidelines regardless of whether you work with GMAC loan officers or loan officers at other lenders.
It is possible that there might be a few small differences between FHA streamline guidelines from lender to lender but mostly the guidelines for the FHA streamline program are not going to vary much.
If you are currently shopping for an FHA streamline refinance, be sure to shop multiple lenders – your pocketbook will thank you for getting the best deal possible!