Contrary to other types of refinancing, streamline refinance removes most of the legwork and paperwork that come with getting a mortgage loan. That makes it quicker for you to get a new mortgage loan that comes with lower interest rates and better lending terms. What makes Georgia streamline refinancing even faster is the minimal requirements. In most cases, the lender will not ask for income check and a new appraisal. You can start the streamline refinance process right here on our website, and our staff will guide you from start to finish.
Generally, in Georgia, you can do a streamline refinance for any loan you have. Here is a brief guideline for each:
FHA streamline refinance
You can do a FHA streamline refinance with an appraisal or without an appraisal. If you choose the latter, you won’t be able to roll refinance costs into the new loan. But if you opt for a streamline refinance with appraisal you can do a ‘no-cost’ refinance by rolling costs into the new loan. The house you are refinancing must be your primary residence.
VA streamline refinance
Also known as the Interest Rate Reduction Refinance Loan (IRRRL), this type of refinance lowers your interest rates and helps you to reduce monthly mortgage payments. You can also use it to convert an adjustable-rate mortgage (ARM) to a fixed-rate mortgage (FRM). If you are VA eligible but hold a different loan (like FHA or conventional mortgage), you can refinance it to VA.
USDA streamline refinance
If you have a USDA loan, you can refinance it under this option. The requirements are similar to FHA, except for the fact that the property must be USDA eligible, i.e. it must be in the rural or suburban parts of Georgia.
HARP streamline refinance
Finally, there is the Home Affordable Refinance Program (HARP) which allows Georgia homeowners to refinance their underwater mortgages.
That is a mere overview of the Georgia streamline refinance options. If you want to know more, give us a call today.
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