Mortgage Madness With Dorothy: FHA Streamline Refinance... Could Save You Lots of Money

                  Wishing everyone a very Happy Holiday Season!!

If you currently have an FHA mortgage, you may be  eligible for an FHA streamline refinance. Rates are at their lowest....and  there are still too many Americans who think that they will not qualify for any type of refinance, and continue to pay higher rates than they should!

If you've been turned down in the past for a refinance, try again! Rates are at an all time low, and  products are continuously being enhanced to qualify more and more people.

An FHA streamline loan can help homeowners lower their monthly mortgage payment and interest rates, typically with lender paid closing costs!!!  If you are upside down on the value of your home...this product is perfect, as NO appraisal is required and the guidelines are minimal.

What does streamline refinance mean?

• No Appraisal is required
• Lender paid closing costs (No out of pocket costs)
• This product allows for only  the principle balance plus 30 days of interest to be refinanced.
• Lower monthly mortgage insurance (increases savings)
• Underwriting is minimal, as no income documentation is required (Just verification of employment)
• Processing time within 30 days

(www.fha.com)

An example of savings could be... $150/month, which turns into $1,800/year, which could become $54,000 over the 30 year term of the loan.... why leave all that money on the table and in the banks pockets?

This  does not just apply to a mortgage...you should always be mindful of lowering rates and payments on car loans, insurance, cable bill & credit card bills...just to name a few.

For any questions on an FHA streamline loan please feel free to contact my at dorothy@fundsforhomes.com or 860-833-1083.

*loans are always subject to Lender's final approval