FHA Streamline Lenders
Searching for an FHA approved lender who can help you refinance your existing FHA loan using the FHA streamline refinance program? There are just a few things to know that will help save you money and time when refinancing with the FHA streamline program.
Not All FHA Lenders Are Created Equal
When it comes to FHA approved lenders, about the only thing that they may have in common is that they are “FHA approved” – which means they are authorized to work with borrowers and issue FHA-insured loans. Some FHA lenders are small, some are big. Some FHA lenders are mortgage brokers, some are mortgage bankers and some are federally chartered depository banks. Some FHA lenders have loan officers that work in offices, some have loan officers that work from home and some have call centers that they simply work over the phone.
Regardless of what *kind* of FHA lender you choose to work with for your FHA streamline (or any other type of FHA loan for that matter) the most important things to know include what kind of lender are they (broker, banker, bank), what are their rates, how soon can they close your loan and what types of loan officers do they have.
Not FHA Lenders Have The Same Rates
Many people think that there is just “one rate” for an FHA loan. This is not true. It is most likely that each lender that you speak with will have a different rate and that rate will change frequently. Mortgage rates go up and down frequently – sometimes changing multiple times in a single day – so it is important that if you want to get the best deal possible, you shop multiple lenders and get multiple rate quotes.
Not All FHA Lenders Work At The Same Speed
One of the first questions to ask when you are speaking with a loan officer is “how long will it take to get my loan closed?” You might be surprised at how different the turn times are for each lender – some may be able to close your loan in just a “couple of weeks” and some may take as long as 90 days or longer.
There are many different factors that go into a company’s turn times – but it really isn’t important WHY a turn time may be fast or slow – only that you are aware of generally how long it takes.
Not All FHA Lenders Have The Same Loan Officers
Some lenders have their loan officers work in their branch office, some lenders have their loan officer spend most of their time outside of the office and some lenders have call center type offices that loan officers work in. The important thing to know is that there isn’t a one-size-fits-all when it comes to loan officers – and that you can find a good loan officer in any of the working models.
Free FHA Streamline Quote
Getting matched with multiple FHA lenders is free and easy here – we work hard to match your information with the best lenders in your area who can get you a great rate and a fast turn time. Take the time to get a free quote today – we can match you with lenders at no cost to you!