Marlene Smith

Real Estate Broker

  • Home
  • About
    • About Marlene
    • Accessibility Statement
    • Privacy Policy
  • Resources
    • First Time Home Buyer Tips
    • First Time Home Seller Tips
    • Home Pricing 101
  • Blog
  • Contact

FHA Streamline Refinance Mortgage Loan Program

May 26, 2022 by Marlene Smith

 FHA Streamline Refinance Mortgage Loan ProgramRefinancing a home loan can provide numerous benefits, but it can also seem daunting and intimidating to some. Many homeowners would love to lower their interest rate or take advantage of other benefits associated with refinancing, but they are concerned about the time and expense associated with refinancing their current mortgage. The FHA Streamline Refinance loan program is designed to provide those who currently have an FHA loan with an easier way to refinance their mortgage, and this may be a desirable option for many.

No Appraisal Needed

One common complaint that people have when applying for refinancing relates to the expenses and time, and the appraisal can have a big impact on both of these factors. The good news is that with the FHA Streamline Refinance loan program, there is no requirement for a new appraisal. The home value at the time of the original loan will be used with the refinance loan, and this is truly beneficial for those who are currently underwater with their home value due to decreasing property values.

Lower Interest Rates

With the FHA Streamline Refinance loan program, borrowers can take advantage of today’s interest rates without needing to go through a full refinance process. This loan program is available to those who have a current FHA loan program, and it is a great program for those who have an interest rate that is higher than the current rates to lock in a lower rate and a lower mortgage payment.

Great Loan Terms

As with the traditional FHA loan program, the Streamline program also offers great loan terms. Borrowers can choose between a 15 and 30-year fixed rate loan, and borrowers will not be subject to a prepayment penalty. These loan terms provide borrowers with flexibility when refinancing their loan to take advantage of a lower interest rate.

The FHA Streamline Refinance loan program is just one of several options available to borrowers who are interested in refinancing their current FHA loan program. It offers numerous benefits to homeowners, but it is not the only option available.

It is wise for homeowners who are interested in refinancing their current mortgage to compare all of the options thoroughly before making a decision. It is best to seek assistance from a trusted mortgage professional. They can help with specific information and guidance with the selection of the right a loan program for each homeonwers needs.

Filed Under: Home Mortgage Tips Tagged With: Home Mortgage Tips, Mortgage Refinancing, Mortgages

Marlene Smith

Contact Marlene


Real Estate Broker
Invest Rite Realty Group
CALL (541) 324-8330

marlene@marlenesmithrealtor.com
LIC #200610110
Invest Rite Realty Group, LLC Logo

How can we help?

  • This field is for validation purposes and should be left unchanged.

Connect with Us

Browse Blog Articles by Category

Recent Articles

  • S&P Case-Shiller Home Price Indices Show Mixed Readings in March
  • Does My Current Debt Affect Getting A New Mortgage?
  • An Overview Of Mortgage Points
  • What’s Ahead For Mortgage Rates This Week – May 30, 2023
  • What is the Difference Between a Reverse Mortgage and a Home Equity Conversion Mortgage?

Looking For Something?

Categories

Our Location


Eagle Point, OR

Copyright © 2023 · Powered by MySMARTblog