FHA Streamline Refinance
The FHA streamline refinance is probably the most popular FHA refinance program because it allows you to get a lower monthly payment and interest rate without having to fully re-qualify for a new loan. The “streamline” refers to the reduced amount of paperwork required – for example, you may not be required to have a minimum credit score or appraisal depending on your situation.
VA Streamline Refinance
The VA streamline refinance program is the sister program to the FHA streamline refinance – except this program is only for Veterans who currently have a VA loan. If you currently have a VA loan, the VA streamline can help you get a lower interest rate and payment. Moreover, it requires less documentation than a full documentation loan. Like the FHA streamline, a minimum credit score and appraisal may or may not be required depending on your lender.
Evaluating a Streamline Refinance
Determining if a streamline refinance is right for you requires some evaluation of your circumstances. Lord Mortgage provides a free, no obligation analysis to determine if refinancing your loan makes sense for you. The report will show the interest you could save by lowering your term, the rate you could get without paying closing costs or if you can lower your monthly payment. Fill out this form to request your free, no obligation refinance report today.