As interest rates go lower, many people who currently have an FHA loan are interested in learning more about the FHA streamline refinance. One of the first questions many people ask is
Can I do an FHA streamline refinance with a different bank?
And the answer is yes.
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FHA Streamline Refinance With A Different Bank
When doing an FHA streamline refinance, you can work with any lender who is approved by FHA to be an FHA lender. There is a certification and licensing process for FHA lenders to get approved as an FHA lender and once they are approved, then they are able to loan money to homeowners and have the loans be FHA insured against default.
Many of the bigger banks (almost all) are FHA approved and you can work with them to get an FHA loan and do an FHA streamline refinance through one of their loan officers or branch offices. There are also smaller mortgage banks and mortgage brokers who can help you with an FHA streamline refinance – and you can lower your mortgage payment and get a lower interest rate with minimal documentation.
At the end of the day, one of the best things you can do when thinking about doing an FHA streamline with a different bank is to shop around. You might be surprised how many people get a better deal on their refinance just by shopping a few different lenders. Get started below getting the best deal on your FHA refinance and get with the best possible lender you can — even if that lender happens to be a different bank!