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This refinance loan lowers your interest rate and principal payment by using your current FHA mortgage. Because of this, you don't need to get an additional appraisal, bank or asset statements, or credit report. Your lender's underwriters can use all of this paperwork from your initial FHA loan. The reduced amount of paperwork makes this loan "streamline" and quick.
An FHA Streamline refinance allows for reduced interest rates. Your loan is refinanced into a mortgage loan which insures that you will receive the lowest interest rate available to you.
Because you are essentially starting your mortgage over, you will add some years to your loan term, but lower your monthly payments.
An FHA Streamline Refinance loan does not require another appraisal or credit check which not only makes the refinance process quicker, but also cheaper. You may be eligible to pay no money out of pocket at all.
An FHA Streamline Refinance loan is only available to homeowners with a current FHA home loan. This means that you've had an FHA loan for 210 days and have made at least 6 on-time monthly payments.
Ruoff's mobile app, Loan Butler, can help you receive your pre-approval letter quickly. Plus, you can upload all required documents straight into the app to save you time and energy.
Lock in your mortgage rate early and stay in the loop. Your Ruoff Home Mortgage Loan Officer will keep you and your agent updated every step of the way with our Milestone Updates.
Thanks to Ruoff's Digital Closing Experience, you'll only spend 10 minutes with your loan officer and agent finalizing the purchase at closing.
Refinancing depends on your unique situation as it compares to the constantly changing mortgage market. I’m always monitoring market conditions and keeping an eye out for ways to save you money. If you think your equity situation may have changed and would like to discuss your loan options, don’t hesitate to call or email me. I love hearing from my clients!
Paying off one loan by obtaining another; homeowners can refinance to secure better loan terms or a lower interest rate.
You can usually refinance once you have owned the home at least 6 months. Sometimes a longer period is required.