The no cost FHA streamline refinance is available for people who have an FHA loan at a higher-than-market interest rate and is available through lenders who offer the FHA streamline refinance. The no cost FHA streamline refinance is the same as the FHA streamline refinance with one exception – there is no cost to you to do the loan. Yes, you read that right, there is absolutely no cost to you.
The No Cost FHA Streamline Refinance: How Is It Possible?
The no cost FHA streamline refinance is possible because the lenders who offer the no cost FHA streamline have agreed to allow the people who participate in the program to decide whether they want to pay the costs associated with refinancing or have the bank pay the costs in exchange for a slightly higher interest rate. If you elect to do a no cost FHA streamline, you will be getting a slightly higher interest rate but the bank will pick up all of the costs associated with your new loan.
So if you are able to save enough on the interest rate from where you are currently at (say you are at 6% and can go down to 4%) then it can easily make sense to have the lender pay the closing costs and you can still save quite a bit on your currently monthly mortgage payment.
No Cost FHA Streamline Refinance Quotes
Getting a quote from multiple lenders is easy – simply complete the Lending Tree information and multiple banks will offer you a no cost FHA streamline quote that you can then decide which one is the best deal for you. Getting the best deal on a no cost FHA streamline is easy when you have a side by side comparison. Getting started is easy and it only takes minutes before you get your first no cost FHA streamline quote!