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What is Refinancing? Refinancing is the process of obtaining a new mortgage in an effort to reduce monthly payments, lower your interest rates, take cash out of your home for large purchases, or change mortgage companies.
Carrington Amps Up Streamline Refi and FHA Closing Times – and is ready to close FHA Streamline refinance loans with no additional interest cost to the borrower regardless of when the loan is funded. As part of its “Three-Day Turn Time Promise” program.
‘No-cost’ refinance: The government allows lenders to do a FHA Streamline Refinance on a "no-cost" basis, meaning the lender pays most or all closing costs in exchange for a somewhat higher interest rate or APR. To see whether this benefits you, compare the monthly payments you would make to refinance and the monthly cost for a no-cost.
Should you Opt for a No-Cost FHA Streamline Refinance. – You don’t even need to re-appraise your home. What you do have to do, though, is pay closing costs. It’s the nature of the beast with any mortgage. Lenders are in business to make money. They make it off the interest they charge and the closing costs they collect. There is the option to secure a no-cost FHA streamline refinance.
HUD.gov / U.S. Department of Housing and Urban Development (HUD) – "Streamline refinance" refers only to the amount of documentation and underwriting that the lender must perform, and does not mean that there are no costs involved in the transaction. The basic requirements of a streamline refinance are: The mortgage to be refinanced must already be FHA insured.
In an FHA streamline refinance, you can wrap the upfront premium – but no other closing costs – into a higher loan amount as a part of the refinance – as long as there is still a "net.
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· FHA Streamline. The FHA Streamline is a refinance mortgage loan available to homeowners with existing FHA mortgages. The program simplifies home refinancing by waiving the documentation typically.
No Closing Cost FHA Loans – FHA Home Loan Refinancing – FHA loans may offer no cost options like covered closing fees or no lenders fees, and comparing these loans to see which may be the most suitable option for a home buyer is important to finding the best fitting loan for a person’s individual situation.