| Streamlined financing can mean many things by | | | | Streamline Refinancing is usually constructed, to be |
| different mortgage companies, but typically streamlined | | | | quick, easy, and relatively hassle-free. You'll want to |
| financing is used when an FHA mortgage holder | | | | check with your FHA mortgage company to see if |
| wants to refinance his or her mortgage to acquire a | | | | you might qualify for a better interest rate and lower |
| better deal. Streamlined financing refers to using | | | | monthly payments through refinancing. |
| minimal documentation and lower closing costs, while | | | | How It Works |
| getting a great result for the borrower. | | | | You and your FHA mortgage company find that you |
| Many mortgage companies use the term "streamlined | | | | can lower your current FHA loan by refinancing, |
| financing" as a marketing ploy to get you to think their | | | | because you qualify for a lower interest rate than you |
| mortgage refinancing plan is faster or better than that | | | | did when you originally signed your mortgage. This loan |
| of another company. But an FHA Streamline | | | | is usually available in either a fixed rate or an |
| Refinance usually means faster processing, fewer | | | | adjustable rate. Typically there is no credit check, and |
| papers to sign, lower costs, a lower monthly payment, | | | | you won't have to go through a property appraisal or |
| along with a lower interest rate over the term of your | | | | income verification. Refinancing is done with few |
| mortgage. | | | | documents to sign. You likely will meet with your lender, |
| Why You Might Like It | | | | sign a few papers, and you can quickly start paying a |
| If you have an FHA loan, reducing your interest rate | | | | lower monthly payment at a lower interest rate. |
| and monthly payment is certainly appealing. FHA | | | | |