FHA streamline refinance is a mortgage program designed for FHA loan holders. It helps eligible homeowners to lower their interest rates from the original rates (used to borrow the loan) to the current market rates. That means it is only beneficial when the current rates are lower than what you are being charged already.
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Why is it a good idea to consider a Florida FHA streamline refinance now for your home? The whole point of doing a streamline refinance is to lower the rate charged on your mortgage payments. That will lower your monthly payments significantly and help you save. With Florida currently enjoying historic low-interest rates, it is wise to do FHA streamline refinance.
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Other than that, if you do a streamline refinance the terms of your loan are likely to change. While most other changes might not have a lot of financial impacts, a reduction in your mortgage insurance premiums (MIP) will certainly do. If you took out your current loan before June 1, 2009, you would enjoy a reduced MIP rate of just 0.10% of the total loan amount. That too should lower your monthly payments and help you save.
Additional benefits of a streamline refinance include easy qualification, no appraisal needed, no credit check and no income and employment requirements.
NOTE: This information is accurate as of today, but the guidelines and requirements for FHA streamline refinance change every so often. You can keep track of any changes right here with Moreira Team. Leave us your contact, and we will update you promptly whenever there are any changes or offers to take advantage of.