Winter Haven, Florida homeowners face many reasons to refinance their mortgage loan. Bills never stop coming in, and high mortgage payments often push otherwise solid borrowers into very difficult situations. Are you in this predicament? Do you need a way to lower your mortgage payment? If so, then take it! It’ll do you and your family a load of good.
Allow Me to Introduce You to the FHA Streamline Refinance
If you have an FHA mortgage, and you’re in need of lowering your payments, then you really need to consider an FHA streamline refinance. FHA streamline refinancing will allow you to reduce the interest rate on your current home loan, and it can be done quickly. The best part… it doesn’t require you to get another appraisal!
Opting for this kind of refinance method will spare you with the tons of paperwork needed by your lender”speeding up the process, which saves you time and money.
How do you qualify for an FHA Streamlined Refinancing?
Here’s what you need to know:
- Your mortgage must be already insured by the FHA
- You must have a current mortgage and not delinquent
- The refinance is to result in a lowering of the borrower’s monthly principal and interest payments
- No cash may be taken out on mortgages refinanced using the streamline refinance process
You should know that lenders offer different types of FHA streamline refinancing.
No-cost refinances will not require you to pay any money out of pocket, but you will most likely have to pay a slightly higher interest rate than what you’d normally qualify for. The good news here is that you’ll still be improving upon your existing interest rate and… your lender will cover your closing costs.
Sometimes, lenders will carry over closing costs to the new mortgage amount. This option allows you to get a lower interest rate, but can only be done if there is enough equity in the property – which is determined by an appraisal. For refinances without appraisals, the new loan amount must not go beyond the new loan amount.
If you do not currently have an FHA loan but want to qualify for the streamlined refinancing, the way to go about this challenge is to apply for an FHA refinancing loan or a conventional refinance mortgage. In this case, you will need to go through the more traditional FHA approval steps, including a credit check, employment verification, debt-to-income ratio analysis, etc.
If you have an FHA mortgage and find your payments and interest rate too much to handle, please consider FHA streamlined refinancing as a possible way for you to keep your Winter Haven, Florida home.
Interested in an FHA Streamline Refinance? Call me at 863-604-3019 or apply online, and we’ll get you set up!
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Kevin Sandridge
The Florida Mortgage Pro
Signature Home Funding
410 Laurel Cove Way
Winter Haven, FL 33884 |
Mobile: 863-604-3019
Fax: 888-496-0265
Email: kevin.s@sigfunding.com
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I hope you found this post useful! As always, if you or anyone you know is in need of a local Florida mortgage broker, I’m your guy. Call me at 863-604-3019 or apply online for your Florida mortgage. We’ll keep you posted and let you know when it’s time to pull the trigger!
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