subject: Streamline Refinance [print this page] At the dawn of a new year, many homeowners are optimistic that 2010 will be a much better year than its predecessor. With housing prices back on the rise, many people are thinking that the worst is over. But if you already own a home, what is the best way to capitalize on the resurgence of the housing market. The answer is simple. A streamline refinance.
This refinance is called streamline for a few different reasons. It is hassle free and has no additional paper work saving you immense amounts of time and money. By getting the lowest interest rates available, you are able to save thousands on your mortgage. Imagine having your mortgage payment reduced each month by hundreds or thousands!. The best thing though, it is that it is fast, easy and inexpensive so it saves you time and money together. There are two major types of a streamline refinance, a FHA and a VA. A FHA Streamline Refinance is the fastest option to reduce your homes interest rate with the least amount of paper work, which in return saves you time and money.
The FHA streamline Refinance program began back in the 1980s when the government saw a need to make refinancing easier and more accessible. The program was set up specifically for a faster approval process using less documentation.
Because of this program anyone with an FHA home loan can lower their interest rates to the lowest rate possible, with no credit checks, additional paper work, or added hassle! It uses your existing FHA loan paper work, so instead of filling out mountains of new paper work, you just submit your existing documentation. The basic requirements to be approved for this loan are no late payments on your mortgage for at least a year. It is easy to be approved and can save you time and money on your mortgage. Some other requirements are:
You must have a current FHA loan
You can not have any late payments on your mortgage in the past year.
You can not have filed for bankruptcy in the past year
You must be ready to save money!
How fast is a Streamline? As fast as only 25 days! It is simple and easy, and most importantly quick. It usually only takes 25 days to have everything completed. A refinance, is a great way to save money on your mortgage, have some extra spending money for home improvement products and is just a great way to capitalize on the resurgent housing market in 2010.
by: dfrench
welcome to Insurances.net (https://www.insurances.net)
