The FHA Streamline Refinance program makes it easier for people with FHA loans to take advantage of falling interest rates. With a streamline refinance, you can replace a current FHA loan with a new FHA loan that has a better rate or better terms. There’s less paperwork and loan approvals are typically faster too!
Freedom Mortgage customers who have FHA loans can enjoy additional benefits when they choose us for their FHA Streamline Refinances. There are no lender fees charged on FHA Streamline Refinances for our existing customers.
FHA Streamline Refinance eligibility requirements
One requirement for FHA Streamline Refinancing is there must be a "net tangible benefit to the borrower". That means people who want a Streamline Refinance must receive a benefit for the refinance transaction. In addition, borrowers must current on the payments for their existing loan and cannot receive more than $500 cash as part of the refinance.
Advantages and disadvantages of an FHA Streamline Refinance
For many borrowers, there are no home appraisal or income requirements and the credit requirements can be more flexible too. You can also use a streamline to refinance from an adjustable rate to a fixed rate loan.
Keep in mind most borrowers will need to pay a new upfront mortgage insurance premium when they refinance to a new FHA loan. It may be possible to roll this fee into your new FHA loan, although doing this will increase your loan balance.
Freedom Mortgage is happy to offer FHA Streamline Refinancing to our current customers and new customers who have an FHA loan with another lender! Speak to one of our friendly Loan Advisors today. Call us at 877-220-5533.
FHA Streamline Refinance in 6 simple steps
An FHA Streamline Refinances make it easier to get a new mortgage with a lower rate or better terms, like switching to a fixed rate mortgage. How easy? Take a look at these 6 simple steps.
1. Check if you qualify
Find out if you qualify for an FHA Streamline Refinance and see how much you may be able to save on your monthly mortgage. Call us at 877-220-5533 or Get Started before rates increase to check your eligibility!
2. Keep your FHA loan with us
When Freedom Mortgage customers choose us for their FHA Streamline Refinance, there are no lender fees.
3. Apply today. It’s easy!
Streamline refinances require less paperwork and documentation than conventional refinances. We can get you started on the phone. Just give us a call, answer some simple questions, and you will be on your way.
4. Sign your loan disclosures
When you apply for a refinance, we can e-delivery your disclosures. These disclosures will provide you with important details like your interest rate, estimated payments, loan terms, and more. Make sure everything looks right. Once reviewed, you should then electronically sign and return your disclosures so we can process your loan.
5. Talk to your Closing Advisor
When your loan is approved, we will send you an email to set up a closing location, date and time. We’ll also help you set up a phone call with your personal Freedom Mortgage Closing Advisor who will review the final details of your loan and answer your questions. You’re almost there!
6. Close on your loan
Many Freedom Mortgage customers can close their loans in their own homes. We bring the documents to you! Sign the final agreements and you’re on your way to save!
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