Georgia FHA Streamline Refinance
The FHA streamline refinance program is undoubtedly the easiest way to refinance your FHA mortgage loan. It doesn’t always require a new appraisal and the lender will not check your assets and income. Instead, they will use the information you gave when taking out the original loan. That simplified process eliminates a bulk of the legwork and paperwork that comes with other types of refinancing. Most importantly, when you do a streamline refinance you get to lower your interest rates to current market rates. You may also be charged lower mortgage insurance, both of which will ultimately translate to lower monthly mortgage payments.
Any Georgia homeowner will agree that a slight reduction in interest rates can reduce your monthly payments significantly. Your chances of taking advantage of lower interest rates highly depend on whether you are keeping track of the latest Georgia real estate trends, specifically interest rate and mortgage insurance charges.
Naturally, there are also other factors to consider. For instance, you should know that if you choose to do a Georgia FHA streamline refinance without appraisal you will be charged closing costs. If the lender adds the costs to your new loan it will take you some time (usually years) to breakeven. So much as doing a refinance is a great idea, you need a comprehensive feasibility analysis of when the market is suitable for a Georgia FHA refinance. Luckily for you, Moreira Team can help with that. Give us a call and we will help you determine whether the current Georgia market is ideal for a FHA streamline refinance.
Georgia City Mortgage Service Areas