FHA Streamline Refinance

FHA Streamline RefinanceThe FHA Streamline Refinance Option  

For homeowners with FHA loans, there is a very attractive refinancing option called the FHA Streamline refinance. This program gives homeowners a great refinancing rate and attractive savings on mortgage payments.

The FHA Streamline refinance option allows homeowners who have an FHA mortgage to refinance without a lot of the stress and hassle that comes with refinancing. As a program participant, you can also expect to see lower mortgage insurance rates along with your FHA Streamline loan. The way this works is by recalculating the amount you currently owe and, in some cases, lowering your interest rate to help you save money on your mortgage payments. There are, however, some guidelines that you will need to abide by.

FHA Streamline Requirements

  • Applicants must not have any history of late payments for the most recent twelve-month period.
  • The FHA Streamline refinance only applies to people who have owned their property for at least six month and have made six months payments.
  • Closing costs cannot be included in the loan, but may be credited by your lender.
  • You must use an FHA approved lender.
  • An appraisal is not required.

Check with your local FHA approved lender to see if applying for this program could benefit you. You will need to apply through the FHA the same way you would for a new home loan, but you could save thousands of dollars if you are approved.

There is no FHA Streamline cash out option with this refinancing plan, although other plans may be available to you. If you’re looking to refinance your mortgage, talk to Paramount Equity today to see what options are available to you.

 

The Paramount Pledge™ – Triple Protection

The Paramount Pledge. It is our promise to you that we’ll provide the best rates, won’t charge you an application fee to lock in a rate and will ensure we can close and lock in a rate at the terms we provide.

No Application Fee – Other lenders charge hundreds of dollars to start the loan process with you. Paramount Equity Mortgage® will never ask you to pay an application fee just to lock in your rate.
Better Rate Warranty – After you complete a loan with us, we will cover most of the cost to refinance or purchase within the next seven years, for any reason.
Set & Secure Closing Guarantee™* – Once we receive all required borrower information, your signed disclosure and lock your loan, we guarantee we can close your loan at the rate and terms we provided. If we can’t, we will pay you $500.
* The Set & Secure Closing Guarantee is not valid in the event that there is an unforeseen change such as, an appraisal coming in under value, undisclosed debt at the time the loan was pre-qualified, a change in income due to loss of job or change in employment, etc. This guarantee is also not valid in the event that you withdraw your application or request a change to the terms of your loan. A change in terms would consist of, but is not limited to, a change in loan amount, fixed vs. adjustable rate, number of years the loan is amortized, adding/removing a borrower, etc.