Is An Fha Streamline Refinance A Secret??
An FHA Streamline Refinance is considered to be very secretive because not many loan officers know how to properly do an FHA Streamline Refinance!
How does an FHA Streamline refinance work?
As a Denver based office we know the Denver market very well. We know that over the last 2 years those who have refinanced or purchased a home in the Denver area have an interest rate of 6-7.5%, dont have much equity in their home and probably have an FHA loan.
If you currently have an FHA loan you have a huge advantage over those who dont. You are eligible for an FHA STREAMLINE REFINANCE.
What is a streamline refinance? It is a refinance from one FHA loan to another to better the terms of your loan. Whether it be lower your interest rate, convert to a fixed rate mortgage or modify the length of your loan. Any of these improvements would give reason to consider refinancing.
When can I do a streamline refinance?? You are eligible for a streamline refinance at any time, whether it is one month after you purchase or refinance or 10 years later. The only caveat is that the new loan has to have a benefit to you. Right now the obvious benefit is a lower interest rate.
Should I do a streamline refinance now or wait?? Do it now! Rates are at 30 year lows and cannot sustain these low levels for long. Once the stimulus money takes hold and the economy shows signs of improvement the rates will trend upward along with the stock market.
How much will I save??
$200,000 loan
Current rate: 6.5%
Proposed rate: 5.25%
Proposed savings: $160 per month
Savings over the life of the loan: $60,000
If you apply the monthly savings to your loan the savings will be over $100,000!!
Do I qualify??
-The only qualifying involved is ensuring you currently have an FHA loan, have good payment history over the last 12 months and are employed!! Almost seems too easy!!
-no appraisal needed!
-no W2s or tax returns needed!
The process is simple and the savings can be gigantic. Even if you currently have a good rate it is still worth considering an FHA streamline refinance.
Call me today before we lose these amazing rates!!
Michael Shotnik
Summit Home Mortgage
303-800-4595
License # LMB100017466
FHA Streamline Refinance
How does an FHA Streamline refinance work?
As a Denver based office we know the Denver market very well. We know that over the last 2 years those who have refinanced or purchased a home in the Denver area have an interest rate of 6-7.5%, dont have much equity in their home and probably have an FHA loan.
If you currently have an FHA loan you have a huge advantage over those who dont. You are eligible for an FHA STREAMLINE REFINANCE.
What is a streamline refinance? It is a refinance from one FHA loan to another to better the terms of your loan. Whether it be lower your interest rate, convert to a fixed rate mortgage or modify the length of your loan. Any of these improvements would give reason to consider refinancing.
When can I do a streamline refinance?? You are eligible for a streamline refinance at any time, whether it is one month after you purchase or refinance or 10 years later. The only caveat is that the new loan has to have a benefit to you. Right now the obvious benefit is a lower interest rate.
Should I do a streamline refinance now or wait?? Do it now! Rates are at 30 year lows and cannot sustain these low levels for long. Once the stimulus money takes hold and the economy shows signs of improvement the rates will trend upward along with the stock market.
How much will I save??
$200,000 loan
Current rate: 6.5%
Proposed rate: 5.25%
Proposed savings: $160 per month
Savings over the life of the loan: $60,000
If you apply the monthly savings to your loan the savings will be over $100,000!!
Do I qualify??
-The only qualifying involved is ensuring you currently have an FHA loan, have good payment history over the last 12 months and are employed!! Almost seems too easy!!
-no appraisal needed!
-no W2s or tax returns needed!
The process is simple and the savings can be gigantic. Even if you currently have a good rate it is still worth considering an FHA streamline refinance.
Call me today before we lose these amazing rates!!
Michael Shotnik
Summit Home Mortgage
303-800-4595
License # LMB100017466
FHA Streamline Refinance
Source...