To see how much you can save from this new reduction, please click on APPLY NOW button at the bottom of this page.
If you recently purchased your house using FHA financing, you are required to make 6 mortgage payments before being able to take advantage of an FHA streamline refinance.
Streamline refinances a different from a regular refinance because they do not require as much documentation and are much easier to do. There is no appraisal requirement so the current value of the house is not determined, there is obviously no appriasal cost and lender fees are typically reduced.
Borrowers with old mortgage insurance premiums will be refunded a prorated portion and new premiums will be charged for the new loan. Since mortgage insurance premiums have gone up over the years, this makes it more difficult for existing FHA mortgage note holders to refinancing into a lower rate and be able to save money. However, with current record low rates it is very possible you could see a possible rate and payment reduction!