Because you already have an FHA loan and have been qualified before by FHA, they allow us to streamline the refinancing of that existing mortgage; The FHA Streamline still offers you the flexibility of various rates and terms, to include a 5-year adjustable rate mortgage (ARM), as well as 15-, 20-, 25-, and 30-year fixed-rate loan.
· The FHA streamline refinance is a bit more flexible. In addition to refinancing to a lower rate, monthly payment or switching out of an ARM, you can also refinance into a shorter term with a 15-year fixed-rate mortgage.
I too am looking at doing an FHA streamline to reduce my MIP and interest rate. I’m currently paying 4.125% and the refi is locked at 3.875%, plus there’s the lower PMI. It works out to a $136/mo savings.
The FHA Streamline Refinance must reduce your mortgage payment by at least 5%, unless you are refinancing an adjustable rate to a fixed rate, or 30 year to a 15 year mortgage. No cash out is allowed with an FHA Streamline Refinance .
The average rate nationwide for a 30-year fixed-rate refinance trended down, but the average rate on a 15-year fixed was higher. The average rate. FHA Streamline Refinance is a perfect option when you want to refinance you current fha loan .
Maybe it’s time for you to consider a home refinance considering that current mortgage rates are holding low and many people that. If you have a FHA loan, you may decided to opt into a FHA.
Even though FHA streamline refinance changes changed last fall, it is still possible to do an FHA streamline without an appraisal.. Yes, HUD made it to where if a borrower opted to not have an appraisal it meant that they can’t finance their closing costs – they have to bring them to close, but with rates as low as they are now it is possible that you can opt for a slightly higher than.
Unfortunately, being underwater on your mortgage, or having less than 20 percent equity in your home, can make refinancing difficult. But the government has several programs to help borrowers take.
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Conventional refinance rates and those for home purchases are still low despite recent increases. According to loan software company Ellie Mae, the 30-year mortgage rate averaged 4.62% in April. This is higher than Freddie Mac’s 4.06% average because it factors in low credit and low-down-payment conventional loan closings, which tend to come with higher rates.
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