As you have probably heard, mortgage rates are at an all time low. But don’t head into your new refinance blindly. Know your options!
One of our favorite programs we offer to clients who currently have an FHA loan is the FHA Streamline Refinance. It’s a great program that can not only lower your interest rate but significantly lower your monthly payment.
- There are no closing costs
- You may not need to get an appraisal
- You’ll get new fixed rates which are currently at an all-time historical low
- You don’t need your income documents to get approved
- If you’re refinancing an FHA loan that was taken prior to May 31, 2009, you can get a reduction in your monthly mortgage insurance and you can waive the upfront mortgage insurance premium.