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FHA

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Refinance your FHA mortgage for a lower interest rate or to lower your monthly payments.

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Streamline Your FHA Mortgage Refinance and Save

Are you looking to refinance your FHA mortgage to reduce your monthly payments? A FHA Streamline Refinance can help you refinance your mortgage quickly using less documentation and without an appraisal! 

Get In Touch with a Newfi Senior Loan Advisor Today!

Our team of dedicated Senior Loan Advisors are here to help you find the right mortgage solution for your situation.

What is an FHA Streamline Refinance?

A FHA Streamline Refinance is a mortgage refinance option that offers homeowners with FHA home loans the ability to refinance their mortgage quickly, often without needing an appraisal, even when they owe more on the principal balance of the mortgage then they’ve paid.

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Do I Need an Appraisal to do a FHA Streamline Refinance?

One of the biggest benefits of an FHA Streamline Refinance is that you typically do not need to get a new appraisal done on your home to refinance! This makes the entire refinance process simple and quick, which means that you can start saving your money faster. 

Frequently asked questions

Why are FHA Streamline Refinances Considered “Fast” Refinances?

FHA Streamline Refinances are often thought of as a “quick” way to refinance your FHA mortgage compared to other refinance options. This is because FHA Streamline Refinances offer key features that help cut down time in the loan process like not requiring an appraisal. 

What are the Benefits of a FHA Streamline Refinance?

  • Lower Monthly Payments
  • Typically No Appraisal Requirements
  • Less Required Documentation
  • There are two ways to qualify for an FHA Streamline Refinance: credit and non-credit qualifying. Depending on your situation, you may not need to provide us with income verifying documentation. Get in touch with a Newfi Senior Loan Advisor to discuss your unique situation today!  

What is the Difference Between a Credit Qualifying and a Non-Credit Qualifying FHA Streamline Refinance?

  • Credit Qualifying refinances will require lenders to take a more in-depth look at a borrower’s credit when doing a credit check to qualify them. 
  • Non-Credit Qualifying refinances still run credit checks, but do not need to do as thorough of a review of your credit. 

Depending on your unique situation, you may qualify for one type of FHA Streamline Refinance over another. Talk to a Newfi Senior Loan Advisor to discuss your options. 

What are the Disadvantages of doing an FHA Streamline Refinance?

  • Paying Closing Costs 
    • You will not be able to wrap your closing costs into your mortgage payments each month with an FHA Streamline Refinance and will be required to pay those costs upfront. 
  • Very Limited Cash-Out Available on Your Refinance 
    • If you’re looking to pull cash-out of your equity, FHA Streamline Refinances have strict cash-out limitations and therefore may not be the most effective mortgage option for you. 
  • FHA Mortgage Insurance Requirements 
    • Because FHA Streamline Refinances are FHA Mortgages, you’ll be required to have mortgage insurance. However, there are other mortgage refinance options available that may not require mortgage insurance.

Do I Need to do my FHA Streamline Refinance with my Current Lender?

You don’t need to do your FHA Streamline Refinance with your current lender. You’re able to do this mortgage with any lender that offers products and programs that help you.

What are the Requirements for an FHA Streamline Refinance?

  • You Must Currently Have an FHA Mortgage to Use this Refinancing Option
    • You’re not able to use an FHA Streamline Refinance if you do not currently have an FHA Mortgage loan. 
  • This Refinance Option Must be a Benefit to the Borrower who is Refinancing
    • The FHA official guidelines for the FHA Streamline Refinance require that the borrower who is looking to do the refinance gets one of two benefits: 
      • A Lower Interest Rate
      • A Lower Monthly Payment 

What are FHA Streamline Refinance Rates?

Your exact rates depend on the interest rate you qualify for and the term you select. Contact us to review your options and calculate your payment.

What is the First Step in Starting My FHA Streamline Refinance?

Because everyone has their own unique situation, we recommend speaking to a loan advisor about your options as your first step. Go to newfi.com/get-started or fill out the form on this page for a free consultation with one of our licensed loan advisors to learn about what documentation and qualifications you may need to do an FHA Streamline Refinance!