What Is FHA Streamline Refinance?

Do You Have an FHA Mortgage?

If you currently have an FHA mortgage, you may be able to refinance with a streamline fha refinance. The streamline refinance process allows for less paperwork and requirements then a regular refinance. You can usually do an FHA streamline refinance without the need to provide an appraisal on the property, and sometimes you can finance your closing costs by taking a slightly higher interest rate. This leaves you the opportunity to lower your mortgage payments or move from an adjustable rate mortgage into a more secured fixed rate mortgage. With an FHA streamline refinance, you would not be able to get cash out of the equity in your home, it is meant to provide homeowners with an easier and quicker way to lower their interest rate and payments.

Benefits of an FHA Streamline Refinance

• Many times no appraisal on the property is required
• Your lender can offer you a “no closing cost” refinance by slightly raising your refinance rate and covering the closing costs themselves
• You can quickly lower your monthly payments by lowering your mortgage interest rate
• You can convert from an adjustable rate mortgage to a fixed rate mortgage

FHA Streamline Refinance Requirements
In order to be eligible for an FHA streamline refinance, you will need to be current on mortgage payments, and you must have an FHA insured home loan.

New Jersey FHA Streamline Refinance

 If you are in New Jersey and wish to refinance your current FHA mortgage, Advisors Mortgage Group, LLC offers FHA streamline refinancing. If you are looking to get cash out of the refinance, we also offer other opportunities to refinance your FHA loan. As you NJ Lenders, we are proud to help our community with their financial needs. Feel free to contact us for a free quote by filling out our 30 second form on our website, www.njmortgageexperts.com.