An FHA Streamline Refinance (often called an “FHA Streamline” for short) is a simplified process that allows homeowners with an existing FHA loan to lower their interest rate or monthly payment without an appraisal or certain other documentation typically required when refinancing.
What would be my interest rate for an FHA Streamline Refinance?
FHA home loan refinance rates vary depending on your credit, income, and other factors. Rates can change every day, so it’s smart to find out what rate you qualify for today. Get your rate now
What are the advantages of an FHA Streamline Refinance?
- Reduce your interest rate and monthly payments at a lower cost
- No appraisal is required, so refinancing is possible even if your home is underwater
- Lower documentation required and faster closing than a traditional refinance
- Opportunity to reduce or eliminate mortgage insurance premiums
What are the disadvantages of an FHA Streamline Refinance?
- The program is only available to homeowners with existing FHA loans
- You may increase the time required to pay off your mortgage, depending on the term you select
- You may incur some refinancing fees
- No cash back allowed as part of an FHA Streamline
- Appraisal required if you want to refinance with no closing costs
How does an FHA Streamline Refinance work?
As with any other refinance, with an FHA streamline you essentially take out a new loan that would cover your current FHA home loan balance and any other fees you want the loan to pay for, including the closing costs.
To qualify for an FHA streamline, your current FHA loan must be in good standing and be at least 7 months old. After the refinance closes, you pay off your old loan balance in its entirety. You would also start making monthly mortgage payments on the new loan.
What would be my new monthly payment after an FHA Streamline Refinance?
Your exact monthly payment depends on the interest rate you qualify for, the term you select, and other factors. Contact us to review your options and calculate your new payment.
Why trust Newfi Lending with your FHA Streamline?
Newfi is a direct lender with years of experience in mortgage refinance for FHA home loans. We’ve earned a five-star customer satisfaction rating from LendingTree for our low rates, fast processing, and excellent customer service. Give us a call at (888) 316-3934 and see just how friendly we are!
How can I get more information?
Talk to us at Newfi Lending. We’ll get you a personalized refinance rate and review other options tailored to your situation.