How can Streamline Refinance Simplify  your Mortgage?

You have a variety of loan products to choose from and one of the most popular methods today is “streamline refinance”. This is because it’s a simple way to refinance with reduced documentation required. The loan process is more efficient, and the approval process is much faster. These loans offer big perks which include:

  • No appraisal required
  • No income checks, tax returns or W2s 
  • No out of pocket expense 
  • Reduced documentation

These loan types can really help if you if you’re not sure of your home’s value. But also, your income may have changed since getting your original mortgage and you’re worried about refinancing.

Here is a brief summary of the streamline refinance types and the best features of each of them:

VA IRRRL Streamline Refinance

VA Streamline is a great option if you’re an active military member, veteran or spouse who meets the eligibility requirements. If you’re in a VA loan and would like a lower interest rate or a shorter mortgage term then VA has made it easy for you! This program is available if you’re a homeowner covered under the VA Loan program. The program’s name is the Interest Rate Reduction Loan (IRRRL) backed by the Department of Veterans Affairs.

VA Refinance Features

  • No appraisal required 
  • No income Check 
  • Primary, secondary, and investment allowed 
  • Defer two mortgage payments 
  • Get an escrow refund (property taxes and insurance) 
  • Less paperwork 
  • No Mortgage Insurance 
  • Close in 3 weeks 
  • Competitive Interest Rates 

FHA (Federal Housing Administration) Streamline Refinance

Are you currently in an FHA mortgage with an above average market rate? If you fall into this scenario then FHA streamline refinance might be the program you have been hoping for.  This loan can lower your monthly mortgage payment all without the need for an appraisal.  You can easily qualify for an FHA Streamline loan due to its flexible guidelines and its simple done-for-you process. If you’ve been on the fence, and hold an FHA loan, then you should consider an FHA Streamline to drop your payment even your mortgage term.

FHA Refinance Features

  • No appraisal required 
  • No income check 
  • Defer two mortgage payments 
  • Get an escrow refund (property taxes and insurance) 
  • Flexible FHA Guidelines. 
  • Accelerated Processing. 
  • Competitive Interest Rates. 
  • Quick Closings