FHA Streamline Refinancing In Medina Ohio
Better Rates On Your FHA Loans.
What Is A FHA Streamline Refinance?
A FHA Streamline Refinance is a mortgage product that is available with those that already have an exisiting FHA mortgage. These refinance programs are designed in order for FHA Homeowners to refinance their mortgages into the current mortgage rates.
What are the benefits of a FHA Streamline Refinance?
Getting a FHA Streamline Refinance can have a lot of different benefits for FHA Homebuyers:
- Lower Interest Rates - In order to qualify you must have a Net Tangible Benefit, which simply means you MUST be reducing your "combined rate" by at least 1/2 of one percent.
- Save Money w/ Better Payment - If your FHA Loan rate is higher than current rates you could save a great deal of money on your monthly payment.
- Less Requirments To Qualify - FHA Streamline Refinances do not require verification of current income, they allow you to use your original home value instead of requiring an appraisal, and FHA Streamline refinances use your loan payment history as a guage for your loan instead of your credit score.