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If you currently
have an FHA mortgage you are eligible for one of the simplest
money saving refinances available today, the FHA "Streamline
Refinance".
This mortgage
gives existing FHA borrowers the ability to reduce their
interest rate and/or loan term without having to go through all
the demands of a typical refinance. Simply put, in most cases
you do not have to prove to the underwriter that you can
qualify for the new loan.
How does the
FHA "Streamline" work?
The basic
requirements of a streamline refinance are:
-
The mortgage to be refinanced must already be FHA
insured
-
The mortgage to be refinanced should be current (not
delinquent).
-
The refinance is to result in a lowering of the
borrower's monthly principal and interest payments, a
reduction in term, or converting from an adjustable mortgage
to a fixed rate loan. No cash may be taken out on mortgages
refinanced using the streamline refinance process.
If you met the
above requirements, then you can take advantage of these
"Streamline" options through American United.
-
"No Cost" option - Under this option, you can
refinance your mortgage through American United without
having to pay for any fixed closing costs such as Title
Searches, Attorney Fees, Points, Application Fees, Appraisal
Fees, etc. We will absorb the cost for all of these items as
your new lender. A higher rate will be charged for this
option.
-
"Streamline" with an appraisal - Under this option,
you may choose to have all of your closing costs included
into your new loan. This option offers you a lower rate
than option "A" above.
-
"Streamline" without an appraisal - Under this option
, you may not include closing costs into your new loan. You
will have to pay for closing costs outside the loan or
choose option "A" above.
Confused about
which option is best for you?
Don't be. Your
American United lending partner will analyze your current
financial situation and help you choose the best Streamline
option available today.
The FHA
Streamline Refinance is one of HUD's most attractive financing
options simply because you would only utilize its features if it
saved you money. Give us a call at (800) 555-2035
and within minutes our lending professionals can tell you if
it's in your best interest to Streamline Refinance. If
so,
apply on line. |
