Mortgage Know-How :: RE: what is Streamline Refinance?

Author: Samantha
Posted: Fri Nov 18, 2005 4:40 pm (GMT -8)
Topic Replies: 2

Hi Robust,

I want to add some more information on what has been already given by James.

Streamline refinance denotes the amount of documentation required to be performed by the lender and does not indicate that there are no costs involved in the transaction.

Lenders offer streamline refinance in various forms.

There are some guidelines to qualify for FHA streamline refinance which may be listed as follows -

  • The mortgage which is to be refinanced must be FHA insured
  • The mortgage should be current in order to be refinanced
  • Borrower's monthly payments on principal and interest should get reduced as a result of it
  • Streamline refinance may not be used to take out cash on the mortgage that is refinanced

    The VA streamline refinance is meant for the active military personnel and the veterans. Some the advantages for this type refinance are -
  • The whole process is fast
  • Credit is not evaluated
  • Monthly payments are lower
  • In many occasions, appraisal is not required
  • Equity growth is faster when the term is reduced

    Hope this information will help you.

    Feel free to post if you have any more queries.

    God bless you.

    Thanks,
    Samantha
    _________________
    I see it, see through it, and see beyond it

    For the full story see:
    http://www.mortgagefit.com/discuss/streamline-refinance.html
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