There is a no cost option when using the FHA streamline refinance. The no cost FHA streamline refinance is available to borrowers who currently have an FHA loan at a higher than market interest rate and is readily available through FHA-approved lenders. The no cost FHA streamline refinance is basically the same thing as the FHA streamline refinance, but with one exception, there is no cost at all to you. Yes, you read that right, there is no cost to you.
How is the no cost option possible?
The no cost FHA streamline refinance is possible because lenders who offer the no cost FHA streamline loan have agreed to permit borrowers the choice of whether they want to pay any costs associated with the FHA streamline program or not and in exchange borrowers would be required to pay a slightly higher interest rate to offset the amount, but there would be no upfront monies due.
If you’re able to save enough money on the interest rate from your current rate, then you can essentially have your lender pay your closing costs and you can still save money monthly on your mortgage payment.
No Cost Quotes
Getting a quote from multiple lenders is your first step and the easiest. Click the link at the bottom of the page and fill out all the necessary information and you’ll be matched with an FHA approved lender. Shopping lenders and comparing options and quotes is the best way for borrowers to save money. Don’t settle for one lender, shop multiple lenders and you can get started right now by clicking the orange button below.